Looking for my Core 4! Cleveland Area

11 Replies

I’m looking to rehab a multi unit building in the Cleveland area, hopefully more than one. I’m looking for property managers to get a scope of the area as I’m an out of state investor.

Also a contractor to get some quotes on a few buildings I have in mind.

I’m using LoopNet, but real estate against would be great to talk to as well.

Lastly a local lender to help get financing.

Originally posted by @Maurice Lightner :

I’m looking to rehab a multi unit building in the Cleveland area, hopefully more than one. I’m looking for property managers to get a scope of the area as I’m an out of state investor.

Also a contractor to get some quotes on a few buildings I have in mind.

I’m using LoopNet, but real estate against would be great to talk to as well.

Lastly a local lender to help get financing.

 Flipping and managing projects like this from OOS can be very difficult. Make sure you vet your entire team you are building. You don't want to be left with someone who does not give 100%.

In terms of contractors I have heard good things about CLE Restoration. 

Hey Maurice,

I am from Cleveland, and as a matter of fact having investors from Huston flying in next month. One of them is a friend, so it's different. 

But keep in touch and i might be of service.

I've done 4 deals myself and looking to branch out, that's why i have some investors coming up here.

@Bob Prisco

I do not have anything under contract, but I’ll looking at 2-3 properties right now.

I have some cash, with the ability to raise more as I’m working with 5 other investors.

The goal initially is to rehab the property then refinance the building. Hold onto them for a few years then sell when the price is right.

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Absolutely, I agree.  My only point was on the scale of low risk to high risk starting a, "I'm gonna do a multi-million dollar rehab using people I have no experience with in a town I know very little about." seems needlessly risky.  

Some people have taken their paychecks to the casino and hit it big.  That doesn't mean it is a good strategy.

Why at the point where you have the least experience and are most likely to make mistakes would you compound that with high amounts of risk?
Clearly I am a bit more risk averse. 

Originally posted by @Bob Prisco :

@Jacob Sampson all my clients are from Israel and Ca, 90% have never been to cleveland , Its all about the team supporting you , Good Luck 

 

Hate to be the one to say it but this thread is one giant red flag....

OOS. Zero contacts in an unfamiliar market and five partners?!

Simplify it a bit....Buy something rent ready off MLS. Maybe use a TK provider. Invest close(r) to home.

I don’t want to see you and your 4 partners get burned but this scenario sounds like a recipe for disaster.

Good luck, man. Play it smart!

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