All Forum Posts by: Amir B.

@Brian S.awe did fly out to Cleveland area last December. If we close we will go there again. I have a property in Parma. Thanks for your input. 

@Mitchell Litam

Yes, it is in Birdtown. We tried to get it in the better part of Lakewood for the past year but no deals happened for us. As of now, there are only three tenants occupying the quad.  The rents are under $1500. This is not a great deal at all but my wife likes the challenge. The purchase price is $140,000 with 25% down payment. We have the general inspection tomorrow afternoon.  Our plan is to counter the offer. Maybe $130,000?

Do you have tips for us?

@James Galla

So, over the weekend we called the seller directly and he answered some questions. Then mysteriously the call dropped and then we got a call from the seller's agent sayings this is a direct violation of the agent code.  We have not gotten written information about the tenant's employer and rental history. We are hoping they are not section 8. 

@James Galla

Hi James,

Thanks for responding to my post. The home inspection ($500) will be done on Thursday afternoon. We are out of state investors and are solely relying on our REA and the home inspector. The seller bought it for $78,800 in August of 2016. He will make a good return. When I said shady PM, because he won't provide any of the paperwork (utility service reports, etc.), he did provide the lease agreements but they are out of date and the dates are whitened out. 

Hello everyone,

It's been a while since I have been on here. I enrolled in a masters program and didn't have time to be on the forums. I really missed you guys but I am back.

So, my wife and I made an offer on a quad in Lakewood, OH. It's a 1 and 1. The current rents are between $450-515. All utilities paid by the tenants. Their leases are up but the property manager is being shady.

We are putting down 25% on the purchase price of $169,000.   

We are concerned about the overall condition of the property. It was built in 1900.

Should we proceed or not?

Thank you,

Amir

@Chris Tracy @Michael Le @Omar Khan

Thank you guys for your valuable input. We are definitely not rich enough to invest in our own. We are considering partnering with a few family friends. Looking in the Sacramento County market. 

@Juan Rubio

I originally wanted to invest in commercial (apartment complex) but quickly learned I wasn't prepared for that. So, I started with SFH. I would NOT recommend commercial as your first deal.

Good luck.

Hi Guys,

I have been on BP for a year and a half now. My wife and I currently own two SFH rentals in Sacramento and Parma. We stopped making offers on SFH/MFH because of offers kept on getting rejected (Parma/Lakewood).

Recently an idea popped into my head. Why continue to invest in SFH or duplexes and why not invest in a 40 or 50 unit apartment complex? The goal is the same retire early (60 years old). However, I am aware that commercial is a different ball game.

I'm seeking advice from other investors who changed their strategy from residential or commercial. A good or bad idea?

Please help. I am happy to share any information.

Thanks,

Amir

Daniel F. Harb Mario Mormile I own a SFH in Parma Ohio. I went through the same scenario you are going through a year ago. I looked at several cities before committing to Cleveland area. I am from originally Costa Mesa but live in Sacramento. Went to OCC. I recommend Cleveland area. Contact Mario. Good luck.

Hi,

We just got an offer accepted in Lakewood, OH. The seller asked if don't need help with closing. I was wondering if it's typical to split closing costs?