All Forum Posts by: Ryan Arth

@Anthony Finger The same as any other place, it depends on what tenant profile you are looking for. Last summer I leased a bunch of properties for $2900-$3600/mo there, for example, but that is not what the city is primarily known for on BP. 

I work in both markets, as I am positioned between them. Akron is a much smaller market than Cleveland, but has similar elements, demographics and economics (in general). Being smaller, it doesn't have as many opportunities for growth, as many larger employers, and as many institutions that draw people to the region. Both metros benefit from having each other near, but Akron is much more reliant on Cleveland than the other way around. 

When viewing the entire metro area from satellite you will see prices all over the place. Dialing in on a neighborhood and then doing a deep dive would help you to get a better feel. And driving through that neighborhood will give you the context that pricing doesn't communicate, is the area what you expected? Does this area warrant selling improved housing, who would be the buyer, and would the property appraise if the area is mostly unimproved housing?

I used credit cards a few times for rehabs when I was younger. Now I charge anything I can, personal or business, and have it all autopay. So much simpler from an operational standpoint, plus the cashback is nice. 

@Jill F. If you are going to pay your cards off to reduce your utilization before a refi, make sure that you do it well enough in advance. Some cards claim to send a notification to the bureaus any time the balance hits zero, but it is more likely they won't report until the next statement cuts, so you need it to be reported to whatever bureau the bank pulls from prior to them running your credit. 

Quote from @Allan C.:

What I find a bit interesting is people won’t consider buying a rental in a D-class neighborhood in their own city, but open to buying D-class 2000 miles away. Perhaps it’s proximity bias, but I think posts like these are very helpful to give perspective to new optimistic investors.

Bingo. I feel like people lean more towards the possible cash flow and turn a blind eye to the risks and reality of owning a D property (not saying this one was) when it is 1,000 miles away and they only have to take phone calls from a third party about any issues.

@Susan Owen Try to distance yourself from what has happened previously and just look at what you have in front of you now. You have a leak to repair with some cosmetic repair to the lower unit, and your insurance is doubling. Then you would be back to business. You are tenanted and hopefully cash flowing, and it probably wouldn't serve you to sell it with an active leak or ceiling damage. So the question really is fix it and hold, or fix it and sell, which might seem reactive when viewed in the future. 

It really depends on the neighborhood, the type of tenants you have (and can attract) and what the financials look like on whether this situation was worth it ten years from now or not. 

@Darnell Fenderson Yes, it will be on Thursday 5/30 at 6pm. 

The tavern of independence 
5530 Brecksville Rd, Independence, OH 44131

I will create a separate event page on BP shortly. 

Once you get above a SF, the properties aren't usually submetered for water. Some people bill back the water/sewer (say on an SF when you know the exact amount), some include it in the rent, some charge a fixed amount per month. There is no standard. The market will pay a certain amount for a unit (and their water), whether that is lower with the water added on or higher with water included.

@Anthony Finger I will PM you with a manager for Akron/Canton that friends speak highly of. 

Quote from @William Coet:

Please explain how all of these realtors who are also investors are going to bring you a good property?  They will scoop them up first....

 Possibly, but capital and bandwith can also be constraints.