Searching for "boots on the ground" in Lorain/Cleveland

3 Replies | Cleveland, Ohio

Hi there!

This is my very first post here on bigger pockets. I'm from Germany, so please excuse my language. Also, I like beer with sauerkaut and I'm bad with jokes, so excuse that too while you're at it :D

I am currently in the process of buying an LLC that owns 2 houses (6bed/3bath all in all) on one property in 10th street/Lorain. The sellers ask 100k$. As I won't be able to take a look at the houses by myself just now, I would like to get someone to do that for me. Some basic estimate on the prices in the area would also be very much appreciated.

Cheers!

Matthias

You should not be buying a LLC. You are purchasing real estate. How are you going to determine the condition, value and true disclosures? How do you plan to verify if the existing tenants are paying and what are they paying?

I know the the current shareholders of the llc personally. I know, what they told me about the houses, I know who they hired to renovate, I know of the problems they had with the tennants. For example I know that 2 of 3 tennants just moved out. I was offered to take over all the llc shares. But the person that currently manages the llc offered to stay with her share.
As all the shareholders are not in the US, they hired different companies to manage basicaly everything.

For me it's just that I usually don't want to trust a seller even if I know them. That's why I wont someone independent to look at the stuff beforehand.

Also, the reason this whole ordeal with LLCs is that we are all non-US citicens. That makes stuff complicated. Not beeing able to open a bank account. Or not yet having a ITIN. Once I have that, I will be buying real estate directly. This it just the first stepping stone, so to say.