All Forum Posts by: Jacob Gable
Jacob Gable has started 6 posts and replied 12 times.
Post: PM Fees in OH

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Hi Kris,
I have seen anywhere from 7-10% of gross rent in terms of management fees. Usually companies are charging 10% on top of maintenance repairs, in addition to one months rent as a placement fee for leasing unit. I think it is always a good idea to interview a few different PMs and ask for referrals of owners they are currently managing properties for to see if they are satisfied with their PM.
Thanks Jake
Post: BRRR Turned to

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Post: AIRBNB on Westside of Cleveland

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $197,500
Cash invested: $32,758
Buy and Hold Short Term Rental In Cleveland
What made you interested in investing in this type of deal?
I was always interested in dipping my toes in the short term rental game. Most of my investments were stable and long term so I felt confident taking the risk.
How did you find this deal and how did you negotiate it?
I found the deal sitting on the market for 21 days which believe or not is a long time for the area. I was able to negotiate it 21K under asking.
How did you finance this deal?
Conventional Loan
How did you add value to the deal?
We completed renovated the small house and furnished it.
What was the outcome?
So far a little over a year later we are a super host and premier host on Airbnb and VRBO respectively.
Lessons learned? Challenges?
One challenge about short term rentals is that they are not always booked and initially getting those bookings to a minute, people were more hesitant since we didn't have the super host and premier rating. Once we were able to obtain those statuses it has been booked pretty solid.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent on the deal!

Post: Buy and Hold Single Family Investment in Cleveland-203K Loan

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Quote from @James Wise:
That carpet tho bro lol.
Hahaha right you should've see the pink and yellow tile!
Post: Commercial Investment Apartment Building on the Westside of Cleveland

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Thank you @Ryan Arth!
Post: Managing my manager - how to best approach maintenance requests

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
@Robert Zajac like everyone else has said 15% markup is extremely high. I would suggest that you have them provide a few different quotes to price out the project. Then you can at least see if there is any major variance in pricing. Also just know the cheapest quote is not always the best. You want to use a contractor or repair man with a proven track record.
Post: Commercial Investment Apartment Building on the Westside of Cleveland

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $535,000
Cash invested: $133,750
Long term commercial investment in Rocky River, Ohio
What made you interested in investing in this type of deal?
We were interested in rolling money from a sale of a triplex into a larger property.
How did you find this deal and how did you negotiate it?
We found this deal reviewing Loopnet and saw it had been sitting on the market. We offered 30K under asking and got it under contract, after the inspection we were able to renegotiate another 10K off of the property due to repairs needed.
How did you finance this deal?
We used commercial financing of a 10 year not with a 20 year amortization schedule.
How did you add value to the deal?
We added value by decreasing the offer after the inspection and then after closing we were slowly able to get rents to market rent. To increase cash flow. We also were able to get the property taxes reduced by filing a complaint with the county.
What was the outcome?
It took about a year and a half to stabilize the property but the property is stabilized and cash flowing.
Lessons learned? Challenges?
One major lesson learned is that commercial financing is no where close to residential financing and that you need to give yourself a decent amount of time to line things up.

Post: Buy and Hold Single Family Investment in Rocky River

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $195,000
Cash invested: $54,156
Buy and hold single family home with a 4 Car Garage.
What made you interested in investing in this type of deal?
I found the home as a for sale by owner by owner and it had a four car garage in a great location with a large lot.
How did you find this deal and how did you negotiate it?
I negotiated the FSBO and was able to even secure a commission.
How did you finance this deal?
Conventional Financing
How did you add value to the deal?
I rented out 3 of the four garages and the first year was able to rent it without doing any work.
What was the outcome?
I ended up renovating the home completely and was able to increase rent and secure another 2 year tenant with three garages rented.
Lessons learned? Challenges?
I learned that not all for sale by owners are hard to work with. The one challange is maintaining the exterior, of the home being so close to a school it gets beat up.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I was the agent for the deal.

Post: Buy and Hold Single Family Investment in Cleveland-203K Loan

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Investment Info:
Single-family residence buy & hold investment in Rocky River.
Purchase price: $219,000
Cash invested: $63,275
Buy and hold single family residence using a 203K loan
What made you interested in investing in this type of deal?
I was going to use this home as my primary residence and do the 203K loan to build a ton of equity
How did you find this deal and how did you negotiate it?
I found this deal actually showing a client he was not interested in it and decided it needed to much work. So a few weeks went by and I asked him if he didnt mind if I bought it. At that point it had been sitting for awhile so we ended up getting it way under asking!
How did you finance this deal?
We financed doing a 203 K loan
How did you add value to the deal?
We added value by getting this home way under asking with seller concessions. Then ended up completely renovating the home.
What was the outcome?
It worked out perfectly. We lived there for a couple of years and were able to build over 150K in equity with the renovations we made.
Lessons learned? Challenges?
I would say a complete home remodel definitely has challenges. Ones of the biggest was that we had to completely replace all the old electric, luckily we were able to save in other areas of our budget to offset most of the costs but not all of them.

Post: Looking for Investment Guidance in Cleveland!

- Real Estate Broker
- 19111 Detroit Rd. #206 Rocky River, OH 44116
- Posts 12
- Votes 12
Hi Pooja, I am newer to bigger pockets myself, but am an experienced agent and property manager in the Cleveland area. I personally own and hold mainly in Rocky River. Rocky River, Hudson, Kent, Cuyahoga Falls, and Lakewood are great areas to invest and premium rental markets. Are you trying to be mainly on the eastside?