How I invested in Lorain, Ohio.

Question

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Lorain.

Purchase price: $174,000

3,000 square feet. Duplex. 3 bedroom 1 & 1/2 bath one side with 2 car garage. 2 bedroom 1 & 1/2 bath other side.

How did you find this deal and how did you negotiate it?

I did a lot to research online about different areas population growth. I also, had to place over 9 bids prior to this deal as I did not want to put any money down including closing costs. I managed to find someone who really wanted to get out of the rental game and was more than happy to pay everything.

How did you finance this deal?

Va home loan

Steven Taylor · Answer

We do full service property management

Gage Coffman · Answer

@Javaughn Harkness the MLS. I just did my trial and error and eventually found someone desperate to sell. Just have to hunt around pretty heavy for deals like that.

Gage Coffman · Answer

@Shane Shibles appreciate it bro! I’ll see you at the top 🙌🏻🤑

Danny Lyman · Answer

Hi gage this is super helpful. I am looking to expand into Lorain and purchase a couple properties for rental investments. How has it been going so far?

Cody Branham · Answer

Lev,

Let me know if you still need some boots on ground in Elyria. I'd be happy to help.

Marcee Stephenson · Answer

Own rentals in Elyria, Ohio.  Reach out if you need any assistance.

Gage Coffman · Answer

@Steven Goldman the cash flow will be somewhere between 600-700 after moving out. I’m currently house hacking.

Steven Goldman · Answer

@Gage Coffman If you do not mind me asking:"Whats the cash flow on the property?

Lev Gevian · Answer

Nice job! Did you have a hard time finding a property manager? I'm endlessly searching for someone to do tenant placement services in Elyria with no luck. I'd like to self manage for the most part but need someone on the ground to hand off keys, showings, etc. PLEASE let me know if you have any leads.

Javaughn Harkness · Answer

@Gage Coffman where did you find the seller

How I invested in Lorain, Ohio.

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