All Forum Posts by: Charlene Isoh

@Miles Presha So far so good! I put a little over 16k all in on a 3 bed 1 bath sfh (including closing costs, a few superficial renovations, 3 months escrow of mortgage payments/insurance etc) and it's renting 900/month (40k property in a solid c class neighborhood). It closed mid May and I just placed a tenant in as of yesterday (so you're looking at about 3-4 weeks to place tenant but keep in mind this is moving season ...my current property manager mentioned it usually take 5-8 weeks in the winter (depending on the area and type of property you're interested in)). PM me if you have any other questions and good luck with your search!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000

Cash invested: $16,000

This house is located in a solid C+/B- neighborhood. The house had a newer roof, hvac, costs about 3800 to do some superficial renovations on the property. Cash all in...including closing costs, escrow, and renovations was 16,000...Tenant will be moving in June 2019

What made you interested in investing in this type of deal?

Lower price point, stable market, numbers made sense for the area

How did you find this deal and how did you negotiate it?

Through the MLS...my incredible agent was a huge asset and boots on the ground for me.

How did you finance this deal?

Conventional Loan at a local credit union

How did you add value to the deal?

Got the offer down 9,900 and also added 3800 dollars of work into it (superficial fixes)

@Danitra Wynn speaking directly from your shoes (originally from NY now based out in DC) as I just purchased my first rental in the Cleveland area without ever physically looking at the property it's certainly possible! I would utilize @James Wise map wisely!  (it was paramount for me in narrowing down areas I wanted to look deeper into in terms of research) as well as shore up your team before diving in remember to ask questions questions questions! and don't be afraid to fire  an agent or team member that is not delivering! With technology being what it is today  I was able to face-time with my current agent and perform a general walk through of the property as well as with my inspectors (unbiased important part of your team) a second time as they gave me their feedback on the property before placing an offer. If you have any questions in regards to my process don't hesitate to pm me and all the best with your search!

-Char

@Jad Boudiab  Thanks Jad! I had actually tried Andrew a couple of times  but wasn't able to get a hold of him. I"ll keep trying appreciate it!

@Matt Motil thanks a bunch! i'll message him now 

I'm currently in the process of closing on a property that will need about 1-2 weeks of renovation before searching for a tenant. It's a 3 bedroom  1 full bathroom 986 sq ft (detached car garage) built in 1950 with all newer big ticket items (roofing, hvac, plumbing/electrical) located in the 44135 zip-code . I'm on the search for insurance companies that can do temporary vacant home owners insurance  and then switch to occupied once a tenant has been placed in. The two quotes that i have gathered have come back higher then myself, my agent, and lender expected ( 60/month)...one a smaller insurance company  for about 82/month and the other farmers fora bout 76/month vacant...Any recommendations for more competitive insurance companies to consider would be great!

Best,

Char

@David Bardwell @Eric Wagner Thanks for your input! ....very helpful.

Hey Guys and Gals! If all goes well with inspections I will be closing on a property on the west side of Cleveland and currently looking into property management companies...so far I have looked into Lokal Management, NEO Management, and  Midwest Realty  any experiences or recommendations would be greatly appreciated. Ideally i'm looking for overall quality of management, ease of use as far as accounting services are concerned, quick turnover time, transparency, and responsiveness. Thanks in advance to your responses!

Best,

Char

@Nathan Gesner i'm currently in contract on a property in cleveland and looking into property management firms so that i can visit them when i fly out for inspections. As a newer investor i can appreciate your guideline as will be super helpful during the interviewing process. Do you have any personal recommendations for property management firms?

Hey Everyone! I am now in the stage of getting my team together to buy rental property in the Cleveland Area after a great deal of insight from fellow bigger pockets investors  and personal research I am on the search for a hardworking investor friendly real estate agent or recommendations for ones that I can begin my search with..thanks in advance for your time and suggestions!

- Char