All Forum Posts by: John Ellis

@Jeff Koval If still interested in Northeast Ohio market please DM me. I would like to know what brought you to Akron market. (Cleveland and Akron IMO not the same market) Plenty of strong deals in NE Ohio. Would just need to fully understand your investing and long term goals. My company partners with local and out of state investors in varying types of RE deals. I would be happy to help in anyway I can.  

@George Hoover thank you! Please let me know if I can help you in anyway. 

I have an accepted contract on a 17 unit apartment building in Cleveland, Ohio. I have bank funding in place for $319,000. I am looking to raise $150,000. 12% preferred return and a 30% equity share in building. 18 month project. I also have 4 free and clear properties that you can place a lien on if you want to. 

Out of State Owner ran out of money. Mechanical and roof updated. 

6 units already rented

6 units 90% completed

5 units need complete remodel 

Average Rent $550 Low at $525 with high to $625.

4 months to stabilize 6 units

8 months to stabilize the final 5 units

18 months to refinance through Local Bank (3 local bank relationship)

All in at $470,000-Building will be valued at $700,000 plus 

Buy building at $349,000 Rehab/Cost $120,000

Proven company with multiply examples of completed rehabbed rentals/units. I control all aspects including construction, marketing, renting, etc. 

More information to be provided to anyone interested 

Yes I do. I sent you a request to connect as I am not certain if I am allowed to put my email address in this space. 

Jason-PM me. I am happy to help you. I am a local investor, grew up in Lakewood. 

Joe-

Love to talk more to you about this. I have 2 cities in mind that could fit this type of investment. 

Completely remodeled home. New everything. Professionally updated: Kitchen, bath, refinished flooring. New furnace, AC, Water Heater, roof, garage door. Side and back yard. 1 car garage. All new appliances which come with the rental including a dishwasher, microwave, gas range and refrigerator. 

Derek please let me know if you are still looking to meet up with individuals. I would love to go over some ideas about Euclid and Northeast Ohio-Cleveland area in general. I have an additional city similar to Euclid that I believe would offer easier access to inventory and offers better schools and amenities with possible higher appreciation over the long haul.  

In addition, I can show you our most current success in Euclid which we just finished and rented. 

PM if interested.

I have bought 5 plus properties from auction.com and a couple more from Hubzu. They both test your patients and ability to stick to your numbers. Remember that they are in business to help you make impulse decisions by bidding up higher then you should. I consistently bid on properties on both sites and will stick to my numbers. I waited six plus months for one property but ended up getting it for less because of the persistence. One thing you can do with auction.com is check out homes that are in pre-bid stage. Those do not require the deposit and you usually get a response either through email or call on those properties.   

@Eric Mauricio Thank you and yes 2015 was a big growth year for me and the company. We ended 2015 in the process of our 24, 25, 26, and 27 flip along with already having 5 under contract for 2016. I hired a full time project manager to allow me more time to work on the business and its systems. I am hoping to do 30 flips this year and start the rehab process on a 8-15 unit apartment building as I want to start moving towards apartment building flips or buy and holds. Hopefully 2016 is a great year for you.