All Forum Posts by: Bob Stevens

PM is not an issue. I have lets just say one or two and all is fine. LETS talk about this deal. If good maybe we can partner or maybe I will buy it, or be your bank. Either way I have everything, PM, Contractors and much more. 10 years of experience doing deals there,

0 Votes

Cleveland, Ohio

Quote from @Alex Arguelles:

Leaseback opportunity with one year of pre-paid rent, investors can enjoy peace of mind and steady income from day one. The lack of HOA fees gives you greater flexibility in managing your investment.

Asking Price: $190,000
Estimated Market Value: $260,000

For additional details about this property send me a message

How much is it rented for? Reno required, ? Roof, windows, siding, furnace , all cosmetic ?

0 Votes

Cleveland, Ohio

Quote from @Harish Pasupuleti:

Hi everyone,

I'm Harish and I'm based out of Seattle and I'm new to real estate investing and am particularly interested in exploring turnkey properties preferably multifamily, especially out-of-state opportunities. I’m looking for advice and insights from more experienced investors who have experience with turnkey providers or purchasing remotely. Specifically, I’d appreciate recommendations on how to identify trustworthy turnkey properties, vet providers, and avoid potential pitfalls.

Any tips, resources, or suggestions would be greatly appreciated!

Thank you in advance for your help!

I have been working in the Cleveland markets for 10 + years while living OOS. I know many from around the world, that also buyer there. I see many getting 10% or better NET income based on cash purchases, heck all mine are never less then 15% -20% NET,

Good Luck

0 Votes

Seattle, Washington

Quote from @Renee Jones:

Quote from @Bob Stevens:

Quote from @Renee Jones:

@Todd Jones , I'm considering options. There's a Section 8 mobility program in this area with a quicker turnaround for placing tenants, about 3-4 weeks. Yes, demand is there, but price points vary.

Mobility program? I have been dealing with CMHA for 10 years , never heard of it. It still takes a month - month in a half to get them in

www.cuyahogamobility.org
I have interacted with Lonnie Pratt
There are some other perks as well, check it out. I have heard section 8 can be 2-3 months at times, but sounds like your turnaround time is great.

I DO 90% EDEN much faster, two weeks and there in,

0 Votes

Cleveland, Ohio

Quote from @Eric Formiller:

Hello, I am looking at some multi family investment properties and I see big difference in price in properties that are turnkey from ones that are fixer uppers. What do you guys think the best route to go is? I can see pros and cons to both sides but I would like to hear some advice from a more experienced investor.

Look forward to reading the replies!

If local and you have trusted crews and YOU know what the reno should cost, then of course reno. If OOS then you do not have a choice, turnkey UNLESS you have trusted crews and YOU know pricing , If you are new then turnkey, for both. RE is just math, If it makes sense do it

1 Vote

Quote from @Renee Jones:

@Todd Jones , I'm considering options. There's a Section 8 mobility program in this area with a quicker turnaround for placing tenants, about 3-4 weeks. Yes, demand is there, but price points vary.

Mobility program? I have been dealing with CMHA for 10 years , never heard of it. It still takes a month - month in a half to get them in

0 Votes

Cleveland, Ohio

Quote from @Todd Jones:

Just curious, why section 8 in Beachwood/Highland Hills? Demand in general for that area should be stupendous.

Because sec 8 will pay more. I just got 900 for a 12 br in EAST Clev, and 1700 for a 4 BR in Lee Harvard,

0 Votes

Cleveland, Ohio

Quote from @Renee Jones:

@Bob Stevens Nice! Thanks! Do you use a 3rd party for screening? What have you found to work best or be the most through?

Yes of course,

0 Votes

Cleveland, Ohio

Quote from @Jennifer Fernéz:

Quote from @Bob Stevens:

Quote from @Jennifer Fernéz:

Hi all. I want to buy a triplex in my area. Please help! I want to occupy one of the units so I can get an owner-occupied loan and only have to put down 3.5%. However, the seller's agent expressed 'All tenants want to stay'. How could I get one of them to agree to sign an agreement to vacate the property? Many investors are looking at the property so I was going to offer full price with $10,000 deposit.

Rent situation:

Unit 1 -- Current: $800/mo Projected $1200/mo (this is the one i want) - month to month

Unit 2 -- Current: $900/mo Projected $1000/mo - lease expires Jan 2025

Unit 3 -- Current: $800/mo Projected $1200/mo - lease expires Jan 2025

Any ideas? Please help!

Simple, the MTM tell them they need to go, I am not certain of PA laws, but I think a 30-day notice is sufficient, and or cash for keys

Well my lender said I can not qualify for an owner occupied loan unless one of the properties is vacant. He said I need to get a signature on a 'notice to vacate' from one of the tenants to even be approved for the loan. If I don't own the property yet, how do I get them to go? What do I put in my offer?

You don't and can't. Maybe ask the owner if you can speak with the tenant (not likely) if not, move on and find another deal. You are competing against cash buyers, as is close in a week vs you are closing in more than a month, appraisals, inspections and now this tenant issue. I suggest moving on. IMO you are not getting this deal. If I was the seller, I would take the cash buyer and not have to deal with any of this.

All the best

0 Votes

All Forum Posts by: Bob Stevens

Bob Stevens has started 87 posts and replied 6296 times.

Post: Columbus, OH - Building a team

Post: Bridge Loan for multi family deal (20+ units)

Post: Mogadore, OH, Leaseback Opportunity with $24,700 in Pre-Paid Rent

Post: New Investor Seeking Guidance on Out-of-State Properties

Post: Section 8 or Eden Vouchers

Post: Turnkey or renovate?

Post: Section 8 or Eden Vouchers

Post: Section 8 or Eden Vouchers

Post: Section 8 or Eden Vouchers

Post: Want to put an offer in today - Help