Boots on the Ground/ Cleveland Ohio

17 Replies

Hi everybody on BiggerPockets. Im a newbie real estate investor looking to start a portfolio in the Cleveland Ohio area. Im from and live in California and have chosen to start looking in Cleveland because the market seems a lot easier to get into compared to the price of properties in Ca. Im really looking to put a team together and seem to be having trouble finding a person who will be my "Boots of the Ground." I have heard that one of the better persons for this position would be a property manager because at the end of the day they will be left managing the property and therefore can help making sure the rehab process goes well. Im also not looking for turnkey properties because I would like to, at some point, be able to recycle my money by pulling my money back out using a Cash Out Refinance, so finding distressed properties will be necessary. If any body has any good advice on finding out of state Boots on the Ground help I would appreciate your input. Thanks in advance and hope to hear from you!

I am in Cleveland and could also try to help where possible.  A general comment is to beware of the craigslist  contractor.  For every good one, there are too many that will end up costing you to make it worth the risk.

Thats good information to know Andrew! I will keep that in mind.  I heard its good to find a property manager with all the connections as they already have people they trust and like to utilize.  I have a large list of property managers and I think I will just cold call them and see if they might become my "go to" person.

Originally posted by @Jordan Autrey :

@L. Luke Manriquez do you know where I’m Cleveland your looking to investing in. Also what type of homes and what’s your price range, if you don’t mind me asking ?

Hi Jordan! Im looking for properties in the C,C+,B- range. I would like to find single family homes ranging from 85k ARV to 120k ARV. Im using a cleveland Neighborhood map found on Cleveland Investor Primer.com website to help choose decent locations. Once I find a good Property Manager that is willing to work with me I will be taking their suggestions into consideration as I would prefer an area that a property manager feels comfortable managing. Are you from Cleveland?

@L. Luke Manriquez

I highly recommend David Greene's book on OOS investing before getting started. Your success is directly related to the quality of team you put together. You're going to need a quality realtor, investor friendly lendor, property manager and a contractor if you're using BRRRR strategy.

It's unlikely that one of these people will spend their time hand holding your deal. A quality realtor has a lot of business and PM's manage a ton of rentals. Think of them as more of advisors, not employees. The rehabs is going to be on you and the relationship you develop with your contractor. 

Originally posted by @Joseph Crunkilton :

@L. Luke Manriquez

I highly recommend David Greene's book on OOS investing before getting started. Your success is directly related to the quality of team you put together. You're going to need a quality realtor, investor friendly lendor, property manager and a contractor if you're using BRRRR strategy.

It's unlikely that one of these people will spend their time hand holding your deal. A quality realtor has a lot of business and PM's manage a ton of rentals. Think of them as more of advisors, not employees. The rehabs is going to be on you and the relationship you develop with your contractor. 

 Thanks for your response Joseph! I have been watching a lot of youtube videos with David Green and am familiar with his 4 core team approach.  I also remember him mentioning that sometimes using a property manager's connections and general contractors will help.  I going to have to make a lot of phone calls and find people I can trust, especially good general contractors like you mention.  I was hoping for some type of Project Manager person who I can pay a premium.  But if I cant find one then developing a good relationship with my contractor will have to do.  

@L. Luke Manriquez

Your PM is going to be an advisor and can help to identify up and coming neighborhoods. But, for 10% of the rent anyone worth their weight won't be helping your rehabs. Any good PM is going to simply be too busy than to help your deal. Like I said, they can and will help in ways they can but their time has value. 

It's going to be a bit rocky finding a contractor you trust and can rely on. Got to try multiple options during your due diligence to make an informed decision. 

Originally posted by @Joseph Crunkilton :

@L. Luke Manriquez

Your PM is going to be an advisor and can help to identify up and coming neighborhoods. But, for 10% of the rent anyone worth their weight won't be helping your rehabs. Any good PM is going to simply be too busy than to help your deal. Like I said, they can and will help in ways they can but their time has value. 

It's going to be a bit rocky finding a contractor you trust and can rely on. Got to try multiple options during your due diligence to make an informed decision. 

Thanks for the information Joseph.  I have heard other out of state investors paying 10% on the cost of rehab for boots on the ground service. There were two PM companies who I found who have advertised "boots on ground" but both didnt seem interested when approached.  I am talking with someone who has family members in Cleveland and I will see if I can pay them to stop by my future properties every week during the construction phase and take lots of pictures.  I will also be asking PM companies if they might stop by for an extra cost.  Its going to take sometime finding people I can trust and work with.  I put a list of residential contractors together over the weekend who I will be calling.  I will also be asking if they could give me an estimate on rehab costs before I put in my offers.  This will allow me to have a good idea of my offers and total costs before starting a project.  Im more likely going to have spend the next few weeks trying to get people willing to work with me.  I will be asking about boots on the ground with whoever im talking with to see if any doors open up. 

 

@Joseph Crunkilton coming in with the knowledgable nuggets here! Study the market for yourself, highlight everything you read daily, put it into notes, review it before sleep, wake up (don't touch your phone), review it again, while in the state of theta think and condition without distraction, grow, expand. Become so knowledgable that when you're ready to start making moves, the PM, Agents, Lenders will love to be part of your team. Joseph is right, no one is going to hold hands, well not until you guys run off into the distance together, certain, fearless, and excited to build and grow together