All Forum Posts by: Marcus Lopez

Just purchased a property in Cleveland, OH that need quite a bit of work. Looking to get it STR ready with all modern amenities. Looking for a general contractor who can handle such a large renovation! Heres a link to the listing to get a better idea of what im working with. Please feel free to reach out if anyone has any recommendations.

3860 W 44th St, Cleveland, OH

https://www.realtor.com/reales...

2 Votes

Cleveland, Ohio

Quote from @Bob Collett:

I am lifelong resident of Cleveland, a licensed Realtor and property manager. I know this area of concern to you.

It is low income, but I would not consider it "war zone". However, I would not count on Metro Hospital having any impact on this neighborhood... sounds like wishful thinking or BS. Not the same neighborhood.

I also would not bank on gentrification of this neighborhood. It is what it is. Lots of people live here by choice. Rents are low, but so are property acquisition costs.

Many older, neglected homes. Pay close attention to deferred maintenance. Get an inspection. City of Cleveland requires a rental permit. Make sure you have one on this property.

Good luck.

Feel free to contact me if you have specific questions.

Hey Bob, much like Adriel was back in 2016 I am looking into this area and stumbled on a property but wanted to get an opinion about the area. Would you still back your previous statement in regards to gentrification and proximity a property being close to the developing hospital?

0 Votes

I’m a 26 y/o apprentice electrician and I’m looking to buy a property in Palmdale, CA. The price point is 300k and about 200k less than a lot of what you see closer to the beach/ downtown and with a lot of the gentrification it should drive people away from those areas and into the Palmdale area in the next few years.

My plans for the next year are to purchase a house using an FHA loan, rehab the property, and to either sell it off to roll into a larger property with multiple units or refinance my loan to a conventional mortgage and use a new FHA loan on a second property.

Would this timeline be too fast for all that I’d want to accomplish? What sort of hiccups should I expect along the way and how could I avoid them? Is that loan pay down too much to be able to refinance into a conventional mortgage in a year of purchasing?

I’d really appreciate some thought and suggestions for my future plans. Anything helps. Thanks!

1 Vote

All Forum Posts by: Marcus Lopez

Marcus Lopez has started 2 posts and replied 4 times.

Post: Need to Renovate A Castle! - Need General Contractor

Post: Need to Renovate A Castle! - Need General Contractor

Post: Info on Clark-Fulton Cleveland Ohio

Post: First time buyer: Palmdale, CA