All Forum Posts by: Don Petrasek

If you’re looking to liquidate your Cleveland OH area property let’s talk.

HERE'S WHAT I CAN OFFER:

• *30+ yrs Cleveland real estate market experience, currently own 7 of my own investment properties. I understand how to value investment properties and calculate returns – most agents don’t.
• *Area contractor database that I leverage to help you get any needed repairs done
• *Investor buyer database – I may already have a buyer for your property (avoid disturbing your tenants with showings)
• *Painting, cleaning, trash removal services available
• *I sell 3 times more properties than the average agent in Cleveland. I get 2.9% more $s for my Sellers than the average agent.
• *100% 5-star reviews – Quality Service Award
• *Top 10% of all agents in Ohio

Use my online schedule to set up a 15 minute call with me

@Dina Hillier the Cleveland multi family market is very competitive right now. You should plan on buying with cash if you're committed to locking down a property this year. I wasn't sure if you planned on this 2nd property being a BRRRR (or the next one after that?), if you did you'll need to be a cash buyer since 1) you'll be competing against cash buyers and 2) with the market being the way it is Sellers are not going to want to take the risk of the buyer getting financing on a property that needs repairs.
In short, in this market your strategy has to be focused on making yourself the most attractive buyer to be successful.  It’s not unusual for even a cash buyer with an offer over list to lose out in a multiple offer situation. It’s important that you work with an agent who has investment property experience and can leverage their relationships and market knowledge to have your offer look as strong as possible to the Seller.

If you’re looking to liquidate your Cleveland OH area property let’s talk.

HERE'S WHAT I CAN OFFER:

• *30+ yrs Cleveland real estate market experience, currently own 7 of my own investment properties. I understand how to value investment properties and calculate returns – most agents don’t.
• *Area contractor database that I leverage to help you get any needed repairs done
• *Investor buyer database – I may already have a buyer for your property (avoid disturbing your tenants with showings)
• *Painting, cleaning, trash removal services available
• *I sell 3 times more properties than the average agent in Cleveland. I get 2.9% more $s for my Sellers than the average agent.
• *100% 5-star reviews – Quality Service Award
• *Top 10% of all agents in Ohio

Use my online schedule to set up a 15 minute call with me

@JJ Espinoza I was just in Parma yesterday with an owner occupant buyer.  In general, I expect that a $100k house in Parma will need repairs maybe total renovation depending on where it is- there's a pretty wide range of values from one side of town to the other.  So depending on where you are, you may be able to sell for $100k as is.  

You're probably going to do the best by doing the work and marketing it to an owner occupant.  At any given time there's only a handful of homes for them to choose from and renovated homes get a lot of attention & are bid up quickly.  You won't need to spend a ton of money on the cosmetics - market is happy with new doesn't need to be premium.

I don't think an investor should expect a big bump in value as a result of replacing mechanicals. There is some value added when your property has a new roof, furnace, electrical, etc but you don't get a dollar for dollar return on these or any other rehab items....more like 50%-60%. There are reports you can easily find on the internet that will show you what % return to expect for various repair items. Even a kitchen or bath remodel won't return even 100% of your investment by itself.....having comps that have the same improvements you do and buying the property at a discount is vital to executing a BRRR strategy. the latter is very difficult to do in this market.

If you’re looking to liquidate your Cleveland OH area property let’s talk.

HERE'S WHAT I CAN OFFER:

• *30+ yrs Cleveland real estate market experience, currently own 7 of my own investment properties. I understand how to value investment properties and calculate returns – most agents don’t.
• *Area contractor database that I leverage to help you get any needed repairs done
• *Investor buyer database – I may already have a buyer for your property (avoid disturbing your tenants with showings)
• *Painting, cleaning, trash removal services available
• *I sell 3 times more properties than the average agent in Cleveland. I get 2.9% more $s for my Sellers than the average agent.
• *100% 5-star reviews – Quality Service Award
• *Top 10% of all agents in Ohio

Use my online schedule to set up a 15 minute call with me

@Chris C.  7 properties in west Cleveland, Fairview Park and North Olmsted, been self managing them for over 15 years now.  Feel free to reach out with any questions or if you need advice. 

@Brian Boodoosingh curious if you found a lender willing to do less than 15% down on an owner occupied 2-4 unit (not FHA)....I spent 2-3 days last year looking for one of my buyers and came up with nothing.

@Manuel Villegas as the others have said in different ways, there's no right zip code or area to invest in (Cleveland or elsewhere).  The right investment strategy for you depends on many factors including: 

how much you have to invest: starting out with $250K will afford you different opportunities than starting out with $50K 

your risk profile:  can you handle having unexpected issues, maybe many of them or are you more comfortable accepting a lower return for less problems

your lifestyle: similar to the last point- if you travel a lot or are under constant pressure at work investments where you're always getting calls from your property manager or tenants aren't going to work well for you

Cleveland offers a low $ point of entry as well as a number of higher grade but lower return opportunities (that also have some appreciation potential).  Regardless of what your strategy winds up being there are properties for you here. 

If you’re looking to liquidate your Cleveland OH area property let’s talk.

HERE'S WHAT I CAN OFFER:

• *30+ yrs Cleveland real estate market experience, currently own 7 of my own investment properties. I understand how to value investment properties and calculate returns – most agents don’t.
• *Area contractor database that I leverage to help you get any needed repairs done
• *Investor buyer database – I may already have a buyer for your property (avoid disturbing your tenants with showings)
• *Painting, cleaning, trash removal services available
• *I sell 3 times more properties than the average agent in Cleveland. I get 2.9% more $s for my Sellers than the average agent.
• *100% 5-star reviews – Quality Service Award
• *Top 10% of all agents in Ohio

Use my online schedule to set up a 15 minute call with me