All Forum Posts by: Bob Prisco

@Brian Adzadi you are not going to get a MF unit in Cleveland for 40k or less, in an area you would be proud of. If you do it will only be a duplex, but IMO very difficult.. I could but we do business here , all the best 

@Joanna Golden Cleveland is the best overall rental market in the country , ranked by Forbes the last two years in a row, really the last 8 but they were not paying attention. MF for 40k or less, NO MORE, impossible for YOU.  IMO, unless you want to be in a " war zone" and you will only get a duplex, MAYBE triplex, . Even 3 years ago, it would only be a duplex, or triplex in OK area.   This week I am closing on a 4 unit, W 90'S  will net about 19k on gross of about 32k, , , 3 unit, W 100'S  net about 12k, , 21 unit, net about 82k , all in 350k,  Grace Ave Garfield, net about 7500, all in 55k,  , , all the best to everyone, BTW these are MY pricing not clients ,. :) 

@Rob Gillespie there are areas of East Cleveland we buy, MF. Coventry is great. I have an 81 unit on Terrance, 3 acres, brings in huge numbers. When we get the remaining 15 or so rented , it will be about  40% NET cap.  Heck even pricing over there is going up. Also with the " noise " of CH taking over East Cleveland, well this helps as well. 

 CASH BUYERS ONLY , PP includes all rehab,  MINOR cosmetic, passing inspections, local and state , warranty , rent assurance, meaning rent begins not later then 90s days after the close no matter what. If we fall behind on rehab, and placing the tenant, we pay the rent until the tenant comes in. Clients receive the amount on the pro forma provided . If we are off we pay the difference for the 1st year then raise the rents.  Mechanical s are newer, windows, roof all good . 

I dont buy it, I do 90% of my biz in C areas, ( they all start with B ) I have zero vacancy's , and we PM more then 200,  

@Paul Rogert the PP you provide the buyer includes the fee, so no you do not have to tell them . If they complain when they find out, tell them do not look in my pocket you are happy with the numbers so ..

NONE of your business, Or if they press, and say hey thats to much, Do I look in your pocket you are happy with the numbers so who cares if I am making 1 mill,,,, I provide a service, or you can go find your own deals, 

Many ask for higher cap rates and will " sacrifice "  area. Not the best not the worst. All rented, all need on avg, 2k in work.

duplex 1075,  and 975 

S\F    885, 650, 650,  700 

cash only, 

W 73RD, POE, W 70TH ,W  64 , W 68, W  86

I see so many putting in granite, gutting baths, high end fixtures etc, TOTAL WASTE of money. You will maybe get 25 more a month ( if you are going cash tenant, which I do NOT agree you should ) vs just doing  all cosmetic, neat ,clean safe I call it Sec 8 ready. Of course, new mechanical s, roofing and windows, etc  but to gut kitchens and baths, waste of money.  The time to invest in upgrades is when its time to sell, so its brand new , not worn. All the best to everyone 

@Ben Lynch Yep, last week I picked up  on the west side,  3 unit  net cap 25% ,,4 Unit NET cap 28% and 21 unit  22% net ! How the heck can you beat that :)  , all the best to you ,  BTW, I forgot, last night we got 6 props all rented, all need on avg 3k in work, two doubles  4 SF, , total for all, 100k!!!!