All Forum Posts by: James Runkle

Hi. I am trying to estimate how much the water/ sewer bill will be for a duplex in Cleveland, OH  ( I have 2 duplexes currently in escrow)

There is one meter for both units, so landlord is responsible for water bill. This doesn't give the tenant much incentive to keep the water bill down. Just wondering how much it may cost me on average for these bills.

Thanks in advance!

Hello all. I am considering Cleveland, OH purchase of 2 duplexes.

I hear that lead based paint inspections, city inspections, and tax on income for out of state investors can be

an issue in that area.

Does anyone have any current info on that? Both homes are early 1900s, so lead paint could be a problem, or maybe not?

Thanks for the replies everyone.
Things are looking a little better right now, but I am still having trouble with slow communication.

Hey Satyam Mistry
Well, they should each rent for about $1500 as of now.
So, it is a cash flow property.
BUT, I remember back in 2008 mortgage crisis,the rents went down, and I had to lower the rent by about 30% on a couple properties in California.

Thanks Andrew.

Well, it may be a good deal today, but tomorrow, if it loses 50% in value (for example), then maybe not a good deal?

The pandemic could cause a financial collapse, then what?

I was definitely planning on buy and hold, for cash flow mainly.  Just wondering how crazy this pandemic will get, and it looks like it is going to get very ugly for everything related to the economy.

I really want to move forward if at all possible. Just don't want to make a stupid mistake.

Thanks.

@Satyam Mistryundefined

Hello. Thanks for the response.

It's B class 2 duplexes on same street in Cleveland OH. It's supposed to be a turnkey purchase.

Just got final photos of rehab work. Wondering if it would appraise now for 120K each. May it would appraise now, but what about 30-60 days from now?

Maybe I should pay for home inspection before appraisal?

I have 2 duplexes in escrow before the coronavirus hit.

Cleveland, Oh //1031 exchange.

Would really like to move forward, but not if it is going to crash in value, or rents go down too much?

@Mark K. You should read your policy and make sure what it says

Even if it states in the policy that a meth lab is not covered you should definitely speak to an attorney or a public adjuster

I might know somebody but I need to know what state you’re in.

PM me if you want

I know a couple experts on the matter

They should have some answers for you

Looking for feedback on AWB and their connected PM company 1st Choice Properties, LLC

good or bad?  In my case,  the purchase went well enough, but then PM quickly placed a tenant , that then quickly began paying late the first month rent was due, and now nothing for December 2019. They do guarantee rent based on pro forma, after closing, but then this may motivate them to place an unqualified tenant to avoid paying the guarantee.  Not real happy, since this is my first turnkey.  I am currently looking for 1-3 more , but may have to look elsewhere. Considering my options. 

Hello. I am looking NOW for turnkey with EXCELLENT management. Birmingham area. 

I value all the opinions here, and am trying to learn as much as possible. Don't want to find out later that I missed out on something that is common knowledge to the investors here on BiggerPockets.

$112500 minimum price for 1031 exchange.  Want to pick up 2 or 3 sfr at this price.

Pre-approved with lender.

I saw some turnkey properties in the marketplace here on BiggerPockets, but they seemed high on the price, so I may just go with a turnkey company, but wonder if that can be a sucker move?  I only say that because I bought one sfr so far, In Center Point area, and not happy with the management company.  

Thanks for reading this post.