All Forum Posts by: Michael Orlando

Just wanted to see if anyone in the Cleveland area was active on BP frequently!

If so, where parts of Cleveland do you invest in? What's your specialty? Any meetups that are your favorite around Cleveland?

We use Winwood Properties for our 22 unit, but they truly specialize in SF and smaller multi I believe! Not sure of their capacity right now, but definitely check them out. Our guy Martin is great dude! 

Thanks for the responses! 

All good input... Didn't want to make the post too long by throwing in tons of info, but @Evan Polaski and @George W. that definitely makes sense to hire two and have them do similar work to compare. I think we'll give that a try on our next acquisition / potentially on the rest of this one. 

@David M. all good questions! We did have a timeline set up, but not necessarily in writing (although I'm not sure if that would have helped the situation). But I do think next time, we'll have the timeline written out for them and agreed upon so at least it's tougher for them to come up with an excuse for not being done on time. 

Wanted to get everyones opinions.. 

We just closed on 22 units mid march and went back and forth on whether to organize the reno work schedule ourselves (schedule the demo guys, painter, buy floor, schedule floor installer, install vanities/fixtures, etc..) or just hire a GC that would oversee the whole shabang.

We ended up hiring the GC and the work has been good overall, but we're not as happy with the timeline.. we have a 18 month term bridge loan in place currently and planned on having these initial units done in half the time it has taken the GC. We're considering firing him and scheduling everything ourselves. 

Just wanted to see for something this size what ya'll would do in this situation - especially knowing we have 18 months to refi and want to show our target NOI for a few months before the refi.

The exterior looks to be in pretty good shape from the pic! A little outdated, but I think if you have some nice interior updates and professional pics taken, people will probably see those first assuming you're advertising online. If the outside was is disarray, I'd say freshen it up a bit, but in this case I would personally start inside to get your NOI up!

I use Reonomy and cold call. Just recently started really focusing on cold calling, but some swear by it. Others love broker deals. I think it depends on your current deal flow and quality. Most of the deals we're getting from brokers are just out of bounds and wayyyyyyy too expensive. So we switched to cold calling. Reonomy itself is a bit of an investment, but I think worth it if you have the funds!

@James Wise Thanks James! Definitely areas I would focus on.

@Jared Lichtin Yep it is actually! What are the units in your property?

Street and area are both great so I'm happy there. How has owning in Cleveland Heights been overall for you?

@Robert Matelski That does help alot! Definitely a good thought.. is that process relatively painless? 

Definitely planned on making an offer well below asking as I think they're asking too much. Either way, I plan on paying well below asking. 

Yeah there definitely are some renting for as high as 950-1000 so I do think it'd be justified. They're just a bit more updated. When I do the math with higher rents (and getting the house below asking price) it does cashflow even being conservative on budgeting for maintenance etc.. I guess it would come down to how much the updates cost, but again everything is in great shape, just cosmetic updates would be the focus