Updated almost 7 years ago on . Most recent reply
Help me analyze my very first deal! Cleveland Ohio
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Help BP!! Considering my very first deal. It will be out of state. The numbers seem okay I think! Slightly worried about the area but crime maps, google street view, all look better than the rating of the zip code.
Looking to do Buy and Hold. This is a duplex.
From Googling, it looks like this was bought last month for like 25k and did a nice flip. Looks pretty turn key. The company listing it is Rehab Kings in Cleveland. Anyone ever dealt with them?
Many thanks for any insight!
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Sorry, @Ricky Nigro but I would be very cautious of this deal as an out of state investor. Several things are red flags: the low purchase price, especially for a duplex, almost certainly means one or more of several things: it is in an undesirable neighborhood and it will be difficult to manage, they didn't do much on the rehab and it will have some very significant differed maintenance, it will be very difficult to exit without a loss because it won't appreciate. In addition, the interest rate is not achievable today, and few banks will actually lend on such a small loan. Fees as a percentage will actually be higher on a loan if you can find one. This may look good on paper projections, but I'd say it is very high risk. At the very least you should go out and see this property for yourself.