Newbie Investor - Looking to build new connections
#1 Classifieds Contributor
- Cleveland OH, Akron OH
I am first time investor with no experience in Real Estate, Canadian National, have 50K for fix and flip or BRRRR properties, looking to connect with agents, lenders and contractors who do this everyday primarily focused in Cleveland and Akron area, want to work with someone who can help and guide me through the process on what to look for in a neighborhood, how conservative I should be with rehab budget and execute with a plan.
I have visited Cleveland thrice but currently I am all over the place, want to understand it more through a agents perspective.
Thanks.
Most Popular Reply
Love this and welcome to Ohio investing! Cleveland and Akron can both be great markets, especially for BRRRR and value-add deals, but they’re definitely areas where knowing the specific neighborhood and even the street can make a big difference.
I’m an Ohio mortgage broker and work with a lot of investor loan scenarios, including fix-and-flip/rehab financing and DSCR loans. Being a Canadian national doesn’t automatically take you out of the running either, there are options depending on the property and how the deal is structured.
With $50K, I’d just be careful not to put every dollar into the purchase and rehab. Holding costs, closing costs, surprises during renovation, and reserves can add up fast, especially on your first one.
I’d be happy to connect and help you understand the financing side, run through deals with you, and help you figure out what numbers make sense before you jump in. Excited to see another investor looking at Northeast Ohio!
- Jenna Fawley