All Forum Posts by: Joel Fine

Just curious, what is "nuts" about that graph? Does it look very different in other markets?

Agreed, the property taxes in the Cleveland suburbs are strangely high as a percentage of property value. You just need to take that into account when running the numbers. 

Quads are pretty rare. I have a quad and it did not appraise well because of that - very few comps.

A common triplex configuration is an up-down duplex with a finished attic. The top floor rents out as an efficiency unit - no stove or oven allowed. I have one like that in Cleveland Heights.

As you've observed, duplexes are by far the most common multi configuration in the region. They can cash flow very nicely if you buy right. 

Sorry, this is an utterly meaningless response. You claim that 97% of people fail. On what basis? I'm guessing you just pulled that number out of thin air. I say it's actually 69.3% based on an equally diligent analysis of available data. Looking forward to your evidence to contradict me.

 "WAG" = Wild-*** Guess 😉

That was my guess, just wanted to give the OP a chance to defend the assertion. If it's just a WAG then it sounds like the opening pitch for an expensive mentorship. 

Can you share your source for the 97% failure rate you cited? Im curious where it comes from and how they define success. 

"It's tough to make predictions, especially about the future." - Yogi Berra

Hey Kenny, welcome. I'm also in San Jose and investing out of state. I have bought a few properties in Cleveland. Great cash flow but not much appreciation, at least if the past is a guide. Kind of the opposite of Silicon Valley, where the cash flow stinks but appreciation has been outrageous.

The list of links posted by @Dmitriy Fomichenko is a great start for a beginner to the site (or a beginner to REI). Another one I'd suggest is BP's top 20 real estate books:

https://www.biggerpockets.com/blog/wp-content/uploads/2019/03/Best-Real-Estate-Books-Ever_1.pdf

There are some meetups in the area that you might enjoy. DM me if you have any questions. Good luck!

I have several similar properties in Ohio and have been working with a lender whose fees are a little more reasonable. Send me a PM if interested and I'll share contact info. 

Hire a team to rob a bank?