All Forum Posts by: James Galla

I don't think the values will increase by much. This type of development brings jobs to the general metro area, but the types of jobs may not merit an increased demand in living in that area. Here, it's the Lane-Wooster and Kenmore neighborhoods, which are incredibly low value. If Amazon is bringing in good jobs, my thought is that those employees would live elsewhere in Akron.

@Paige Laliberte

Just a heads up, I think @Jill F.'s thoughts are spot on.

@Paige Laliberte,

East Akron is still trash but not as bad as the ones I've listed. In the end, if you're buying properties worth no more than $30k a piece, you're going to have to exercise the utmost diligence in managing and maintaining them.

@Paige Laliberte

Avoid South Akron, West Hill, Arlington, Middlebury, and Lane-Wooster. That's for staters (unless you live there).

Good luck!

@Jason Dalka

Ellet is one of the best neighborhoods in the Akron city limits. Other than that, it's Fairlawn Heights, Wallhaven, and Highland Square.

I'm personally not a fan of out of state investing in Ohio. It's prime ground to get taken advantage of.

Good luck with whatever you do with it.

"Priced effectively" and "listed for almost 2 years" don't belong in the same sentence together. So, it sounds like your price may be too high. Consider dropping it to renew interest. Maybe consider reaching out to developers and neighbors to see if they are interested.

Good luck and hopefully you get it sold. Land can be annoying to work with.

Right... I'd just ask your lawyer whether there are any consequences for brokering without a license and whether wholesaling qualifies as an activity requiring a license.

@Dennis M.

I think Dennis is absolutely correct. I don't get how your ARV magically changed, but I think it's time to dump the property and recover what you can. Managing an out of state rehab is tough. Are you folks familiar with the market at all? If you don't want to dump it, then consider adding a partner in exchange for equity. I'm not sure that the banks would dive in to save you - the facts here demonstrate extraordinarily high risk, especially considering that you don't appear to know how to evaluate a market or evaluate a property (or at least that you didn't evaluate this project correctly).

Anyways, good luck

The you don't need an LLC claim is just like a you don't need insurance claim. Of course you don't need to do everything as is, but as a consequence, you accept that risk of loss. See an attorney.

Dropping out of high school shows a commitment issue when you're dealing with a problem. Folks don't want to partner with someone who will just drop out when things get tough. Stay in school. It's not hard - it's just time consuming. Since you want real estate to be your "main line of work," you may need to graduate high school, anyways.