All Forum Posts by: Benjamin Sulka

I have not made an investment in Cleveland yet, but I plan to in about a year's time. All of the folks with knowledge and investors that I've spoken with see Cleveland as a great place for cash flow but appreciation has been historically lackluster. There are some very nice neighborhoods on the West Side of Cleveland but obviously, these are more expensive which will eat into your cash flow. 

My recommendation would be to connect with a realtor from Cleveland who invests and have a conversation with them. Since they have boots on the ground, it would make sense to network with them. 

My friend Josh Janus (he works for ReafCo), who you can find on Bigger Pockets, has a great map of Cleveland neighborhoods and their respective grades. I'd highly recommend connecting with him. 

Quote from @Melchor Domantay:

@David Innocenti you do not have to put it in a llc or any corporation name. I will say if this is your first house hack and you live in the same house that it will probably better to put the lease in your name. As you grow - you can create a management company as a llc to sign all your leases.

Side note - create a google voice account so the tenant won't have your phone number.

@Melchor Domantay I love the Google Voice account idea. I really appreciate it! 

Quote from @John Liberati:

Benjimin I'm looking in Cleveland to aquire multifamily as well.

 John,

This is great to hear! Best of luck my friend.

Quote from @Nathan Harden:

Quote from @Bob Stevens:

Quote from @Benjamin Sulka:

Hey BP, 

I'm looking to get active in the Cleveland/near Cleveland markets this year and I'm interested in networking with other local investors. 

What local real estate groups/meetups would you recommend? I'm also looking to connect with others on BP as well.

I greatly appreciate any thoughts. 

-Ben Sulka, aspiring real estate investor

 I have extensive experience there doing about 500 deals, nothing I have not done or not know about all of the Cleveland markets. However, you need to be cash to get the best deals. I was in town last week, picked up 9 more doors. 

Its ALL about knowledge and your team

Good luck 

 What parts of Cleveland are you buying in right now?

Nathan,

I haven't purchased anything yet. I'm graduating from college today and I'm looking to purchase sometime in the next year or so. 

I'm looking to do an owner occ/house hack because this is the most reasonable way for me to get in the game with moderate cash reserves. 

I appreciate your response. 

Ben 

Quote from @Dario Parziale:

I'm also interested in the Cleveland area as an aspiring investor. I would be especially interested in learning more about property managers in the Cleveland Area which seems attractive for cash

 Thanks for your response, Dario. 

Quote from @Dario Parziale:

I'm also interested in the Cleveland area as an aspiring investor. I would be especially interested in learning more about property managers in the Cleveland Area which seems attractive for cash

 Thanks for your response, Dario. 

Quote from @Bob Stevens:

Quote from @Benjamin Sulka:

Hey BP, 

I'm looking to get active in the Cleveland/near Cleveland markets this year and I'm interested in networking with other local investors. 

What local real estate groups/meetups would you recommend? I'm also looking to connect with others on BP as well.

I greatly appreciate any thoughts. 

-Ben Sulka, aspiring real estate investor

 I have extensive experience there doing about 500 deals, nothing I have not done or not know about all of the Cleveland markets. However, you need to be cash to get the best deals. I was in town last week, picked up 9 more doors. 

Its ALL about knowledge and your team

Good luck 

Bob,

I'm grateful for your response. 

As a fresh college grad, I don't have the cash reserves to fund an entire deal with cash. I'm going to take out a loan.

What are your thoughts on buying properties in Cleveland with a loan? I'm looking to do an owner occ for my first deal because this is the most feasible way for me to take my first step in REI. Additionally, do you have any tips on building a solid team considering your extensive experience?

I'd appreciate any thoughts. 

Best,

Ben

Quote from @Joshua Filkill:

@Benjamin Sulka There are a few meetups on Eventbrite, meetup and BP meetups. The one at Pins hosted by Greenly Mortgage is good. I can send you a list

 I'd really appreciate that, Joshua. 

Thank you! 

Quote from @Denzell Hawkins:

Hey man. I started investing in the cleveland area earlier this year. I’m based out of Houston but i’d love to connect when i’m out there 

Thanks for your response, Denzell. Sending you a colleague request. 

Quote from @Steven Foster Wilson:

Quote from @Jordan OBrien:

Hi all,

I recently graduated college and wanted to purchase my own investment property. However I do not have enough to cover the 15% downpayment. I decided to purchase a single-family home and owner occupy it for 12 months before renting it out to put a lower downpayment down. I have been transparent with my lender about my plans as well and I will not have to refinance. I am wondering do I put the minimum 5% down or put all of my cash into it at 10% down. 

Furthermore I am expecting large stock grants from work every quarter over the next year. Should I put all of this into the property as well so I will have 20% equity before renting it out and get rid of PMI for more cashflow? (PMI $162.50/mo)

At 5% down the property will cashflow $219/mo after mortgage, taxes, insurance, PMI, property management fee, vacancy. ($24,000 downpayment + closing costs)

At 10% down the property will cashflow $319/mo after mortgage, taxes, insurance, PMI, property management fee, vacancy. ($36,000 downpayment + closing costs)

Here in Columbus there is First Financial they do 3% down no PMI and cheaper rates than most for first time home buyers for a 2-4 unit. Im sure there is a local lender near you that would be similar.

 Steven, this is very interesting. I'm going to have to shop around and see if there is anything similar around Cleveland. I'm looking to owner-occupy by the summer of 2024 when I have more cash.