All Forum Posts by: Michael Magno

I have 9 units between Ohio & Florida. Couldn't pass up the return on Investment by selling this one. I made 7-8 years of cash flow in about 75 days. 

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $117,000
Cash invested: $21,000
Sale price: $196,000

Originally bought this property to keep, but the market is still sizzzzzzzzling. So I decided to list it, and see what happens. Sold in 1 weekend for over asking price.

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

I was originally going to keep the property as a long term buy and hold.

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

Sellers called me to list their property, and I bought it directly.

How did you finance this deal?

I used a private money lender to purchase the project, and funded the holding costs and rehab myself.

How did you add value to the deal?

Painted exterior, added new HVAC including C/A, new exterior decks, new doors,

What was the outcome?

Sold in a weekend!

 Sent you a message. Lets connect. 

@Leonard Rybak welcome to my hometown of Akron. As my good friend Nate Fisher alluded to, it takes special knowledge of the urban areas here in Ohio. If you’re looking to connect let me know. Born and raised in Akron, I own, invest, flip and help OOS investors succeed here. Cheers!! 

 Thanks @Nathan Fisher. Appreciate the shoutout.  Anthony feel free to reach out and we can set up a time to chat and discuss the Cleveland market.  Nathan and I have teamed up to make the process for OOS investors as painless as possible.  

I am an agent and investor in Akron market. As many above have said, you won't find any true DSCR options under $75k LOAN amount. That is the minimum threshold I have encountered here.

Low 7's and high 6's are the best I am seeing.  I do have a local to me Portfolio lender who recently quoted, 5.875 to one of my clients. Happy hunting. 

Go to the BiggerPockets bookstore and grab a few titles.  Invaluable information is available within the forums here, and the books available.  Look for a local meetup where you live.  Look for Facebook groups in the local area which you either live, or want to invest in.  There are plenty of resources available to help you.

I don't recommend purchasing properties that don't the gas and electric separately metered.  Those types of properties, and tenant issues are nightmares.