All Forum Posts by: Ron Szmik

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $80,000
Cash invested: $26,000

Purchased single family via MLS in great shape - newer roof, newer HVAC system, well kept. Because of the time in our life we couldn't spend time on the rehab so we hired out as much as we could. But, it wasn't anything major - remodeled the kitchen and that was about it. All in all it has been a valued asset. Recently appraised at $133K and we just did a cash out refinance.

What made you interested in investing in this type of deal?

Back in 2015 the MLS had a good flow of inventory and we had been watching the area for a while.

How did you find this deal and how did you negotiate it?

MLS - minimal negotiations

How did you finance this deal?

Traditional mortgage

How did you add value to the deal?

Rehab the kitchen and did some basic updates.

What was the outcome?

The first of our investments and it continues to perform.

Lessons learned? Challenges?

Wish we would have purchased another opportunity that fell into our lap right around the corner. Since this was our first investment we got gun shy and wanted to complete one before moving on - mistake!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was/am an agent at the time. Find a realtor that is an investor and get to know a title company.

We host a monthly Meet-up at Melt Bar and Grilled the last Thursday of every month - in non Covid Times.  Uncertain when we will start up again but when we can there will be a post letting everyone know.  

Regards,

Ron

@Nathan G. I to alternate and I’m on D-Day The Battle for Normandy. By Anthony Beevor.

Sacrifice at the ultimate level.

Speechless.

You invited to our Cleveland Real Estate Think Tank Meet-up.  All investors from the seasoned to the newbie are welcome to share your knowledge or just to listen.  This is an informal networking group that has been together for a few years running.  Please stop in.

Regards,

Ronald Szmik,

@Ryan Arth 

@Aaron Westerburg

I was recently told that there is no seasoning required if you go into a refi without taking any cash out.  If you do take cash then there is a 6 month seating period required.  

I’m working on a seller finance deal for 1-3 months and flip into a traditional refinance. 

New Location & Date for October!  We are meeting the day before Halloween so as not to interfere with Halloween's festivities!

As usual, this networking event is open to all Real Estate Investors from the beginner to the seasoned individual. 

Bring your questions and expertise!

Hope to see you there.

Regards,

Ronald Szmik

All Real Estate Investors are welcome.  This is a great opportunity to meet individuals whom have succeeded in this industry and those that are just starting out.  Hope to see you.

Regards,

Ron, Ryan and Aaron

Make sure you clearly identify you target your asset class first - and the level of stress you are comfortable with being an out of state investor.  Make sure you can clearly trust your local network.  

@Liran Cohen we host an informal networking event each month that is open to all investors.  No fee to participate just a willingness to engage and get involved.

Hope you can join us.

Regards,

Ron

Come join us for an informal networking experience.  All investor levels welcome!