All Forum Posts by: Bob Stevens

My name is kamel daniel, and I’m an investor focusing on the Cleveland OH suberbs (mayfield heights, lyndhurst, mentorm willoughby...) real estate market. I’m currently looking to expand my portfolio and am in need of reliable boots on the ground.

I am looking for someone I can trust, who can see the property and tell me honestly if it needs a lot of renovation, if there is a bad smell in there, what is the general condition!!
he have to understand a bit about renovations, I prefer not a contractor because the contractor has an interest in getting the job, and it would not feel comfortable to send him to several properties even if it is paid.

If you or anyone you know can help, I would love to hear from you

Not sure why you picked those areas, no money to be made, well if your happy with 3, 5 %

0 Votes

Cleveland, Ohio

Quote from @Rafael Ramos:

Hello everyone,

I'm new to real estate investing, but thanks to my logistics business, I have a substantial amount of capital to start with. I'm currently looking for a multifamily property, ideally with 10+ units and a cap rate of 7% or higher. However, finding this in Florida has been quite challenging. As a beginner, I'm hesitant to invest out of state, especially since I don’t have anyone to assist with tenant issues when they come up. I also prefer not to use a management company, as I don't want them cutting into my profits.

My long-term goal is to generate enough income to live comfortably and eventually build a real estate empire. I'd appreciate any advice on whether I should stick close to home in Florida or consider expanding to out-of-state markets.

Thanks in advance for your insights!

I have been working OOS for 10 years. I know many from around the world as well that do the same.10% NET or better is to be had in the Cleveland markets. We are closing on two more duplex's and 3 SF this month. All with 15- 20% net income, based on cash purchase. Walking a 6 unit today, NET rent about 30k and going higher. This too will have about 15% NET income. BTW I live in FL. Its crashing down here and getting worse.

All the best

2 Votes

Tampa, Florida

Quote from @Jonathan Bock:

@Bob Stevens

Shane, Bob just gave you great advice it's not rocket science. You either do the job or hire it out.

How many hours a month are you putting into your business currently?

Personally, I would go with an assistant as a first hire versus a bookkeeper/CPA.

I don't mind bookkeeping and I'm a CPA so that is not a chore for me.

My biz runs itself; I spend maybe an hour or so a day, trying to buy more. During the year I send my accountant info.

1 Vote

Cleveland, Ohio

Quote from @Huiping S.:

Lots families were flooded from Hurricane Helene. The flood insurance will cover limited, structure may or may not the contents. Lots people's car, appliances were died. The loss is very big for those family. I drove through some community and like a after war field.

How those people should be prepared to report loss on tax return? How detail to keep the loss?

Hope tax professionals or experienced people can give some suggestion.

Thanks!

CALL YOUR ACCOUNTANT

0 Votes

Tampa, Florida

Quote from @Shane Quin:

I am thinking of hiring a Book Keeper, CPA, or Assistant to help in running and scaling my fix and flip and long term rental business.

Any advice from those with more experience in this field are appreciated.

Not sure what you want us to say? If the paperwork is too much, then hire someone. I run 120 doors alone.

1 Vote

Cleveland, Ohio

CLEVELAND, CASH buyers only. I have been providing rentals to investors from around the world for about 10+ years, all 100% hands off, everything place. If you are happy with 10% or better NET income, I have as many as you want. Typical deal, SF all in 115k, rents from 1500 1700, NO reno needed, all new or newer. Duplex all in 135kihs, rents 1800- 2k. If these numbers are appealing reach out. Let's have a call and of course I must see a bank statement. Closings are about 7 10 days. I have it all " under one roof" Title co, Ins co, PM and much more. I am also very experienced with sec 8 and other programs having done let's just say one or two deals there over the years. Please do not just leave your email or say, send me what you got. I am not here to build a list. Nothing happens without a call, All the best.

1 Vote

Cleveland, Ohio

Quote from @Michael Chalke:

Quote from @Bob Stevens:

Quote from @Michael Chalke:

My wife and I purchased a three family in Passaic County, NJ a few years ago. One of the tenants are part of the program ran by the section 8 program in Passaic County. The annual rent increase is limited to 3.5% a year, however this year, we've spent about 35k in new siding for the building, a new floor for her apartment, a new fan, new stove and hood. Does anyone know if there is a way to request an increase higher than 3.5% due to all of these capital improvements done on the home?

It's really hard to get in touch with her social worker, as they are usually less than helpful.

Open to suggestions. Thank you.

You can ask but you are not getting much more than the FMR. It does not make a difference if you have SS appliances granite, or new siding Sec 8 pays by the number of BRS

Good luck

I've been raising all tenant's rent since we took over 3.5% each year. Two out of three are well below market rent, so I am trying to bring them up annually. However, this year it was crazy with the cap. expenses. I had the funds in savings, but this year and most of next year will be a loss until I recoup these expenses. I was just going to request an 8% increase this year and next to help bridge the gap.

you can always ask, hey in my market we are getting about 30% YES 30% more than last year and year before,

0 Votes

Quote from @Michael Chalke:

Quote from @Bob Stevens:

Quote from @Jonathan Bock:

Do not renew and then rent it back to her and the housing authority will then pay you more

Makes logical sense right haha

No sorry it does not. They are only going to pay FMR maybe a little more. It seems this owner put in way too much, another words over paid, for a rental.

Nope. Outside of this issue, it generates a net income of $27,592 (annual) after all expenses. We purchased in 2020 for 600k, it's now worth over 900k. I do not want to refinance since I have a 3.2% mortgage.

well, the 5% is not something I would even touch, but the appreciation seems nice, All the best

BTW I never said refi :)

0 Votes

Quote from @Jonathan Bock:

Do not renew and then rent it back to her and the housing authority will then pay you more

Makes logical sense right haha

No sorry it does not. They are only going to pay FMR maybe a little more. It seems this owner put in way too much, another words over paid, for a rental.

1 Vote

Quote from @Michael Chalke:

Quote from @Nathan Gesner:

Unfortunately, Section 8 increases must be approved by HUD. Keep working with the social worker. If you are that far below market rent, then you should consider terminating this lease and starting fresh with a new tenant at market rate.

Can't terminate a lease in New Jersey just because a landlord wants to increase the rate. New Jersey has the 1974 Anti-Eviction Act.

Simply do not renew, which I believe Nathen was referring to

1 Vote

All Forum Posts by: Bob Stevens

Bob Stevens has started 87 posts and replied 6296 times.

Post: Seeking for boots on the ground in cleveland OHIO

Post: Where to invest?

Post: Book Keeping - Who to Hire

Post: How to prepare flood loss for tax return?

Post: Book Keeping - Who to Hire

Post: Cleveland CASH buyers

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ