Property One: Check!

13 Replies

Hey BP!

Earlier this year, I set a goal to do whatever it takes to buy my first duplex by the end of 2017. There were a lot of ups and downs throughout the process but what really kept me on track were the small goals I set through the year. It sounds small but I started with building my own furniture. It was a very simple goal but I accomplished it relatively quickly and got the ball rolling. From there, I decided to get my real estate license and start working part-time with RedFin Corporation in Cleveland. Once I got my license, I was really focused on building my network and touring every house in my criteria because I didn't want to be on the sidelines any longer.

I finally closed on my first duplex in Lakewood, Ohio on 10/312017 and it feels great to finally be in the game! Reading and learning from everyone on BP has been awesome and I couldn't have done it without everyone contribution!

So thank you and I look forward to many more great conversations!

Congrats! My beginning is similar to yours except I closed on what I am targeting to be a college rental SF. I got my license as well. Glad to hear that someone is doing something similar while my ball is rolling lol . Now I am trying to decide on how to fund the next property! 

Jasmine Benford, Real Estate Agent in VA (#0225233131)

That's awesome Anthony congrats!! I actually am looking to acquire a duplex in Lakewood, Ohio as my first property as well. advice for someone that plans to purchase in this area within the next 6 months?

Congratulations Anthony on your purchase. I invest in Lakewood and also insure a lot of landlord and property investors in the CLE market. If I can be of any help let me know. Cheers!

@Jasmine Benford That is awesome to hear! Best of luck with the next one! 

@Chris Zeh Thanks! Yeah of course. Lakewood is an interesting market. I toured just about every duplex on the market and honestly, a lot of the properties are overpriced and need a ton of work. So you definitely have to be picky on which house you decide to go after. Since I am only 25 and didn't have the capital to go in all cash, I was losing deals left and right. Luckily, I networked with someone who owned the house for 30 years, and just wanted to retire and cash out. They were selling FSBO. The house was in great shape structurally and everything was up to code.

The market has definitely cooled down since earlier this summer although it is still a sellers market. I would definitely recommend getting out in the area and networking as much as you can. When you do find the right deal, just be prepared to act fast. 

Let me know if you have any other questions about the Lakewood market!

Hey @Michael Norris That is great to know! I grew up in Strongsville so it is great to see some other Strongsvillians on BP!

Congrats on getting in the game! I had a similar goal last year and ended up buying my first two duplexes out near Euclid this year. With all the hype I'm hearing about the area, it looks like we're getting in at the right time! 

Originally posted by @Michael Norris :

Congratulations Anthony on your purchase. I invest in Lakewood and also insure a lot of landlord and property investors in the CLE market. If I can be of any help let me know. Cheers!

 Hello Michael,

I just sent you a colleague request. I am shopping for insurance in Cleveland Heights. I am scheduled to close on my first investment property on the 19th of December; it is a duplex.

Thanks!

Hey @Federico Gutierrez ,

Yes that is correct. I am living on the second floor unit. The previous tenants lived there for 5+ years each, one of which was her daughter and she said she felt bad raising the rents.

Purchase Price $165,000

Bottom unit: $750

Top Unit: $850

Before they sold, they renovated both units so it was move in ready. I am planning on renovating the attic and connecting it to the second floor unit so I can increase the rent once I move out. Still trying to run the numbers on that though.

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