All Forum Posts by: Joshua Janus

Are you an investor with a rental property in Cleveland? Did you know that the city of Cleveland was given $15.4 Million in Government Grants to remove lead paint hazards from rental properties in the city? Cleveland's still got $11.9 Million left to spend on these properties with lead paint issues. Contact Pb Free to get the government money you need to remove lead paint hazards from your rental property.

Cleveland has $15.4 Million for Investors to Fix Lead Paint Properties | HoltonWiseTV Highlights

I'm finalizing a $100k private note at 30 % APR to fund multiple flips (one property pledged as junior lien). Lender is a family friend new to real estate.
Term sheet basics:

• Simple interest, balloon in 12 mo (option to renew 30 days @ 1 % fee)

• Junior mortgage on a flip with $260k ARV, $175k FMV today PP $150k

• Personal guaranty from me
  Would experienced lenders want both the lien and guaranty—or one or the other? Any Ohio-specific pitfalls recording a junior position I should know about?

Rehab highlights: roof only 8 yrs old, mechanicals 15–20 yrs. Biggest lift is kitchen + bath refresh and LVP throughout.
Exit: DSCR refi @ 75 % LTV, rate ~8.25 %, payment ≈ 1300 PITI. Market rent (CMHA voucher) is $1,550.
Questions for the hive mind:

1. Any hidden costs Cleveland rookies miss (water lines, point-of-sale)?

2. Would you still hold if rates hit 8 %+ by refi time?

3. Better to pay cash for rehab or wrap into hard-money draw?
   Appreciate any “gotchas”—I’ll post pics when demo starts.

missing Chimney flue liner and missing rain cap; significnt shingle granule loss, missing drip edge flashing, vent pipe flashing missing, cabinet handle missing, siding pieces missing, gutter down spot missing, Old wood/aluminum windows, prior water penetration observed (Efflorescense),

I am starting the BRRRR process after relocating from Australia. Looking for network intros in Cleveland

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For a commercial transaction.  Thanks in advance.  

Howdy All,

Closed on my first deal in Cleveland in December, which is my first foray into the market. Property is a clean, renovated duplex in 44111, West Cleveland. After the holidays and some minor repairs, both units have been on the market since February. For the first two months there were only a handful of showing, which the PM said was due to normal winter slowness - I assumed it was pricing due to comps.

After 60 days on market with no applications, I pressured the PM to lower the price of the units to list competitive to nearby comps. After reducing each unit nearly $200/mo and a move-in special, there has been more interest but after 30 days still no applications.

Seeking recommendations on what to do next. Looking at pricing I don’t think that is the barrier any more so I feel it’s perhaps the marketing. I’m considering terminating my PM contract at the end of May assuming we still don’t get any applications, although I’m not sure what another PM would do different.

Curious if any other investors in West Cleveland have had difficulty filling units?

Josh, this is an understatement. They started by looking for peeling paint on siding, wood trims, porches... With the recent updates (Lead Visual Assessment Form as required by OH. Adm. Code Chapt. 3701-32-07(G)(3), Cleveland has transformed this lead inspection into a pseudo general property inspection. Now they're also checking to see if you have handrails in stairways, water stains on the wall, the state of landscaping around the property and whether all the shingles are attached to the roof, the condition of the gutters. It's beyond lead-based paint. Because, clearly, tuckpointing your chimney is a major lead hazard, right?