All Forum Posts by: Nick Shri

@Anshuman Thakur If you are not local I wouldn't go for such a large investment as your entry point. You mentioned in one of your posts that you work for Big 4 consulting firm, great! Will you have the time to review every line item sent to you by the management company? It will be a long list of issues. You should consider syndication as an entry point with lot less oversight and time commitment on your part. Weigh your options in terms of how much time, energy and effort you wish to put once you become the owner. Passive investing really isn't passive. You will always be engaged to ensure your investment does not run dry. 

I want to encourage you to step in the REI game, just do your homework well, weigh your level of comfort and then take the next step. Best to you. Cheers.

Quote from @Jessica Larson:

Yes, they just added it last week! I would also be happy to chat if you would like!

 DM me your contact and time to speak.

Quote from @Samuel Diouf:

Hey Nick, I can share a list of PM's in Cleveland.

 Please share.

Like 'Find an agent', is there a PM finder on BP? I am looking to replace PM on my property in Cleveland.

Hey OOS investors,

I am thinking of replacing the property management. How can a PM f'up not receiving section 8 funds is baffling to me. I understand everyone is a human, mistakes happen. I noticed that for last quarter of 2023 I didn't receive rent from the housing authority. In January on grilling the PM staff they had no clue what left hand is doing and what right hand is doing. They had no answers to my questions regarding why housing authority didn't pay. Granted the tenants aren't the best quality, their list of complaints is every-ready and I have put them on notice to evict. And hoping to find new tenants and resume my CF. However I feel the PM should have notified me early on about the complaints from tenants and non-receipt of rents from the housing authority (it is still a mystery on why the rents have not been received). 

I am looking to hear some experiences on switching PMs on your OOS rentals.

TIA.

Nick.

Quote from @Bob S.:

Quote from @Nicole S.:

I have three properties (4 doors) in Euclid. I'm done being a landlord and want to sell, ideally all together. Anyone have any tips on how best to do this?

Nicole

 Did you sell? If not tell me the numbers If good I will close ASAP, do you have the POS? 

Too much pressure @Bob S. :)  J/K.. 

Hopefully you or someone from BP can help her out of her landlording role!!

@Nicole S. Post in the classifieds or just respond to folks here and you shall have a buyer soon.. good luck!!

Quote from @Satish L.:

Hello, I recently closed on my first (duplex) property in Cleveland to BRRRR. The property is in decent shape and requires medium rehab. As a newbie to this, I'd like to know what are some ‘typical' rehab items/strategy to maximize ARV while keeping the rehab cost low. Any advice from investors and contractors would be greatly appreciated. Thank you in advance.

CLE is an interesting market. Depending on which part of CLE (or the suburb) you bought in, you could spend very little to a lot. Your question is so open ended the answer would be - it depends.

All the best in this adventure and welcome to REI!!

Quote from @Anh Nguyen:

@Shane Kelly @Nick Shri @Drew Sygit

Thanks all for your feedback! It’s wild to me that people are cashflowing off their first year in these cities with these numbers. Do people tend to not factor in certain expenses to inflate their cashflow? 

Anh - current interest rates won't let you CF positive unless you buy property with high equity (buy cheap or put bigger down payment). Gone are the 3.5 - 4% interest rates where you could CF positive with 25% down right out the gate..

CLE prices are at all time high, some people thought last year was all-time high, but I am still seeing prices higher than last year or the year prior.

Increase your capex to 8% to be conservative. Also, on a Multifamily you have to put down 25%

Quote from @Account Closed:

I am a brand new investor and I came upon a potential opportunity in Greenville, SC.  Due to me focusing on decreasing my bad debts, I will have to present this opportunity to a partner who has the financing. It is a 5bd/4ba with 4bd/3ba on main floor and 1bd/1ba in basement.

Here are the estimated numbers:

   Purchase Price: 230,000-250,000 (Listed for 280,000) 

  Full Gut Rehab: 100,000-120,000 (I have never done a renovation before so I am just guessing high)

.  Refinance: 400,000-420,000

.  Rent: 3,500-4,000

I would prefer to BRRRR and hopefully house hack after completed as my first option with a fix and flip second option.

My questions are how should I present this investment opportunity to a potential partner and what ideal type of partner should I find?

Thank you for any help that you can provide.

Jake Fenton

If you have never done a reno before, you will have hard time getting funding.

If its a full gut reno your PP is way high, I generally like to see under 50% of ARV, and keep in mind - ARV is bound to drop (at least that is the speculation from most RE investors).

You may want to provide a full breakdown of Rehab costs, full breakdown of holding costs and any other variable costs to your potential investor/partner, that may work for you.