Diary of Another Out of State Rental in NE Ohio
Hello BP! This past summer I completed my first deal diary and am here with another diary of an out of state rental property in Northeast Ohio.
( https://www.biggerpockets.com/forums/522/topics/20... )
Currently, I live in Los Angeles where investing is not much of an option for me. I am a buy and hold investor from Cleveland, Ohio. Over the past couple of years, I have been working to built up a team of contractors and a property manager whom I can count on. Having these relationships in place and finding BP has been my driving force this past year! Being that I have family whom I can stay with while rehabbing properties has been a tremendous advantage however, investing from afar does come with it’s difficulties.
For the past several months I have been putting offers on properties but haven’t been able to get any of my offers accepted until...
Oct 24th- Bid $50,000 on HUD property (ask $59,000)
Like most properties I bid on I had not seen the house. However, judging by the photos, my knowledge of the area and HUD's initial report (which is extremely basic) I knew that even at worst case scenario I should be able to make the numbers work. I don't recommend bidding site unseen to everyone but I always do an inspection and I knew if something major came was found I could always back out of the deal.
Oct 26th - Notified that Bid was accepted! :)