All Forum Posts by: Nick Shri

Hi BP'ers

I purchased an OOS property last year, in Cleveland, OH. I am a starter investor you can say. I have been following the expenses from the property mgmt and noticing expenses such as 'bill payment fee' charged to me. The bill payment fee is $5/bill, and it is chewing into my CF. I am curious to hear from more savvy property owners, long time owners about their thoughts on this practice. Should I take over some of these bill payments to avoid such ridiculous charges?

TIA.

If you all are unaware, there is another NoVA/DC meetup that happens monthly - the group also started off BiggerPockets. Mostly the group has been meeting at Tysons mall food court (by AMC theater). If you all want to join that group let me know and I will point you all towards it. We have a solid WhatsApp group going to communicate events, as well as Facebook page. Group comprises house hackers (mostly), few investors like me (own 1 or 2 rental properties OOS, OOTown), few flippers, realtors.

I like the idea of a focused small group idea as well that has been floated here.

Your rent is also pretty solid in Maple Heights. Did you assume the PoS violations during purchase or did you get PoS violation free property? I let go at sub-70k property because the Seller was a douchebag, claimed to provide violation free property but never did anything, just trying to figure out an approach on my end for future purchases.

Anyone know of lenders (preferably local bank, CU) to CLE, Akron market that offers mortgages to OOS investors?

You just adjust your purchase price by the cost of external sealing. You win by buying right, not cutting costs/corners in repairs. Property is your investment, treat it right and it will treat you back right! Good luck...

Why does Real estate appreciate? High demand and low supply. Strong economic growth. Diversity. Population growth. And much much more. Cleveland's overall macro economic factors do not include many of the parameters I included above. There will be pockets in CLE metro that may have more of those parameters and give you the appreciation. If you want to ride the appreciation wave you should look at expensive metros and not CLE. Hope this helps..