All Forum Posts by: Jared Smith

Do you recommend getting a home warranty? 14 months for $420 and covers HVAC/Appliances etc. $75 per service call. Thoughts? 1433 sq ft already fixed the AC but the frig is on the way out.

@Aaron Steinfeld Thank you very much! If you need a great electrician, please let me know. Last year I had the entire electrical in the home completed.

@Bob Collett you are correct on Tremont in CLE. Just sent you a PM for your guy - much appreciated! Also good points and good to know. First time this happened outside of putting out some traps.

@Marc Rice Thanks for the info. and good point on avoiding the contract. It is for a higher end home with a 5 star tenant so I want to get it professionally done.

Mice issue in an old home in Cleveland Ohio on the west side. Poop in the walls behind outlets where it was discovered. Does anyone know a good vermin exterminator for Tremont, OH? Please and thanks!

Who wants to talk shop in AZ? 1.66 MILL Housing starts announced, over +250 people moving to Arizona every day, Extreme Seller's Market, inventory well under 2 months supply, Average Median SFH price is +330k and rising, historic low interest rates for 2021 remain, 7.5% increase in conforming loan limits from 2020 to 2021 = increased buying power, unbelievable rent and sales price increases, and the list goes on! What are your thoughts? As a REI and Realtor I love seeing both sides!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cleveland.

Purchase price: $224,400
Cash invested: $50,000

My 2nd multi-family home in the historic Tremont area in Cleveland, OH! A breathtaking one-of-a-kind brand new 50K renovation with an amazing location right by Lincoln Park! Great walking distance to all the restaurants and bars and only 1.8 miles walking distance across the bridge to catch a ball game at Progressive Field to see the Cleveland Indians!

What made you interested in investing in this type of deal?

I love the area of Tremont and this is right next to my very first home that I bought!

How did you find this deal and how did you negotiate it?

There was a for sale sign on the front of the house and my Dad told me about it. He sent me the number and I gave them a call! Since I was a local investor and originally from the area, the owner sold to me for the same price as an investor because I was going to renovate the entire house instead of knocking it down and building a new construction.

How did you finance this deal?

Traditional financing, cash and HELOC.

How did you add value to the deal?

50k Complete Renovation!

What was the outcome?

Another great deal - My long term strategy is buy, fix/repair/renovate, replace and buy new appliances and CAP EX and rent out!

Lessons learned? Challenges?

I was super aggressive with this one & not looking for another property because I bought 2 SFH's in Mesa Arizona the previous year. Having a HELOC allowed me to be flexible & self-finance when a fantastic opportunity comes my way for an off market deal. It took 6 months to complete the whole renovation, but well worth it. My conservative forecast was to carry the mortgage for 1 yr vacant. I have a great contractor who does quality work at a fair price, but just not the quickest. Patience is key!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes - ME! I am a licensed Realtor in Arizona & actively investing in real estate long distance successfully in both Ohio & Arizona!

@Natalie Teramoto @Caleb Johnson @Corey Martinez @Kody Thompson @Jalon Wilson

This is a recap of the stats for June 2020. Total is everything in the MLS.

As you can see by the numbers, listings are still very low in the total market! Sales actually picked up by 2.6% even with the lack of inventory. We now have 1.68 months of supply or -26.8% less listings than last year, for all residential properties in the market! 

Here are the June, 2020 Average price sold and % of increase by area. This number shows the appreciation over last year for the month of May. Notice that all cites are an increase.

Month of May Average Sales Price Vs. Last Year.

• Total $369.6 +5.48%
• Scottsdale $640.0 +.49%
• Paradise Valley $1878.2 +3.35%
• Fountain Hills $567.5 +17.2%
• Cave Creek $537.1 +3.65%
• Carefree $835.4.0 +13.2%%

Year to Date % Increase or Decrease Average price sold January-June vs. LY January-June.

• Total +8.8%
• Scottsdale +8.0%
• Paradise Valley +.03%
• Fountain Hills +12.96%
• Cave Creek +17.6%
• Carefree (5.5%)

@Reed Palmieri thanks! I always go with Shaker White cabinets with stainless steel handles from Home Depot - keeps it uniform, simple and consistent. Depends on the project but remnants from high end pieces if it's a smaller counter. This one has black leather finish which turned out nicer than expected from brookpark road!