All Forum Posts by: Jad Boudiab
Jad Boudiab has started 4 posts and replied 243 times.
Post: Cleveland Ohio, Deposit account
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Sean Harrison:
I have been reading a bunch of different things online, and i feel like i'm getting mixed answers. Do you have to hold the renters deposit in a non interest account in cleveland ohio? I know we do in CA. and if so, i'm guessing i can just set that up with my current bank.
Like many things in Cleveland real estate, it depends.
Most solo landlords do not need a non-interest-bearing bank account to hold renter's deposits. On the other hand, a licensed broker / PM firm must hold renter's deposit in a non-interest-bearing account, but that's a real estate licensing requirement - handling clients' monies, etc.
The only time you have to pay interest to a renter for holding security deposit is if the security deposit is greater than one month's rent, in that case at a 5% rate on the amount greater than the one month's rent. Doesn't apply to airbnb/short-term rentals, only if renter is staying for 6 months or more.
Post: New To Bigger Pockets
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
@Laden Brooks III welcome to the site, it's nice to see you starting at a young age.
BP is a great place to soak up knowledge and connect with investors, learn, and even take your first steps. Lots of Cleveland folks on here that can help. Don't forget to check out the podcast, tons of great information and experiences shared there as well.
Good luck - Jad
Post: Are these property taxes average!?
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
That's very high, look into the property's tax information, valuation, if there are any assessments on the property, etc. you can find this and much more on the county auditor's website.
If the valuation is around $80,000 you should be at $3,272 per year in Cleveland Heights, that's before assessments.
Post: Lenders who do LLC vesting
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Michael K.:
@Abi Wegman - Hi, I spoke to someone at US Bank today. They told me the LLC loans are typically commercial loans, but that they do sometimes do LLC SFH loans as a portfolio product on an exception basis. They're going to get back to me with some more concrete guidelines. Happy to share when I have more info!
Like most banks, they want to see a track record. We've worked with US Bank in the past, out of town investor buying in Cleveland, and they only presented LLC loans on residential property after client had borrowed $400k+ from them on a commercial building. It would help if you have previous experience or other information to show for track record. Happy to connect you with my contact there.
Post: Cleveland, Ohio Vacancy Rate
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
All good points here, I agree with @Michael Kiley on the tenant quality and lower price points in Kamms. It's the hottest sub-market in Cleveland since Q1 of this year, nicer homes tend to fly within days on the market. @Sunny D. and I are close to finishing a retail flip here, solid returns, but more limited multi-family inventory.
Post: Sfh #6 in cleveland first off mls deal
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Congrats on the good find @Sunny D. I'm glad we landed this one. All in under $40,000 in that area is great. Looking forward to completing the reno and starting management soon.
Post: Cash out refinance or HELOC without seasoning in Cleveland
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Ginger Marcos:
Hello everyone,
I am purchasing a duplex in Cleveland for cash and would like to know if anyone knows of a lender who is willing to do a cash out refi or HELOC without a seasoning requirement?
TIA!
Ginger
Some lenders will do what's called delayed financing, no seasoning period, and typically 75% LTV. Most won't work on Cleveland low prices, my lender's price minimum is $75,000 if you're interested feel free to DM/email me and I'll connect you
Post: Pocket Listings Lakewood Ohio
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @Lisa Lopes:
Anyone have any leads for pocket listings in Lakewood Ohio? Looking for a SFH 3bedroom or 5 bed duplex...and hoping to be under contract in a couple weeks. Relocating to the area...What's on the Lakewood market now seems overpriced or a complete gut. Any help would be greatly appreciated!
Lisa - Lakewood is by far the hottest market in the Greater Cleveland region, last week I sold a western Lakewood duplex in multiple offers in a matter of days. I had thought it was priced a tad on the higher end, but that's the Lakewood market.
I do have three off-market doubles coming soon, won't make it on the MLS. Feel free to reach out via DM/email and I'll provide more info. Will need a POF/pre-approval of some sort.
Thanks and good luck!
Post: Best Passive Income Investments
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Originally posted by @James Wise:
Originally posted by @Jay Hinrichs:
Originally posted by @James Wise:
My most passive investments have been my higher end rental properties. We've got hundreds of properties with rents in the $500-$900 range. Obviously the lower the rent the more management intense they are. However I have a handful with higher rents. Two that come to mind is a multi unit medical building with some rents as high as $4k/mo as well as some higher end single homes renting for $1,400/mo+. Note that these rents may not seem very high to some folks but that's very high for the Cleveland market.
I don't know what your talking about Morris on his pod cast says that high end A class rentals are more work than low class Ds and low Cs because the tenants are more sophisticated and therefor more needy.. I am not sure who to believe here.. ?? I like Trees they don't talk back they don't clog a toilet they just silently sit there are grow and grow and grow .. but of course its a niche and unless your really in the know.. its too foreign a concept and one that frankly I don't think people believe it real.. other than Harvard endowment and John Hancock.. :) but back to those rentals... let me know what you think your thought on higher end easy or lower end easy like Morris touts.
We'll have to ask Clayton how many times he's walked into an A-Class $250,000+ house & saw a toilet that looked like this.
Myself, i've only ever seen this stuff in the "hood" 🤣🤣🤣
Investing in rough neighborhoods for "passive income". LOL.
But the medical building sounds like a great setup, it's hard to find a more passive investment property unless you go the NNN route.
Post: Good price range for Cleveland rentals?
- Real Estate Broker
- Cleveland, OH
- Posts 255
- Votes 248
Welcome to the site @Jack Bier. Lots of opportunities in Cleveland, build yourself a good team here and you'll do well.
My number one advice to OOS folks is to do diligent research on the properties you're presented, but even more on the people you're dealing with. Last thing we want to see is another investor burned in a deal, had a contractor bounce on them after payment, etc. BP is a good resource to help you get started, good luck.
Jad