All Forum Posts by: Jonathan Feliciano

Hi Kris. I'm not a realtor. However, I recommend using the BP realtor finder tool. You'll quickly get a list of potential realtors in the area. You can read their reviews, and from there, you can send a message expressing your interest in working together. It's easy to use and you'll find someone very quickly!

Hi Cleveland BP Community,

I've noticed a lot of cheap houses for sale in East Cleveland that could make great cash flow given their list price. However, I heard East Cleveland is a D to F class area.

For those of you with rental properties at or near East Cleveland, what is it like managing rental properties over there? Are the tenants hard to deal with? Do you experience break-ins / theft? Do you deal with squatters?

Knowing the good and bad would be much appreciated.

Hi BP community,

I'm curious to hear from those who bought and rehabbed a gutted property. What was your experience like? And would you do it again?

Hello BP Community,

Recently, I've been getting mortgage quotes from different banks/lenders, and I've noticed a repeating question. They all ask me if I intend to use the property as a primary residence. Or in other words, if I intend to live in the property.

I plan to buy a multi-family property. Live in one unit and rent out the others. However, I only plan on staying in the property for one or two years before moving to a new home.

Do I have to live in the property for the entire loan term (i.e. 30 years), else have my loan revoked? How many years must I live in the property before I can buy and move into a new one?

@Russell Brazil

My thought process is the contractor could potentially win your business by providing you a quote on rehab costs.

Have you had a contractor walk a potential property with you? Or have you reached out to contractors for the opportunity? If so, what did they tell you?

Hi BP Community,

Recently, I've been looking at fixer-uppers and noticed that most of them usually require more than one specialized form of work. E.g., roof repair, window replacement, floor replacement, painting, etc. I was thinking perhaps it would be easier to just bring a general contractor to walk the site and provide an estimate on all the rehab costs, rather than to find separate contractors for each specialized task.

For those of you who have worked on fixer-uppers, did you bring a general contractor to walk the property with you and give an estimate on rehab costs? If so, how has that worked out?

Hi BP Community,

I recently read in an article that Cleveland, OH, is one of the few remaining cities with affordable housing. 

To those who have invested in real estate here, what's your opinion on the Cleveland market? Have you made a decent profit / cash flow in this city?

Hi Antonio. I'm not experienced in this particular form of real estate investing / marketing, but I can share with you what I've learned through podcasts and general sales experience, as well as share my opinion on your current marketing tactics.

1. Bandit signs are probably not the best strategy. Unless you have permission from city officials, they will continue to be taken down. I feel you're wasting time and effort into something that will most likely not result in a sale.

2. Leaving your business card at restaurants, barber shops, and other public places will not work. I did this exact strategy when I worked in sales, and I can assure you I never received a phone call from a potential customer. In general, I don't think business cards are even worth buying. If I ever meet someone who would like to work together, we enter one another's phone numbers into the Contacts app on our phones.

3. Having a website is definitely a good idea. In my opinion, if a business does not have a website, then it does not exist.

4. Try mailing campaigns.

5. Try online advertising, i.e. Google ads and Facebook ads.

I hope this helps.

@Codey Wendel

Hi Codey. Personally, I don’t believe it’s worth getting business cards. I think they’re a waste of money and paper. In the past, they were helpful when few people had cell phones—let alone the ability to save contacts. But now in this digital age, they’re obsolete.

In the past, I’ve gone to many networking events where I’ve given and received business cards. And every time, those business cards end up in a drawer or in the trash.

If you go to a networking event, and you find someone you connected well with, then simply ask to for their phone number. They will most likely give it to you, especially if the conversation went well.

I hope this helps in your decision.

@Nathan Gesner

May I ask: What’s the typical lease length of your non-furnished units? 6 months, 1 year, 2 years, etc.?