All Forum Posts by: Andrew Weiner

Ever since the auctions went online the prices for sheriffs sale properties have gone through the roof, possibly higher than MLS prices with significantly increased risk. There used to be deals but they seem to have dried up now with a much wider audience bidding.
There are lots of wholesale options, I just always tell them to only send me what they directly have the contracts on.  I don’t like getting properties that have been marked up three times through a chain of wholesalers, I get the same property from three people at three different prices.

I have been able to pick up some decent deals on the MLS but with very aggressive offers put in the same day the property hits the market. There are a few agents in the area that focus on rental properties that might be able to help you with this and possibly find some off market deals. Let me know if you want their contact info.

Avoid East Cleveland, the numbers look great, the reality doesn’t.  I like all of “Heights”, North Collinwood, Euclid, and there are others depending on your goals and price range.  The market is very hot right now so you’ll probably have to make offers aggressively and then better bet the property at the inspections.  Good Luck!  Keep us updated.

The municipalities in the area are challenging the assessed values if they are significantly different than the purchase price.  I have seen several instances of this recently with direct challenges outside of the regular county reassessment.  You might not pay those tax rates in year one or two but there is a good chance the values will be raised to the purchase price or the school district can directly so they boost their income.  As for the balanced budgets, that is only for the portion of taxes that are for levies, there is a base tax rate for city and school taxes that is not capped.  

I can send you a few agents names.  In terms of the coverage and premiums it will depend on property type, square footage, and zip code/location.  

Every city has some form of rental registration in the Cleveland area.  It’s pretty straightforward and just takes a few minutes and in most cases is online.  The fees have a big range.  The Lead certification is for the city of Cleveland only and is being rolled out through this year and next year by zip code.

It is not standard for inspectors to include these specific items as part of their base fee.  They will note if there are obvious signs of any of them but they won’t do extra tests to look for non visible signs of them.  

In my experience most people don’t get the extras unless they have some reason to suspect there is an issue, with the exception being radon.  Since radon is a safety issue some people want that extra assurance.  Obviously any of those items might be present and failure to inspect could be costly so it’s really a comfort issue.  It’s like all the extras available with insurance in my mind, some people think it’s a waste of money and some people can’t sleep without it.  

I would estimate $500-600 per window: The big bay window in the front of most university heights houses will be $1000+.  If the seller is serious let them get the quote as the current owner.  I just replaced a bunch of windows in my own home in university heights so that’s a pretty good estimate. 

I would strongly recommend coming and touring the cities.  I’m active in the Cleveland market and it’s sometimes hard to explain the differences between areas, what kinds of deferred maintenance you might run into, and how much amazing activity there is in the city.  There are areas that have been appreciating for a while, it’s always hard to predict appreciation so I am reluctant to say what areas are going up but there are lots of areas that will meet your budget and provide double digit cashflow.  I like Garfield and Maple heights for single families with good cashflow.  Shaker and Cleveland Heights are great also but have a higher entry point.

I’m not positive about Cleveland Heights but lots of cities require a local property manager.  Some have statues that require someone within so many miles, or it sounds like in this case in the county.  If your using a property manager you would use their info, if not you could try a contractor your using or maybe your realtor.