All Forum Posts by: Caden Wakim

Hello,

I am looking to broaden my portfolio of long term rentals from IL to Cleveland. I started in IL because I live here, but I think I can generate more cashflow in other markets. I am more so wanting some advice in the following aspects.

Location/ Neighborhoods... anywhere to stay away from?

Any Real Estate agents who would like to hop on a call and discuss?

I tend to buy in the range of 150k max. That's my buy price out here in IL as I try to rinse money in and out. Im noticing that I can find a pretty turnkey home in Cleveland for even cheaper.  I just want to be sure I am in the right areas. 

It also doesn't have to be Cleveland. If anyone has success in nearby areas, id love to listen.

I guess my main question/ want, is just some advice/ knowledge from people already investing in the Cleveland OH markets...

Thank you! I wish everyone success in this new year!

I have been going with traditional loans using my lender for most if not all my real estate transactions, ill then pull my money back out via cash out and repeat. (BRRRR). I am now looking to branch out into seller financing/ owner carry back. my main question is structuring the deal. I know you would of course need a purchase agreement along with a promissory note, but what else plays into this? does anyone have an agreement they use and wouldn't mind sharing for me to read over etc.

The main question is structuring these deals along with what goes into them? thanks!!

@Drew Sygit I don’t expect immediate feedback. Again, it’s the fact that I’m told I’d get feedback, then don’t hear back… I really don’t care about the responsiveness, I just care that they r responding to tenants… my biggest issue was the fact that we could not get a tenant in place at market rent for 28 days. So I got annoyed and posted it myself with my marketting team, and crazy enough, I got 6 applications… in the matter of 2 hours. To which I sent over to him and now we have a signed lease… I’m not sure if this can show you, but obviously the marketting/ time devoted was not there. I swear to you, it took me 2 hours to put a tenant in, I should have done this from the beginning. I deal with lots of different PM for all my units, they use extensive marketting and usually have a tenant in my places from 1-3 weeks after receiving the keys from me. I’m not sure, you tell me. Obviously something was not right here… hopefully now you can see. Thank you

@Drew Sygit with over 60 units, the owner should be treated as the owner not the tenant, especially when there is not yet a tenant in place… the showings were at 1pm. The issue was not him not responding. It was the fact that I was told there would be a response at a certain time. The pm Job is to put the tenant in place and manage, me following up, is not anywhere being down their throat or on top of them…

@Drew Sygit I understand… it’s the things like this “I have 4 showings today, I will let I know this evening how they went,” then I won’t hear from him so I’ll text him evening time asking how it went, I usually won’t hear back until the second day after. Just little things like that. It doesn’t bother me, the bigger picture is that it just makes me wonder if he is responsive to these tenants…

I have a property in Joliet IL, 4bds 1 bth, section 8 pays 2060 in this area, i have it posted with a management company at 1895, fairly close to market rent. It has tons of traffic, at least that’s what manager tells me, but manager is not very responsive with his phone, which makes me wonder if he is responsive to tenants.  Any property managers out there who can help out/ provide feedback? Im at my wits end…

Exit strategy has been the same from start to finish, BRRRR. The refi part was dragging on due to the thought that i had to wait for my dad to get on the loan with me, hence me poking the question.

@Joe Gonzalez thank you for the reply! I will take it into mind!

Hey Bret!

I have had success with exporting all my leads into an excel spreadsheet, from there you can put notes and tags etc.

As far as deciphering these leads and turning them into deals, you need to put yourself in front of the most sellers in a fast matter. I recommend text blasting. You can pay for a great service and it will produce more leads, or you can use the reach app which is cheap, but it is also affective. I usually start with a text then follow up with going through the texted contacts and calling them. 

To organize your leads, id use the software called podio. It’s a great CRM/ Database for all your seller leads. Remember… always follow up!

Best of luck

Caden

@Jerryll Noorden awesome! I appreciate it!