All Forum Posts by: Erin Dorsey Robinson

@Ondrej Brown hello my friend! There aren't many sellers raising their hands to finance their sales, that's for sure. The market is super hot. However, you can sometimes find a special circumstance with a house that is not selling for some reason or with an investor who is unloading a portfolio and has some flexibility in terms of how much cash he or she needs up front. But this also depends on what kind of down payment you are prepared to make. I actually do know of a few houses that meet the later criteria. Happy to discuss.

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@Masud Khan a lot of my clients are first time investors who are trying out Cleveland from out of state. What I suggest to all of them is that success in this business has a lot to do with the team you are able to put in place on the ground. I would recommend that you talk with a lot of people- property managers, realtors, etc. and ask a lot of questions. I think you will know when you've found someone you feel comfortable trusting to be your eyes an ears. People are making money in real estate everywhere. 

Real estate is a numbers game in a lot of ways, that is true. But more that that, I would suggest that this is a people business at almost every point. You can always find a house that will cash flow and attract good tenants. But I think the best place to start really comes down to which place makes you feel more at ease with the people who will be your eyes and ears on the ground managing a business that you can't physically see. My 2 cents.

All the best to you!

@Mike Mocek We are seeing the same things here in Cleveland. Properties are flying off the market because people are excited to get property into their hands at these low interest rates.  This is driving some very high offers with minimal contingencies because there are usually multiple offers on nicer properties and sellers have their pick.

For our part, we advise our buyers to ALWAYS get an inspection. The great thing about real estate is that when they have a system in place and parameters for their business strategies, investors can make a good return on a predictable basis. Going in blind with no inspection adds an element of risk that makes the outcome significantly less predictable. 

Some would argue that if the deal is good enough, the risk is worth it. But in this market where deals are frequently won in multiple offers at higher prices, think it's prudent to be patient and wait for a deal that doesn't require unreasonable risk in exchange for the expected return. 

I completely agree with the responders above. I would add that in Cleveland, there is quite a bit of older housing stock, especially if you are looking at the city proper. As you get out into the suburbs, the average age of the homes decreases.  

Definitely get an inspection, but be careful with that too. All inspectors are not created equal. Not long ago I had a client hire an inspector (not the one I recommended) who reported termite damage...in a concrete foundation.  Another key is to have a good contractor on your team who is familiar with how to work with older buildings. Finally, property management is going to be your first line of defense. One management company I often recommend is owned by a guy who is also an architect, an added bonus when it comes to structural knowledge.  If you have those things in place, the age of the home shouldn't prevent you from making a very solid return on your investment over the long term.

Best to you! Glad to connect if there's more I can offer to assist.

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@Angela Ingram Thank you so much for the mention! Sorry I'm late to see it, things have been super busy here in CLE. It was my pleasure to help you get started and I look forward to helping you continue your journey. :)

@Ondrej Brown we are so excited for you! Can't wait to see where this journey takes you. It was our pleasure to help you get started. Talk soon!!

@Joe S. We have property in Cleveland and suburbs that fits what you’re looking for. I have a number of clients who recently secured properties in the same category. Maple Heights, Garfield Heights, Euclid and parts of the city of Cleveland all offer opportunities in that range.

I’d be glad to connect you with some property managers and lenders to talk with if you would like to explore those options and gather more information. Feel free to send me a message if you have questions or think I could be helpful.

Good luck to you!

@Clifton L. I think there are lot of levers that could be pulled to impact the vacancy rate. While we don't own NEARLY as many units as @Vincent Macauda (you should ask him about his formula!), we also have very low vacancy rates. It comes down to location of the units, how you select the tenants and how much you're charging for rent among other things. Of course, you must also have great property management making sure that your carefully selected tenants are receiving the quality of service they expect and hopefully that manager will be able to manage contractors and maintenance calls efficiently to mitigate the issue that @Kyle Lewis raised...contractors can do you in!  Glad to talk further about your particular plan and offer more specific insight if you like.@Kyle Lewis

@Ben Rodriguez Congratulations! Those are not super easy to come by. I have a VERY thorough inspector and a couple of good PMs that I can recommend. Glad to share their contact information.

@Steven Escobedo I'd be glad to make some recommendations if you are building a team in Cleveland. Shoot me a message if you like and let me know what you're looking for.