All Forum Posts by: Eric Parnell

Hey everyone, 

I have an opportunity in Central IL to purchase a package of properties and the seller is willing to finance most of the down payment to make up 20% down. What I’m wondering is if anyone has experience with lenders in the area (or national) that would be up for structuring a deal in this way. My other commercial loans have been pretty straightforward so this type of deal is new to me and looking for advice. Thanks! 

Hey fellow landlords,

I've got an older property that the tenant has complained about a toilet backing up and smell coming from the toilet/and or pipes. I had a plumber out there and they scoped it and said the pipe under the driveway is clogged and he can replace it for $8k. I had another guy come scope it for a second opinion and he said he jetted it, got through any major blockage and it should be fine. Well now months later, the toilets are not backing up but the tenant is still complaining about the smell. I'm out of state and don't know how bad this really is. 

Does anyone have experience with this? Do you think there could be any other solutions than replacing the main line? 

And to ask for contractor recommendations. Gotta have some storytelling so people care to share. 

Hi everyone, 

I'm new to Cleveland but do have some experience with rental properties out here in Oregon. Like many others being enticed by low prices and decent rents I've been keeping my eye out for properties in this market. 

I contacted an agent about a low cost duplex, that was not in a great area (Glenville) but appeared to be fully remodeled and seemed like it could make a good rental. I checked the crime map and it appeared lighter where this actual house was (although later I would find many on here consider this area to be an even worse neighborhood than I thought)

Well at first I was outbid, the agent said there were multiple offers. And later I checked back in with this agent on another property and he asked if I was still interested. I told him I was and thinking there's still other competition on in, I offered full asking even before getting a virtual walk through... I know I know bad move.

Well the agent put me off on the walk through and I went right into inspection. Come to find out this thing was not nearly as advertised. A total mess. Electrical half done, a broken furnace, floors buckling, the "granite" was actually laminate, etc.

Well, I thought here's my expensive school of hard knocks and I'd have to walk away. But turns out the seller was ready to really work with me on price. I countered a lot less upon my first call with the inpector and came down again after getting the actual report. Turns out they're motivated and I'm getting a pretty good deal I think. But now I find myself in the middle of a remodel remotely with team on the ground. (I was going into this thinking turn key)

SO, with all that said, I'm excited to get into this market and know I have a lot to learn. Obviously, I need some help and would greatly appreciate any insights you all can offer. First off I'm looking for a contractor that could take on the repairs I described and of course, as fast as possible. Should be closing this week and I'm ready to turn this around and place some one. 

As far as PM I've called around a bit and had a good chat with Sandstone per someones recommendation on another Cleveland thread I read on here. Anyone else familiar with them?