All Forum Posts by: Alex Critcher

@Kris Wong. Thank you for the insight. I did account for all those things. That just wasn't included in the description above. I just wanted general insight from others that was presented to me. Im finding the biggest issue is the interest rate. 

Hello,

Im looking for some feedback and thoughts on a 6 unit apartment building that Im looking to at for a long term buy and hold. The property is located in Fairview Park. Outside of Cleveland. All units have been updated. Consists of:(4) 2 bedroom units and (2) 1 bedroom units. Most leases expire next year. 1 unit just went vacant, is rent ready and can be placed.6 garage spacesTurnkey unitsNew hwt’s, 1 new furnace.75% new windowsHardwood floors
Electric panels inside units are fuses. 5 furnaces are older. Currently owner pays utilities on executive rental, which I would turn into normal long term tenants. There asking for 450K

I've been pre approved for a mortgage on the property costing about 2,200 a month at around 7% interest rate.

The potential for the property is with increasing rents and cutting the expenses of the building. My current CoC return would start at 3% with potential to increase with those changes made. Please see pic below

Thank you and look forward to hearing from you all 

Hello,

Im looking for some feedback and thoughts on a 6 unit apartment building that Im looking to at for a long term buy and hold. The property is located in Fairview Park. Outside of Cleveland. All units have been updated. Consists of:(4) 2 bedroom units and (2) 1 bedroom units. Most leases expire next year. 1 unit just went vacant, is rent ready and can be placed.6 garage spacesTurnkey unitsNew hwt’s, 1 new furnace.75% new windowsHardwood floors
Electric panels inside units are fuses. 5 furnaces are older. Currently owner pays utilities on executive rental, which I would turn into normal long term tenants. There asking for 450K

I've been pre approved for a mortgage on the property costing about 2,200 a month at around 7% interest rate.

The potential for the property is with increasing rents and cutting the expenses of the building. My current CoC return would start at 3% with potential to increase with those changes made. Please see pic below

Hello,

Im looking for some feedback and thoughts on a 6 unit apartment building that Im looking to at for a long term buy and hold. The property is located in Fairview Park. Outside of Cleveland. All units have been updated. Consists of:(4) 2 bedroom units and (2) 1 bedroom units. Most leases expire next year. 1 unit just went vacant, is rent ready and can be placed.6 garage spacesTurnkey unitsNew hwt’s, 1 new furnace.75% new windowsHardwood floors
Electric panels inside units are fuses. 5 furnaces are older. Currently owner pays utilities on executive rental, which I would turn into normal long term tenants. There asking for 450K

I've been pre approved for a mortgage on the property costing about 2,200 a month at around 7% interest rate.   

The potential for the property is with increasing rents and cutting the expenses of the building. My current CoC return would start at 3% with potential to increase with those changes made. Please see pic below

Thank you and looking forward to hearing from you all 

Question for investors who have flipped a few homes (in particular mid west) and appraisers.

When gathering ARV info, I understand the premise of it but should we be considering the year the house was built when finding our other similar comps?

Do appraisers typically look at year build? And if so what age range?

Thank you

Question for investors who have flipped a few homes (in particular  mid west) and appraisers. 

When gathering ARV info, I understand the premise of it but should we be considering the year the house was built when finding our other similar comps?

Do appraisers typically look at year build? And if so what age range?

Thank you

We're in contract now so im in the process of finding people.

Does anyone have any recommendations for licensed inspectors and property management companies in the Cleveland Ohio area? 

@Nicolas Ake this is good to hear. And yes I’m an out of town investor. How’s the 44320, 44314, 44301 and 44310 zip codes?

Hey All,

Im looking to invest in Akron OH. From the data it looks like a good rental area? Does anyone have any suggestions or invest there for rental?

Thank you advance for the feed back