All Forum Posts by: Engelo Rumora

I'm sure a lot of you have seen BP member Bob Stevens all over the forums telling people all about his 15% net cap Cleveland rental properties and the importance of his team.

If you do a little digging you see that there is this other guy named Bob Prisco. Bob Prisco looks, acts, and talks exactly like BP member Bob Stevens so I assume they are one in the same. Bob Stevens/Prisco sells turnkey properties and has websites advertising a complete turnkey experience where they handle all rehab and property management for out of state and out of country investors.

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So having said all of the above, I got really confused when Bob was giving some BP members the advice that they didn't need a property manager in Cleveland. All they needed was a "team" to handle everything for them?

Well who the hell is on this "team" if there isn't a property manager? 

What exactly does this "team" do if they don't manage your property?

Beyond the obvious questions of what this "team" does, I was very confused by Bob's comments as I was under the impression that Bob owned a Cleveland property management company called 5 Points Property Management.

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And if all of the above wasn't confusing enough, I went to see who is currently the owner of 5 Points since Bob says he has no involvement despite the conflicting info above, and I find out that 5 Points has had their license suspended.

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Now I am not making any outright accusations here, but the whole thing smells pretty fishy, and I think Bob Prisco / Stevens owes the BP community an explanation as to what's all going on here.

😂 I wish I was on their payroll. Then, at least I’d be getting some money monthly. No, I needed cash flow since I lost my job and invested. I invested because of their long-standing reputation. I knew the risk was high. This was a good lesson for me and I hope to recover some of my investment. If not, I’ll write it off as a loss. Win some, lose some. It’s best to channel energy towards the future and not dwell on negative things. 

Best wishes and good luck to all! 

 Stewie Beal?

Rent to a market rate tenant. S8 in Toledo is not worth the trouble. Terrible communication.

I have a house in Toledo, Ohio that I’m trying to get over the line with section 8 inspection.

My contractor (who I know and trust) did significant work to ensure the house was up to code.

The first scheduled inspection was cancelled by the inspector stating there were too many deficiencies, I endeavoured to reach out for details of the deficiencies but was met with silence and unable to get any info.

The second inspection came back with a list of 18 items, some of which I consider petty, such as a small groundhog hole in the backyard.

She is also asking for “Front attic window area and front fence needs a full house lead clearance examination by a licensed lead inspector “. This house HAS A CURRENT lead safe certificate issued by the Toledo Health Department. Is that demand even legal?

I have 8 units so far, all duplexes and SF in Toledo & Cleveland, Ohio. My family member wants to invest in a 24 unit apartment with me so I'm trying to run the numbers.

My question:

What reasonable terms can I get from my PM once I get a large apartment complex? OR should I be happy with what I'm already being charged and not renegotiate.

Right now I pay 100% of first months rent for new leases

$68 per unit month for management

$150 for lease renewal

$500 in reserve per unit for emergency repairs (this will add up on a multifamily not sure how I feel about that)

$75 in person service

12.5% for renovation projects and repairs

20% upcharge on evictions last one was ($560 total)

Thanks in advance for your help it means a lot!

P.S. There is not a specific property in mind at this time, since I am just running the numbers, but if you are interested in a partnership shoot me a message.

Hey BP family,

Know of any good GCs, or specialty trades [flooring, plumbing, electrical, etc.] in  Toledo?  I would like to find a good reputable contractor that gets in, and does the job [until complete]. 

I've heard/seen some contractors take 1/2 up front and not return for months [if at all].   Thanks in advance.