All Forum Posts by: Michael Campbell

 Justin,

Situations like the one you said seem very possible in the Cleveland area market. I just looked around the current craigslist postings for rent and a lot of the comps are advertised at higher rents than I was using in my analysis. I think I might be too conservative with my numbers but this is my first deal so I'm not going to rush into it and make a mistake because I didn't account for something. Rent seems to be between 1%-1.5% of ARV.

I am looking to purchase my first investment property in Northeast Ohio. I am interested in the BRRRR method but I am hitting a roadblock. I am able to find many SFH or multi-family properties that cashflow at least $100 per door based on the initial purchase price and accounting for 10% of rent for vacancy, 10% of rent for repairs and 10% of rent for CapEx. However, I am struggling to find properties that cashflow at least $100 per door after cash-out refinancing up to 75% of the ARV due to the higher monthly payment towards the mortgage.

Annual taxes in Northeast Ohio can be pretty high ($3000-$5000) and I think this is what is holding me from achieving $100 per door. Finding cheaper properties doesn't help my cashflow problem after refinancing if the ARV is still the same. Should I be aiming for higher rent to cover monthly expenses?

I am looking in the $50,000-75,000 initial purchase range. 

Really great story! It is refreshing to hear someone using their knowledge of real estate to help others rather than only helping themselves. Keep up the good work!

Thanks @James Wise. I had a chance to read over your website some yesterday and it appears that you're doing big things on the west side! Congrats!

Thanks for the warm welcome guys! 

Hi my name is Mike Campbell. I have been reading around these forums for a while and finally thought I should introduce myself. I am looking to purchase my investment property in Northeast Ohio within the next year or two. Will likely do some DIY rehab in hopes to rent and hold for a while. Very interested in the BRRRR method! I hope to attend one of the Brew Garden meetings soon!