Foreclosure Auction, GCs, & Looking to meet other BP investors!

2 Replies | Cleveland, Ohio

Hello BP Cleveland! I am an investor, who grew up and Cleveland and currently live in Colorado, looking to invest back in the ol' hometown. I am currently looking at investment properties on the west side, and hoping for recommendations for builders/contractors and realtors in Cleveland. Would love to meet up with any likeminded folks for strategy or coffee while I am back in town next Friday July 13-16, 2018.

Anyone have experience purchasing via the Cuyahoga County Foreclosure process? I may be pursuing my first purchase via a foreclosure auction there, and would love any insight on strategy.

Thanks

Elaine

HI, @Elaine Lai , I'm a contractor mainly on the east side, @james wise, name comes to mind for a realtor on the west side, you can also do a member search for Cleveland, and find other Agents, and Contractors, here is also a link to the Cuyahoga County Forclosure Sales: https://sheriff.cuyahogacounty.us/en-us/foreclosure-sales.aspx   Welcome back, and Good luck! 

@Elaine Lai

I currently own several units in Cleveland, 2 of my duplexes are on the west side in Lakewood and another in Cleveland right on the border of Lakewood.  I had a hell of a time finding a good agent, blew through 3 or 4 and finally found an awesome duo that work hard and are straight shooters.  I always run my own comps, crunch numbers and then ask them for the real numbers and am frequently disappointed to hear the truth lol BUT I'm very grateful that they don't pad numbers or try to get my to buy something that doesn't pencil out well just to make a commission.  They are in this for the long haul.

I also know a couple of great contractors that I've spent roughly $500k with in the last year and a half or so between the two that I can recommend.

As for the auctions, I have not gone personally, but I know some experienced investors that used to go before the market became supersaturated.  I ran into the same issue locally (SoCal) where you get these inexperienced investors (I call them idiots, but that's semantics lol) that watch HGTV and think they can flip homes.  They bid up the properties to the point where there is no margin left even at an all cash acquisition and then proceed to lose their @$$.  I'm sure you can still find something there if you search hard enough, but then you have to evaluate how much time you want to commit to that strategy.

I've had decent luck with the MLS finding properties that are in need of significant repairs. My Lakewood property was a huge mistake on the acquisition side thanks to my inexperience and a snake-oil-salesman-RE-agent pushing for a commission, but because the property was in such bad shape I was able to still come out with $40k in equity from acquisition. I just finished my BRRRR refi last month on that property and another one in Shaker Heights (east side) that has about $50k in equity - also an MLS deal.

I've also been able to find some off-market deals here and there just by networking with people.  You would be surprised what you run into when people know you have cash and the guts to spend it.  Just make sure you vet the people you plan on working with extensively!

Feel free to PM me for the references, I try not to post names and numbers in the forum.  I'll be happy to run through numbers with you on some deals I've done or am working on and look over some stuff you're considering if you feel that would help.  Talk to you soon and keep up the good work!