Another SFR under contract for the Aussie in Cleveland, OH.

7 Replies

I was listening to the 90day challenge @Brandon Turner put out on a podcast. I wasn't really trying to buy another property in 2017 but my parents term deposit in Australia (currently earning 3% on their money) is coming to an end and they asked to partner up with me and get them a higher return on their retirement fund. 

This baby hit the MLS and I had an offer in sight unseen on day 1. This property is a 3bedroom 1 bath SFR on a slab. This is the first home I will own that doesn't have a basement so I'm curious to what kind of feedback I'll get from tenants but less maintenance on my behalf.

Property is in Parma, OH, boarding an A city, IF I was a few houses down the street I would of been in Independence, OH border and this would of been worth a lot more. Turns out property is another Realtor that's liquidating, property needs a little bit of work. Scope of work is new furnace (as you can see in the pictures) paint to a more modern color, new floors in kitchen and bathroom and a deep clean. After all work and estimated income will be a 10-12 CAP.

I have to also argue the taxes on the property next year as I am buying for well under the assessed value by the county. Pretty sure those guys will recall my face from this years tax revision on two other properties I successfully bid down. 

This will mark the 4th property I've bought in 2017 and my 16th door. Best of luck to you all on the 90day challenge.

House has brand new roof, newer windows. Appliances come included but I will probably get a new stove and dishwasher on black Friday/cyber Monday sales. 

Congrats!  I know exactly where this house this is.  Good buy.

I'm glad I'm not the only one looking forward to black friday appliance deals, lol.

There's a newer shop (more like a warehouse) called Appliance HQ in Brook Park, OH that sells used rehabbed appliances that may work well in rental properties. I'm actually stopping by there today to check it out.

Originally posted by @Federico Gutierrez :

@James Maradits did you tour the house?

@Michael Norris let me know what you find and what your thoughts are on the appliance warehouse

 I didn't have the chance to tour the one you're getting, but I've been through the identical house right next door (which just rented for $1150).  I grew up not too far from there.  It's definitely a solid area.

@Michael Norris I'm curious to check out that store as well.

Appliance HQ had some decent deals on what I'd call middle and upper middle grade appliances. You can get a set of front loading washer starting at $550 up to $850 for a really nice set. On some of the nicer ones If you weren't looking closely they could be confused for a new scratch and dent unit.

2weeks later the property is now on the market. Going to be asking $950/month. 

If anyone wants to see the home now, feel free. I did a 3D Virtual Tour of it HERE

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