Ayone know of any managing company that will manage e cleveland?

Question

Does anybody know any company that will manage in east cleveland? Its fucked up that no company wants to manage in east cleveland. Im in need of a property manager now!

Please be sure because Im tired of hearing "no, we dont manage east cleveland" after wasting your time with them.

But, Ill be happy with any help.

Nathan Gesner · Answer

Go to www.narpm.org and search their directory.

If you make a mistake and hire a bad Property Manager, it can ruin you for life. Learn the difference between a good PM and a bad one, try to interview at least three, and then make an educated decision. Remember: the PM with the highest fees may be the one that makes you the most money.

Things to do:

1. Review their management agreement. Ensure there are no hidden fees!

2. Calculate the total cost for a year. Some will charge a percentage of rent and nothing else. Some will charge a percentage each month but also a start-up fee, a leasing fee or lease renewal fee each year, administrative fees, maintenance fees, etc. Every fee should be fully disclosed!

3. Review their lease agreement and addendums.

4. Interview them about how they handle maintenance, late rent, unpaid rent, lease violations, evictions, etc.

5. Ask to speak to some of their current owners and tenants.

6. Google them and see what kind of reviews they have.

Account Closed · Answer

have you tried Holton-Wise they are a large management company in Cleveland and are active on BP?

Matt R. · Answer

I think James has the ultimate answer. If management companies won't take it on there would be good reasons for that. You maybe don't want to be the next OOS guy who learns why that is the hard way. Sword meet limb.

Good luck!

James Wise · Answer

Thanks for the shout out but no Holton-Wise doesn't manage in East Cleveland. Not enough money in it for a property management company to deal with all the risks & headaches involved in a property in such a distressed area. It's a loose loose anytime an out of state investor buys a property in East Cleveland. My advice to Account Closed would be to liquidate it. Never going to be able to turn a profit renting it out. I have seen many try. Few if any, have succeed.

Account Closed · Answer

You guys are right. It is a rough area but the opportunity is there for local investors. Therefore, I gave this a lot of thought from my experience of non paying tenants and ive decided to move here for couple years, make 500k and move back to CT.

I am buying duplexes at 10 to 15k with value of 40k in good condition with tenants in place. I have over 100k in equity now with only 3 houses. I couldnt do that anywhere else.

From my experience, once tenant finds that ur out of state they dont care to pay. They think they ll score 3 to 4 months free of rent. Its a shame but its true.

But, The state of Oh dont play with non paying tenants. They kick them out quickly no questions asked- I like that.

Tom Ott · Answer

That's odd. It is a pretty rough area so many might not want to be involved with that kind of a mess. I may know a few if you want to send me a message.

Account Closed · Answer

I thought that would be obvious as to why someone would invest in E cleveland but things are changing fast in E cleveland. Many bad houses are being taken down by the city. Ugly houses are going out. Road constructions etc.... Homes values are going up. Im optimistic about E cleveland. I have no remorse investing here. It only takes a few great tenants.

I will soon take all my equity out and maybe invest somewhere else or keep re investing here.

Account Closed · Answer

When I say they waste my time, they do it even after I told them first off that my houses are in E cleveland. One had me go to the office, fill out papers, sign papers, took $100 start up fee from me then told me "we ll drive to the addresses and let you know if we can do it" SMH.

Then after 3 days told me they wouldnt do it. Took more than 1 month to receive my money back.

I invest in E cleveland coz banks are hard to deal with specially when ur self employed. I can buy cheap with cash and/or buy with owner financing in e cleveland easier.

Account Closed · Answer

Thanks Steve. I sent them an email.

Ayone know of any managing company that will manage e cleveland?

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