flipping SFH in cleveland ohio metro?

Question

Hi BP friends:)

Anyone here might have experience or know someone who is actually doing currently fieldwork, going to check SFH properties in the cleveland metro area or the surrounding suburbs?

We are a group of investors and looking to learn, network and team up with local people with passion for real estate who might be interested to team up with us to do some single family home retail flip projects. interested or know someone?

We would be glad to exchange experience and thoughts about what could the best way for out of state investor to connect with a local trustworthy field person & deal finders?

Thanks!

Bob Prisco · Answer

@Nir Babajani   I have been doing business in the Cleveland markets for about 10 years, Selling/ flipping about 500 over the last 6, years or so, about 225 to Israel clients, NOTHING for our clients to do.    Its all about your team.  NOT SOLICITING ADMIN :)

Good Luck

Bob Prisco · Answer

@Joany Hernandez  of course, We do this daily . BTW I do not even put ins on the prop while working on them, but you can,,,,,

Joany Hernandez · Answer

Hi,

I just purchased my first investment property in Cleveland and cannot find a good insurance agent for vacant property while doing renovations. Can someone please help?

Thanks!

Joany

Jad Boudiab · Answer

Thanks @Ian Kurela , here's my 2 cents.

I am not the biggest proponent of flipping from afar. It can still be done, but too many factors play into it that I don't recommend it to anyone without extensive flipping experience. Think of it this way - the team you will find willing to help you likely has very little flipping experience and will make mistakes and learn at your expense, not a good business plan. Most successful flippers that know/have what it takes would instead pursue a good deal for themselves than act as a deal finder for someone else. Why scour through the market and view properties and hunt down wholesalers to eventually give you the deal, when they can take on the project and generate greater returns themselves?

Here's the twist, these successful flippers are the people you want to be in partnership with, but they have no incentive to do the work for you and take a smaller piece of the pie. Since you'll be more on the funding side than the acquisition, rehab, and resale side, I would recommend teaming up with those successful flippers by acting as a lender. Of course you have to see a track record, but this is a more sound business plan that you can follow, repeat, and eventually fund multiple different flippers and be involved in a lot more deals. Flipping is a lot more intensive than people think, and is hard to scale and automate from out of state. If you can't simply systematize and automate whatever you're doing, don't do it.

Ian Kurela · Answer

My partner has some experience in flipping @Jad Boudiab. Perhaps he can help

Johnny Hoang · Answer

Hey everyone! I'm interested in a property in ohio,  44109 zip code. I might possibly get it for 35k change the flooring, cabinets, and do paint to possibly flip or hold / rent. Just came across this thread and I would love to here these questions answered as I am looking for the same thing!

Keith Scott · Answer

Hello Nir, I live in the Greater Cleveland area most of my clients are investors from out of state and other countries. We have a good market for investors to make a good return on their investments. The market is becoming a little competitive but there are still plenty of great deals. PM me if your are still looking for local contacts

David Terbeek · Answer

@Nir Babajani  We have a lot of Israeli clients purchasing homes.  Most are rentals, a few are flips.  I would be happy to share some of their experiences with you and provide information about the Cleveland market.  Due to this involvement, we have a network of insurance agents, CPAs, attorneys, contractors, etc.

Timothy Demry · Answer

Definitely interested! I'm from California and have some experience investing in Cleveland Ohio. My strategy was to buy and hold on the west side of Cleveland. I'm now interested in flipping! Either way I can connect you with a few folks...