All Forum Posts by: Jad Boudiab

Jad Boudiab has started 4 posts and replied 243 times.

Originally posted by @Michael Swan:

I am closing on a 24 unit in Painesville and a 57 unit in Mentor soon. I sold my Shaker Heights 8 unit on the corner of Almar and Warrensville Center Rd. 3255 Warrensville Center Rd. and my Cleveland Heights 10 unit at 2435 Noble Rd. Those two, I overpaid and thought I was buying yield deals. Not the case. Those were my first two 1031 Exchange deals and cut my losses and moved on.

Those two were money pits. I now am focused on value plays in Lake County. You live and you learn!!

I will be a principal in 200 units primarily in Lake County, Ohio. I also have a 12 unit doing really well at 24600 Euclid Ave. in Euclid near brand new Amazon Fulfillment Center and a 24 unit in Akron doing very well too.

Feel free to reach out to me anytime.

Swanny

That's right man, you live and you learn.

Glad to see you growing the portfolio with stronger properties, Mentor will be a good one to hold.

0 Votes

@Brian Garlington you're right, 10-unit on Noble @Michael Swan had and got rid of.

Apartments in Cleveland Heights are tough to make work, and they're not very desirable. I've seen success around the Cedar Fairmount neighborhood but the prices are outrageous.

@Charles A. I didn't work with you on these Heights deals, but had we landed that 12-unit building in Rocky River that you bid on, your experience would have been much different. City involvement there is almost non-existent, another reason I favor the westside.

4 Votes

Originally posted by @John Wright:

I was looking through some property tax value assessments on https://myplace.cuyahogacounty.us . I see places that are selling for higher prices each year, but have strange looking tax assessment valuations. How can I make sense of a pattern like this (who's house was sold multiple times over the course of these years for increasing prices):

Tax year: 2018 - Total Value: $72,700

Tax year: 2017 - Total Value: $99,600

Tax year: 2016 - Total Value: $99,600

Tax year: 2015 - Total Value: $99,600

Tax year: 2014 - Total Value: $101,600

Tax year: 2013 - Total Value: $101,600

Tax year: 2012 - Total Value: $101,600

Tax year: 2011 - Total Value: $119,600

Tax year: 2010 - Total Value: $119,600

Tax year: 2009 - Total Value: $119,600

Tax year: 2008 - Total Value: $134,400

Tax year: 2007 - Total Value: $134,400

Tax year: 2006 - Total Value: $134,400

Tax year: 2005 - Total Value: $121,500

Tax year: 2004 - Total Value: $121,500

Tax year: 2003 - Total Value: $121,500

Tax year: 2002 - Total Value: $113,000

Tax year: 2001 - Total Value: $113,000

Tax year: 2000 - Total Value: $113,000

Tax year: 1999 - Total Value: $99,600

Tax year: 1998 - Total Value: $99,600

Tax year: 1997 - Total Value: $99,600

Tax year: 1996 - Total Value: $92,200

These new owners must be working for the county! 😅

Property owners can actually contest their tax valuations through the Board of Revision, just need to provide evidence of recent transactions, appraisals, or defects with the property. That could possibly be what's going on with the property you're referencing. You can do this too, here. https://bor.cuyahogacounty.us/

0 Votes

Originally posted by @Jared Levine:

looking into the Cleveland (surrounding) market to purchase 2-4 units. How do investors navigate the high property taxes and pos? I feel those items plus potential high utilities and real expenses strongly affect what I can offer for a property. . I see all these deals trading for around $100,000 with a gross of $1,000 -$1,500 and I have no idea how people make money saying they where to purchase with debt.

If you're a buy and hold investor, point of sale is not all that bad. You have less competition from other buyers if you're assuming POS repairs, AND you're buying for a lower price point which often leads to lower assessed value and lower property taxes. Otherwise if you buy at retail price of say, $100,000, and your tax rate is 4%, you're already out 2-3 months of rent.

Check out the Greater Cleveland Tax Map if you need help figuring out your tax bill after purchase.

0 Votes

Originally posted by @Prasad Raju:

I am looking to buy two homes in Cleveland area. Below are street address. Is this a save place

Clare Avenue,Maple Heights, OH 44137d and

Anderson Avenue, Cleveland, OH 44105

Any update is appreciated.

I would pass on the Cleveland house, and 44105 altogether. Maple is a solid option, along with Garfield Heights, both affordable entry level price points.

0 Votes

Originally posted by @Ronald Cooperman:

My son moved to 44118 zip code

I want to start him BRRR investing

In my portfolio we buy C+ SFR single family properties 65,000 finance 75% and look to net 300 a door

Is this obtainable in Cleveland?

Looking to build a team- need a good Realitor, PM and contractor

How is that market

44118 is solid, many rentals and student housing opportunities. Keep an eye out for property taxes, Cleveland Hts and University Hts residential taxes are 3.80% and 3.82% of purchase price.

0 Votes

Originally posted by @David de Luna:

The investor group rep I spoke with on a 7 unit I'm interested in offering on in Cleveland told me - after I said I have no buyer agent at this time - that I have the option of going without one and it would be reflected in the price, which, at 3% would come to about $6k. I'm in Cali so as an out of state investor I would normally be leaving it to my agent to arrange inspections, find me a PM, etc. My thought is that's probably doable. I just need a good inspection on a fully rebabbed property that appears to be in great shape with 100% occupancy.

Am I spending a dollar to save a dime or is this doable?

If this is your first purchase in Cleveland, I would definitely recommend using a buyer's agent, and a third party inspection.

You may not know if you're buying for the right price, over-paying, or buying in the wrong neighborhood to name a few reasons. The agent's tasks involve arranging inspections, finding a PM, etc. but their market knowledge and general competence in investing is really what you're paying for, I can have a $15/hr employee open doors and arrange inspections.

Check out this article I wrote on BP for Cleveland investors, it's going to reinforce some of what I just mentioned but in more detail.

2 Votes

A drop is inevitable, but there is no slowing down at the current rate.

In the Cleveland market, owner occupant sales north of $250k will slow down, $150-250k are still very affordable and selling quickly, anything below $150k is getting snatched up by investors.

0 Votes

Originally posted by @John Lane:

Why would anybody rent who could afford 2 percent of the value of the property? I can’t find any property even close

Many reasons..

Look at more deals, you will find one.

1 Vote

Where in Cleveland is this?

Send over more info, I might take you up on it.

0 Votes

← … 6 7 8 9 10 11 12 13 14 15 16 … →

All Forum Posts by: Jad Boudiab

Jad Boudiab has started 4 posts and replied 243 times.

Post: Why I sold Cleveland.

Post: Why I sold Cleveland.

Post: NE Ohio Property Tax Assement Decrease over years

Post: Cleveland - how investing is affected by property tax and POS

Post: Buying house In Cleveland, OH. Is this good place?

Post: Investing outside Cleveland

Post: Should I offer without a buyer agent?

Post: Are Cleveland area valuations too high?

Post: 2 percent rule. Really- is that what people are getting ?

Post: Looking for someone to fund 100% of the rehab for a sfr