All Forum Posts by: Jad Boudiab
Jad Boudiab has started 4 posts and replied 243 times.
Post: Cleveland Property Inspectors
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Post: Vacant and Home Owner's Insurance Cleveland, Ohio
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Charlene Isoh:
@Jad Boudiab Thanks Jad! I had actually tried Andrew a couple of times but wasn't able to get a hold of him. I"ll keep trying appreciate it!
That's great feedback, I'll be sure to pass along this info !
Post: Vacant and Home Owner's Insurance Cleveland, Ohio
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Charlene Isoh:
I'm currently in the process of closing on a property that will need about 1-2 weeks of renovation before searching for a tenant. It's a 3 bedroom 1 full bathroom 986 sq ft (detached car garage) built in 1950 with all newer big ticket items (roofing, hvac, plumbing/electrical) located in the 44135 zip-code . I'm on the search for insurance companies that can do temporary vacant home owners insurance and then switch to occupied once a tenant has been placed in. The two quotes that i have gathered have come back higher then myself, my agent, and lender expected ( 60/month)...one a smaller insurance company for about 82/month and the other farmers fora bout 76/month vacant...Any recommendations for more competitive insurance companies to consider would be great!
Best,
Char
Congrats on the deal!
Connect with Andrew Betts at the Ryan Cole agency in Brook Park. He's helped many out of state, and even more out of country investors with their insurance needs. The numbers you're getting are about right for a 1950's Cleveland house, the most common I've seen is $68/mo. when vacant, less once occupied.
Post: Cleveland RE Investing
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @James Sickler:
I am an out of state investor that is interested in the Cleveland market as well.
@Jad Boudiab Is that area marketed pretty heavily by investors?
There's lots of investor activity in Cleveland, both local and out of state. Some areas are more heavily targeted than others, but a well maintained property in C areas or better will perform. Try to stay away from rough neighborhoods, and retail prices.
Post: Cleveland RE Investing
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
@Rik Patel welcome to the site.
Lots of Cleveland investors on here, you'll have tons of replies and shared experiences in no time.
Cleveland is very diverse. The suburbs are a great place for you to reside and invest, the inner city is more pocket-specific. You may also like areas like Ohio City and Detroit Shoreway, which have seen a big turnaround in the last 5 years. These are the "in" neighborhoods and arts districts, a lot like Wynwood down in Miami.
Post: Would you work with this investor?
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Federico Gutierrez:
I find it hilarious with the requirements some investors think they can demand, sorry meant to say ask for in todays market
Random guy found me on Zillow and I'm sure he sent this to a bunch of local Realtors.
This guy definitely fits into my four types of investors in the market place. IF you in the Cleveland, OH market and want a lead I'm happy to pass on their details as a referral
So, which bucket of your four types of investors do you see this fall under? Seems like a legit Grower or Realist.
Post: Referrals(Construction and Property Management Companies)
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Arturo Colmenero:
My partners and I have been purchasing properties in Indianapolis using the BRRR method. We are looking to expand our efforts into a few other markets. First step would be getting a team in place to help carry out our game plan. I'm hoping people have some contacts for construction and property management they are able to pass on. One of the reasons we are interested in Cleveland is that a contact has been providing me with Bank Owned homes and would like to take advantage of the opportunities he is providing whether that means purchasing the homes ourselves or getting these properties in the hands of other investors.
God bless,
Arturo Colmenero
That's a great contact to have at the bank.
It sounds like you will be taking on quite a bit, I'd recommend flying in to Cleveland yourself and meeting the team you're building. Drive the area, explore The Land, choose your target neighborhoods, and get the ball rolling. Lots of work but great opportunity. Good luck.
Post: From $1100 to $4000/mo Cashflow in Less than 3 weeks!!
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
@AJ Golden Congrats on all the success so far, Cash Flow is King!
Post: What’s your biggest expense as a real estate investor?
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
To those saying time & opportunity cost, that's true as an investor's expense.
If we're talking property expenses, the biggest are vacancy, management / staffing, and maintenance. These 3 expenses eat up about 25% of the total income.
Post: Accidental Value-Add Deal in Cleveland.
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
@Caleb Heimsoth thanks for the recommendation my man. Inherited tenants can be a pain in C areas, but overall a solid first deal for you in the Cleveland market.
Good luck with your multi-family plans 💪