All Forum Posts by: Andrew Duna

Hi Vishal- It is quite difficult to source lenders who will provide a loan amount under $100k. Although they are not Credit Unions- I am familiar with a few local lenders who can lend based on DSCR standards with a purchase price minimum of $75k (so ~~$56k min loan amount). I'd love to connect you two!

Hi Andrew,

That would be great. I really appreciate it!

Sounds great- I direct messaged you 👍🏼

1 Vote

Cleveland, Ohio

Quote from @Max Chilson:

Quote from @Andrew Duna:

Hey Jack - I've done a good amount of research on this and apparently onlinejobs.ph is where you will find the best and most cost effective VA's. I am also personally looking into hiring a VA and would love to connect to see how it goes for each of us.

One of the best tips I got from the videos is to include a random phrase in the middle of your job description that says "use the word blueberries in your first sentence when applying for the job". This way you can see who actually took the time to read your entire description and who is detail oriented enough to catch the slightly hidden request.

Here are some links to the best videos I've watched on how to successfully vet, hire and onboard a VA:

How To Hire A Real Estate Virtual Assistant (+ Their Tasks)

How to Hire a Virtual Assistant - 2021 Tutorial & Best Practices

How To Hire A Virtual Assistant | Tips From 2,500 Interviews

21 Things To Do When Hiring a Virtual Assistant

Interviews With Virtual Assistants

Hello. So did you pull the trigger and get a VA? I need 1-2… but can’t make my mind up on a company that I can trust.

I didnt yet. I dont think it comes down to the company but more your hiring process. There is one company that I would consider trusting:

https://www.supportshepherd.co...

They will take care of the hiring process for you. I haven't used them but all signs point to them being legit + they don't mark up the cost of the assistant for the whole time you're employing them (like other companies do). They only take an upfront fee for placement

0 Votes

Cleveland, Ohio

Hi Guchan- I am an investor focused agent here in Cleveland and would love to help provide some pros and cons of investing in the area!

1 Vote

Cleveland, Ohio

Hi My Le- keep your head up! The market right now is quite challenging - it sounds like you need an agent that will fight for you to make sure your offer is placed correctly in order to get it accepted.

I am an investor focused agent here in Cleveland and have helped many out of state investors get their offers accepted. My team also frequently has off-market investment properties come available that have limited competition.

0 Votes

Cleveland, Ohio

Quote from @Vadim F.:

Quote from @Andrew Duna:

Quote from @Vadim F.:

Quote from @Andrew Duna:

Hi Vadim. If you'd really like to invest in a cheaper area and you are okay with decent risk then I would recommend investing in the Clark-Fulton Area. It's currently D class and has a great chance for appreciation. Go for section 8 for now in order to mitigate some of that risk and then wait for that appreciation to trickle in. In my opinion-- something monumental would have to occur in order to pull East CLE out of the spot it's currently in.. whereas Clark-Fulton already has a lot of promising potential

Here is a link for further info on the housing developments in the Clark-Fulton area: https://www.clevelandcitycounc...

@Andrew Duna I am aware of the investment in Clark Fulton and prices are already reflecting the possible changes to come. The way I see that area now is potential appreciation vs cash flow due to gentrification. East Cleveland is pure cash flow with minimal appreciation for the time being but if and when University Circle does expand the prices may boom. East Cleveland to me looks like an area that is prime for live-work lofts. All the abandoned brick buildings can be restored to beautiful loft spaces. But that does need a lot of time and money invested.

Yep it is somewhat annoying that the prices in Clark Fulton are already factoring in some of the projected appreciation. While many properties are priced this way-- they oftentimes simply do not sell -- and go for lower than asking.

I think there is some merit to investing right on the doorstep of University circle with the right expectations -- but otherwise the rest of East Cleveland is a large area that is a long ways away from investment dollars. So just like any investment strategy in these kinds of areas- paying attention to the specific street you invest in matters- as I'm sure you've already factored in. Wishing You All The Best

Thanks @Andrew Duna. I think there will be major changes up until Superior. Afterwards, will be more street by street. Having grown up and still living in the SF Bay Area, I have seen my fair share of areas that at one point were talked about like East Cleveland. East Oakland used to be the murder capital of the United States if not the world. Poverty, gangs, dilapidated building, crack epidemic, and everything else you can name existed. Also, like east Cleveland it is surrounded by very desirable and rather expensive areas such as Piedmont, Rockridge, Montclair. No one wanted to invest in that area for the longest time up until the 2010s. Once 2010s hit, businesses decided to invest in the area because there was space available and it was cheap. Soon after young professionals and families began buying houses and adding value to the neighborhoods within East Oakland. Now it is a melting pot of all cultures living there. There are still some pockets that haven't changed and most likely will not change but overall the area has changed for the good. So in short, I see those similarities and that is what is drawing me to East Cleveland, because 20yrs ago if someone said you were investing East Oakland you were looked at as someone who has no clue what they are doing.

Very interesting to hear that perspective/story. Thanks for sharing

0 Votes

Cleveland, Ohio

Quote from @Vadim F.:

Quote from @Andrew Duna:

Here is a link for further info on the housing developments in the Clark-Fulton area: https://www.clevelandcitycounc...

0 Votes

Cleveland, Ohio

Here is a link for further info on the housing developments in the Clark-Fulton area: https://www.clevelandcitycounc...

2 Votes

Cleveland, Ohio

Hi Nicholas- welcome to the REI world. I am part of a team that has raised money to purchase 250 units of multifamily in the area and I would love to connect and offer any advice. I am also an investor focused agent here in CLE and could be your boots on the ground 👍🏼

2 Votes

Cleveland, Ohio

Hi Mary - What kind of percentages are you projecting for your expenses?

Sometimes clients assign a percentage for both capex at 8% AND repairs at 5%. Capex stands for capital expenditures which essentially stands for repairs. So if you account for both of these in your underwriting then you will be left with frustratingly low and uncompetitive underwriting. My team runs the numbers at 5% of gross rent going towards repairs -- with a flat $250/unit going towards Capex per year.

One other thing I occasionally see is that investors interested in CLE will also include a fee for trash in their underwriting- although small - an extra $25-50 a month does add up. In Cleveland and in most surrounding suburbs- the taxes cover garbage collection.

In general you could expect a COC ROI to be around 8% -- with 10% being a solid deal -- and a property with returns at or above 12% possibly being an indicator of being in a worse area/less desirable area -- AKA typically too good to be true.

I am an investor focused agent here in Cleveland would love to connect about your goals as well as share my underwriting spreadsheet.

0 Votes

Cleveland, Ohio

All Forum Posts by: Andrew Duna

Andrew Duna has started 2 posts and replied 58 times.

Post: Cleveland, Ohio local credit unions?

Post: Looking for a Virtual Assistant

Post: Cleveland, Ohio local credit unions?

Post: Starting out and looking for building a team in Ohio area

Post: Struggles of investing advice and help

Post: Investing in East Cleveland

Post: Investing in East Cleveland

Post: Investing in East Cleveland

Post: Hi all, I would love to connect and chat with real estate investors.

Post: Starting out and computed CoC ROI are negative to below 3%