All Forum Posts by: Account Closed

I would recommend just starting simple and not over thinking your strategy. Your strategy will probably change anyway. Get some SFHs under your belt. At least until you know if you can handle the ups and downs of REI. If you can't, they will be much easier to sell. If you can, you can easily move up into larger properties.

My first two in Ohio were SFH, followed by 4-plex, 4-plex, 2-plex, and I have another 2-plex under contract. But I still have the SFH. If I sell any it will likely be those if I want to roll them into something larger, but for now, they are doing fine.

I pretty much make my offers POS violation free and put the onus on the seller.  If I'm using financing, most banks ***** about any repairs that come up in the POS and wanting to have it fixed before closing anyway.

I have a couple there too.  I second the assessment.  "Once you have seen 10 Parma houses, you have seen 10,000 Parma houses."  :)  They are all the same and really easy to comp.  Most have real hard wood floors under the carpet, too.

Edit: One other thing about Parma I like:  Even though they have a City Point-Of-Sale inspection, it's pretty much a drive-by exterior one, which means in my experience its things like cracked up driveways, or siding that is in need of repair.  In comparison with Lakewood and some other cities around Cleveland, where they send an inspector out to do a full inside-outside inspection resulting in a 100 point repair list.

@Amir B. - Here's some info on mine.  Mine are in pretty good areas B and above.

Of note is I have "open" tax value disputes on the two SFH's that I put in more than a year ago (they just show up as "open" on the tax website for the county.) I purchased them at less than the assessed tax value, and mailed them documentation showing that. I guess I forgot to follow up but wonder why they have never done anything (even declined it.) @James Wise any ideas?

Parma SFH: Rents for 970. Taxes $2364 / year.

Parma SFH: Rents for $985. Taxes $2288 / year.

Lakewood Quad: Rents for $2000+ (off top of head I don't remember the exact.) Taxes $3550 / year.

Lakewood Quad: Rents for $2000+ (same deal as above)  Taxes: $3950 / year

Big Lakewood Duplex:  Rents for $1800-ish but will eventually be $2000+  Taxes: 4050

Clarification: I used to live in Dallas and actually attended THIS expo so I’m not just blowing smoke. If you still want to go to hear speakers like Rich Dad or Donald Trump (who was a speaker the year I went), they are usually the last speakers each day. They make you wait through all the sales pitches before you get to see the people you want to see. Also recommend leaving your wallet at home so you are less likely to be sucked into signing up for something on the spot.

These things are a waste of time. Just s collection of high pressure sales pitches

Killing it!

Unfortunately it turned out not really to be possible to sub-meter the gas, becauase there was not room to add 4 furnaces and separate ductwork for the units.  (The units are fairly small.)

I also discovered some or all of the units also have gas stoves in the kitchen along with the common gas water heaters.

In the short term, I simply replaced the whole house furnace and kicked the can down the road.  I am likely going to still do an electric conversion, but not just yet.

Lol awesome!

One of my two Parma SFH's (my very first one, in fact.) just went vacant. Mgmt sent me photos of everything during the turnover, and WHAT A SLOB! She obviously never swept, or mopped one time in the 18 months she lived there. The dust bunnies had dust bunnies!

At least she didn't break *too many* things.