All Forum Posts by: Bob Prisco

This deal makes no sense to me, for the reason I described above.. It really does not make any difference what an inspection report says , its all about the POS, and viewing the prop.  Good luck, 

@Abdulazeez Kazeem  Ok so its obvious you are new to the Cleveland markets as you do not understand what the  POS is.  When you find something feel free to reach out to me, I will be more then happy to pay you a finders fee, thanks 

I am referring to the POS escrow,   send me the POS, THANKS 

Please read above 

@Abdulazeez Kazeem its was asking 119k, now you want 132k????  So you want someone to pay 132k, 75k in rehab, deal with all the POS headache, escrow the 110k,  ( assuming POS is 75k  1 1/2 times )  so have to layout 132k, 75k, plus 110k,  for POS escrow = 280k  out of pocket, to hopefully make 50k or so,  good luck with that , 

@Franky Juwana I would not touch it. 160k for a rental that will bring in only 1500, never. My clients buy props for 60k on avg with 1k - 1200 in rent with taxes only on avg 2200,  about 11- 15% nets on all props I provide . I sold a 4 unit yesterday that brings in 2400 a month for 140k, taxes 2500, net will be about 13%.  Last week a 3 unit about 1900 a month, , 80k, will be over 15% net. (  I can provide 100s of examples) . My  Personal's  of course I am over 20% nets per year, some over 30% . Look out of state. I see you  are from LI like me. I do all my business and investing in the Cleveland markets where it is just about 2% of PP. Good luck 

@Eduardo Slesaransky not a great area, HOWEVER if you can buy all in 30k, MAX MAX, and have a good PM co, protecting you ,  not one that will just let them tear your property apart, and place anyone in . you can be ok. We do not recommend that area. Its all about the team surrounding you. 

@Dan Rowley we were providing clients with 25% ++ net caps about 6 years ago.  Now we provide 11- 15% nets , avg PP 60k, we handle everything..  GH, MH, CH, Euclid, Lee Harvard, West side, and are now ( should have started a year or so ago )  buying in Slavic Village. I just got two 4 units, with great cash flow, , all the best. 

Best rental market in America, ranked by Forbes last two years in a row, really the last 10 but they where not paying attention . ,The entire area is booming. West side ,  Cleveland Clinic area , and Slavic Village is making a big comeback. . Buying everything I can, and providing clients with double digit  net caps. The Flats are one of my favorite places to hang out... Good luck, 

@Jake Berwind if little to no work, , yes of course. Even if you are all into it for 160, and net 200k, thats good, assuming it sells in 6 months or less,  good luck