All Forum Posts by: Brian Egan

Mario Mormile I have a few rentals in lakewood, we have a good roofing contractor with good pricing. He should also be able to set you up with some gutter contractors. Just send me a message and I'll give you their contact info.

Max Briggs Max, I'm an investor in Lakewood, OH and remember thinking the same thing on my first deal. However I realized (pre-purchase) that the property taxes were assessed at a very high value and while it took 14 months to get them reassessed it was a painless process. For Cuyahoga County, you apply in January, provide the purchase price (not your appraisal as it is/should be higher) and they will schedule a hearing. It was 2 people and myself in a conference room for 10 minutes. They said the Supreme Court has determined that an arms length transaction is the ultimate decider of home value and reduced my taxes from $190k to my purchase price of $110k. Then they mailed me a check for all the extra tax I paid. So do your own property management, get the tax value reassessed and you should be good to go. If you have any questions feel free to PM me.

@Ryan Arth I was planning on using debt investors for the purchase.

Rahul Bhatt thanks Rahul, I agree on finding investors however I will be looking for family and friends to invest in my first commercial property. So my BP cred shouldn't hold me back on the first one.

I have 3 multi family properties on the west side of Cleveland in Lakewood Ohio and am planning on looking for a larger commercial property. Instead of locking up all of my capital in the new commercial property with 20% down, I was thinking about speaking with a lawyer about getting set up with some investors. My question is : what would be sufficient return to interest commercial investors for my area? Any help would be appreciated.