All Forum Posts by: Ari Hadar

I haven't retired yet but I would definitely recommend buying a turnkey property to get some positive cash flow along with learning managing out of state rental property investment. I recently purchased a Single Family Home turnkey property from Martel Turnkey in Cleveland, OH for $90,000 and its cash flowing $300-$350 / month. Let me know if you want to connect and discuss about this option. 

Full Disclosure: I don't get paid to promote Martel Turnkey. I like to connect with new investors and talk real estate. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $45,000
Cash invested: $27,000

Single Family Residence in Cleveland OH.

How did you finance this deal?

Paid cash and currently in the middle of a cash or refinance

How did you add value to the deal?

Added 1 bedroom making this a 3/1, new roof, sealed and treated foundation, cleaned up exterior, painted and refreshed the interior

What was the outcome?

Looks like comps in the area are $90-110k and I should be able to cash out my entire investment. The property is currently rented.

Hello! I am Michael Hamblin, I am a Real Estate Investor/Broker looking to transition from investing single family residential to multi-family housing in my hometown of Cleveland Ohio. I practice as a Broker in Washington state in the Greater Seattle area. I believe in working hard, so you can play harder! Catch me on the slopes, shredding on the bikes or sending routes high up in the mountains 😎

I am looking to network with like minded people to either invest into a rental portfolio with me, to work with in Seattle, to rehab properties with or any combination thereof. Reach out and let’s connect!

 Everything is negotiable.  The market decides as well as the parties involved.

Ari,
I analyzed the deal myself.  Lori helped me with finding the property, the negotiations, and coordinating the inspection and closing.  She helped make the process straightforward and made sure all of the paperwork was completed and sent to the right place on time.

@Kyle Castaneda 

What neighborhoods are good areas for turnkey investment properties?

Depends on what who your management team is. I personally like redevelopment areas.

Tremont, Ohio City, Detroit Shoreway, Etc.. They make for great properties to buy low, rent high and

have plenty of equity.

What neighborhoods do you typically see the best ROI for long-term rentals?

If you are looking (LONG TERM blue chip stock) I would look Strongsville, Berea, Middleburg, ETC..

Where have you personally had your best experience with investment properties in Cleveland?

All Over. there are deals in every neighborhood, even the D- areas. I have had great experiences in every area

of Cleveland, Just have to have a different plan for different areas.

Hope that helps! I Know I was vague. I hate writing long posts as much as everyone hates reading em. LOL

I did spoke to a city inspector and he said the property needs to be signed off on all discrepancies within a few month after closing of escrow. I gave up on this deal as the owner only want to sell As Is, its kind of risky without knowing how much would it cost to repair to bring it to code. There are many other deals out there to choose from in Euclid. 

@Riggies B tang         @Jan H.         Did you folks ever find a contractor in Cleveland?