All Forum Posts by: Nate Hedrick

Does anyone have any experience working with the Heritage Home Loan program offered through the Cleveland Restoration Society? This looks like a great way to get a low interest loan for updating properties in great historic neighborhoods like Shaker Heights and University Heights. TIA

Agree with @Bryan Thomas 

This stat about Cleveland is often quoted bit I think it's a bit misleading. While general population decline can certainly be a negative factor when choosing a real estate market, it doesn't provide any insight into the metrics within that market's neighborhoods. My vacancy remains extremely low and cash flow is extremely solid. 

I don’t have enough personal experience in Columbus to weigh in there.  

Hi @Varun Garg, where in Cleveland is the property located? Vacancy rates can vary by individual city. 

CapEx will also fluctuate based on the condition of the property. I usually use 5-10% of rental income as my monthly CapEx reserve but that's only for my initial analysis. Once I have a property inspected I adjust based on the actual anticipated need. For example, if I know it's going to need a new roof and probably a furnace in the next 5 years, I make sure the costs of those items are accounted for in the monthly CapEx reserves.

Hi @David Lyons, what part of Cleveland are you buying in? As mentioned above, these factors matter more and less based on the area. 

I know what it's like to try to make a decision without all the information so if you want, shoot me a PM and I'll see if I can help with some recent comps. 

Hey, @Calvin Anderson nice to hear from you, and thanks! I'll send you a PM so we can connect. 

Better yet, what down payment are you all looking at. Struggling to find good lenders requiring less than 25% down for non-owner occupied 

Hey @Michael Orlando! Agent and Investor from Cleveland here! I've worked with investors for years but we just started with our first personal rental property late last year in Shaker Heights. Now actively looking for #2. Reach out anytime! - Nate 

Great post @Elenis Camargo! Can I ask, where did you find a lender willing to do 15% down on a rental property? Was this done as an LLC or as yourself? Everyone I've talked to here In Ohio is requiring 25% down which is really slowing me down.

Hi Tyler, welcome to BP! Definitely recommend an agent who also has investment properties or at least works with investors in the area you are looking. I’ll send you a PM

Hey Calvin! Nice to see you on BP! My wife was the same way at first but a few episodes of bigger pockets podcast and she was as hooked as I was. In fact, because she is naturally risk averse, she balanced my optimistic eagerness perfectly. I think having her as a partner is the main reason our first deal went as well as it did. Feel free to reach out anytime with questions!