Buy and Hold in Cleveland
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $22,000
Cash invested: $9,500
Just finishing up getting this home rent ready. Its a 6 bedroom (that's how it is on the auditors website). I would market it as 4-5 bedrooms with an office located in Cleveland's Mt. Pleasant neighborhood. 10 blocks west of Shaker Center. Its an up and coming neighborhood with low taxes and costs but decent rents.
Contact me if you are interested in investing in or purchasing this property.
What made you interested in investing in this type of deal?
Interesting and up and coming area. Currently very blue collar, low crime, area on the East Side. Its blocks away from Shaker Heights and Shaker Center. Good rents+low taxes=High Cash flow.
How did you find this deal and how did you negotiate it?
Probate deal.
How did you finance this deal?
Cash
How did you add value to the deal?
Rent ready rehab including roof repair, new appliances, new fixtures in bath, paint and carpet throughout.
What was the outcome?
Finishing up. Plan to have it rented by March 1
Lessons learned? Challenges?
Not all contractors are painters. My handyman, who is good at fixing things is good at painting, just slow. Next time I will spend more, hire a professional and get the property to the market.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not on this one it was all cash and off-market deal. I have a good realtor and lender contacts though.