All Forum Posts by: David Leggett

The BRRRR method is a great strategy to use if you have cash available.  Like Scott was saying, that money would go a lot farther in the midwest markets.  There are a lot of variables when using this method, but if used correctly you would be able to take $100 -$200k and purchase properties under value that need work, fix them up using efficient best practices, get a tenant in there paying top market rent and ideally this would raise the ARV to a level where you could refinance and get your initial capital back, possibly and then some, if done correctly. 

And then the tenant pays off the mortgage while you use the refinance capital to purchase another property and rinse and repeat.  It's a lot easier said than done, but I've had several clients use this exact method in neighborhoods like Maple Hts and Garfield Hts to great success.

Lots of great info on this page!  You really can't get a better snapshot of the Cleveland investment market right now.  Excellent info!  I just wanted to piggyback by saying you can still find those kind of deals, but like Nicolas was saying, it's probably going to be on the east side, in C- to D neighborhoods.  But it just depends on your risk threshold and how much you're looking to spend.  I also agree that Akron is a viable area as well, but Im still finding the best deals in and around Cleveland.

That's awesome!  I wish I was that smart in college, especially with the rents people are paying now, you can have your mortgage payed plus some equity.  Let me know if you need a real estate agent / broker to add to your team when you start looking, my company can definitely help!  Best of luck,

I think it's a great question and the fact that you're looking in this area shows me you're already a smart and savvy investor.  It really depends on your budget and how long you want to wait to get a Section 8 tenant in there.  Since the process can be agonizingly slow, you can expect anywhere from 2-5 months to get a Section 8 tenant in place, after all the paperwork and inspections. 

But with this rental market being so high, you can almost get comparable rents by leasing out a property the traditional way.  And as long as the rental price isn't too high, you should be able to rent the property out in a week or two.  But you can always find a property for sale that already has a section 8 tenant in place, and skip the long CMHA onboarding process if you wanted to go that route, but you have a lot of options in this area.  EDEN is another subsidized housing option in the area that from my experience is a lot quicker.

Hey Joyce, it's great to meet you!  Cleveland is definitely a great market for multi-family properties, whether you're looking to buy and hold, or do some BRRRR.  I think it's very important to have an expert Realtor / Broker on your team that can help you understand the best areas to invest in, as well as the areas you want to stay away from.  It can be tricky, especially on the east side, where they have A- communities streets away from D and F neighborhoods, so working with someone who has done 100s of deals in that area can really be beneficial to you, regardless whether you're buying cash or financing, in my opinion.  

Hey Naftoli, I hope you've been doing good!  We've actually done some business in the past, but I just got a new real estate brokerage set up in Ohio that will be focusing heavily on investment real estate and can definitely let you know when I come across some good deals, if you want to let me know more about what you're looking for, let me know.

Bob is pretty accurate with his numbers by what I've been seeing as well, but I'd be happy to run some comps for you and give you an accurate snapshot of the current market conditions.  But sounds like a cool property over there!

Yes, you're correct, it's definitely not easier finding a lender for that amount under 75k.  I'll reach out to my company, as well as several other lenders I've worked with and see if I can find something!

I would make sure the property isn't in East Cleveland.  East Cleveland does have Point of Sales, but most areas in Cleveland do not.  But like Bill said, a lot of the surrounding neighborhoods on the east side do.  But if you're an experienced contractor, you should be able to take on some work, I would just make sure it's not in a really bad neighborhood and get an accurate quote before purchasing the property.

Hello, I'm an investment specialist agent / broker in the Cleveland market and I've worked with several large property management companies in the area and would be happy to let you know some good ones, as well as ones you want to stay away from for dear life!  Feel free to message me, or anyone else, if you want more info from someone who's worked at these companies the last 6 years.