All Forum Posts by: Charlene Isoh

Hey my fellow REI's,

First off, I hope everyone is safe,healthy and most importantly staying in positive spirits. I am thinking of purchasing my second rental in Cleveland but given that I'm an out of state investor it's always difficult to get the full scope of boots on the actual ground. I would love to hear anyone's experiences on their current rentals as well as whether or not they have found it difficult filling current vacancies given the countries economic circumstances in your perspective areas. Thanks in advance for sharing your insight and as always happy hunting!

Best,

Char :)

@beau 

@Beau Kelsey I did! i ended up going with Chemical Bank (credit union) they have now merged with TCF Credit Union and so far my experience has been neutral. The closing time was roughly 25 days and they do dive into everything tax returns, any open liens, etc so it's important to make sure you have a hold on all financial history dating back to at least 10 years. Send me a pm if you have any other questions and happy hunting!

@Adam Gollatz, @Matt Maurice, @Marcus Auerbach, @Stefani Gillenwater Thank you so much for your responses!

Hey all!

I am currently looking to purchase my second out of state property but this time in Milwaukee Wisconsin as the current market that housed my first out of state rental has become fairly overpriced for my current strategy to work (Purchasing single or multi family rentals in C/C+ working class neighborhoods that generate around 14%+ cocroi) (i am not super concerned about appreciation..cashflow is the name of the game for me)).  I have pivoted to the Milwaukee market after doing quite a bit of research in addition to reading @Dawn Anastasi book to gain more insight into particular areas that would fall in line with my strategy. I would love any referrals to amazing real estate agents, credit unions, contractors, and property managers I could reach out to in order to start building a team there. I am also open to any insight that other out of state investors have faced in this particular market. Thank you so much for taking the time out to read this forum and happy hunting!

Best,

Char

@Tom Ott i purchased one of my rental properties in cleveland just recently and i can tell you that currently the market here is fairly inflated and it's difficulty to find deals that make sense ...i'm currently thinking of pivoting to Columbus, Ohio for this very reason...i'm unsure of where exactly in cleveland you're referring to that is "untapped" as i've been fairly frustrated this summer 

@Dan Sarao thanks for the input really appreciate it!

Hi Fellow BPers,

I am currently on the hunt for alternative funds of financing to help scale my rental property portfolio in Cleveland.I used Chemical Bank for traditional financing on a 3 bed 1 bath ranch that is producing great numbers for and want to continue buying properties like that in a consistent matter without having to wait until i replenish my funds. I have looked into Freeland Ventures but due to underwriting process and logistics just isn't the right fit at the moment, and now currently looking into SoFi due to the fact that their cap on the personal loan is higher, no origination fee, and the rates are decent for the hard money industry. Does anyone have any recent experiences using SoFi specifically to purchase rental properties (with the idea of eventually refinancing out of it ) or any other lenders that you think would be worth looking into?

Hi Fellow Bigger Pockets Family,

I am seeking more creative ways to continue to build my rental portfolio in Cleveland and was recommended to check out Freeland Ventures.... my stratgey to buy sfh's that numbers make sense and then refi out after 6 months. Has anyone had personal experience with this lender specifically for use of rental properties? I would love to hear any other lenders that worked specifically for the rental property acquisition/ refi out after 6 months -  strategy. Thanks in advance

-Char

Real estate agent turnkey companies especially now that it’s slightly an inflated market will cut into all profit 

@Miles Presha exactly $301 after i have accounted for expenses ( prop mangement, capex, repairs, piti)