All Forum Posts by: Isaac Rowe

Be careful with the turnkey guys.  There are some good ones, but also some terrible ones. I would ask for all financials, maybe try to find someone in the area who will go and do a video for you.  If you can't find an agent who will, you can find someone on craig's list who will do it.  It would probably be worth it to pay a contractor/inspector to go through before and give thoughts on quality of work/area/potential.  Definitely get some comps from a competent realtor, or do your own due diligence.  I have heard to many horror stories of turnkey guys selling "good" deals based on Cashflow numbers that are way outside of the realm of what the property is actually worth based on the area.  

In my experience what a lot of agents lack is prompt communication and a clear focus on the clients goals instead of their own.  I would probably recommend, reaching out to a few, and choosing one based on how focused they are on understanding your priorities, and if they actually prioritize responding to your inquiries.  There are definitively more bad agents out there then good ones.     

The Simple answer is that people simply don't have the credit and can't afford the down payment. There are a LOT of renters in the Cleveland market. When the market crashed a ton of potential buyers became tenants for a number of reasons. I know a good number of investors that as a result of this, with SFR work with lease optioins/Creative financing.

Industry wise in the heights area on the east side specifically there is a huge amount of medical professionals.  The Cleveland Clinic and University Hospitals are huge employers in the area, and seem to be ever expanding.  

Hey Alex,

I am in Rocky River Ohio!  

There is obviously a lot more that goes into the pricing of REO's then the BPO. But it is one piece of the puzzle that perhaps isn't being utilized properly.

I agree, but the reality is that in my area at least a lot of BPO's are done by agents who don't get the listings and don't specialize in REO's.

Have a couple of deals in Maple Heights over the summer that took months to get done because the city was taking 60 days to get the point of sale inspections done. Always good to ask if the POS is satisfied already.  Or at least done.  It will have to be dealt with by you or the seller with funds put in escrow or completing the work before closing.    

In Garfield the POS(Point of Sale) is the big thing to be aware of.  If you can get the seller to assume/satisfy the point of sale inspection that will make things easier for you long term. That is the same in a lot of the Heights areas.  

Feel free to reach out with any questions.  Happy to help.  

Welcome to the site Matt!  If your looking in the Cleveland area.  The Heights area does have a lot to offer in terms of Multi Units.  

In the state of Ohio anyway, all offers have to be presented.  It isn't up to the agent to determine what the sellers answer will be, no matter how silly the offer.  

Low ball offer is a relative term.  Depends on a lot on the seller, and the motivation.  Is the home way overpriced?  If so the low ball offer becomes reasonable.  Is the home bank owned?  A lot of banks these days don't care about low ball offers, they simply systematically lower prices until someone buys.  

The point is that every deal is different, and whether or not to consider putting in a low ball offer should also take into account the dynamics of that individual deal.  Just throwing out 10 low ball offers generally wastes a lot of time.