All Forum Posts by: Nick Shri

Hello BP

Looking at a few markets to get started in, including Baltimore, Cleveland, and Memphis. Pros cons to each? Any personal experience or advice?

Any advice or recommendations? Ideally, as an OOS investor I'd like to get to know a few turnkey providers and really see if they fit my investment criteria, communication style,etc. Is there a company out there that works with the investor from start to finish?  

My husband and I are ready to start looking for our first property. I am leaning toward a beach house in a nearby city in a neighboring State. But, we keep going back and forth on vacation home vs a single family home near our house to start with that has the opportunity for regular renters all year long. Thoughts? Suggestions?

Hi @Nick Shri i came into this knowing all of it. i bargained loss of rent for a year and accounted it in my offer. 
Somehow i thought i could make it work. But honestly its not going as i thought.

I am already discussing with my agent on this. But i feel like i have taken a good brunt of this, most part of me feels to see through it.

Hello everyone

I am a new investor and would like to start investing in SFH or Duplexes in Cleveland area. I have done lots of reading and I would say I have a general idea about the areas I am looking at and the purchase price. At this point, I feel like I need some guidance by somebody who has the experience in the field and might guide me to at least where to start. I would love to meet and connect with you if you're living in the area. I live near Cleveland too.

Appreciate all your help

rent levelling department??? Seriously? Um, maybe I'm out of touch, but WTF is that?

Where is the price leveling dept for gas, or food? ? Or is this just an organization that gets to discrimante against landlords?

I thought that crap only happened in Russia.  Last I heard the USA is a free country. That's what they keep telling us.

Free to charge what you want. If you don't like it, go somewhere else. Am I wrong?  Feel free to set me straight or fill me in.

Investment Info:

Single-family residence buy & hold investment in Enid.

Purchase price: $80,000
Cash invested: $12,000

A small 1950s house that has been added to over the years, more than doubling its original size. We purchased it as a primary residence then converted it into a rental.

What made you interested in investing in this type of deal?

The price of the house for the 1,700 sq ft size, location next to a school, two driveways, RV parking, a good roof, and an attached shop at the end of the 2 car garage. It has a very large yard around the house. This was an ugly house with an out of control lawn with potential for forced appreciation. It also has potential for appreciation due to its location.

How did you find this deal and how did you negotiate it?

Found it online.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Killed the weeds in the lawn, put down sod, rehabbed the nasty garage and shop to make them look appealing, added a finished attic storage area to the garage, painted kitchen cabinets, installed new AC and all new plumbing.

What was the outcome?

It has been great. It rented on the first day and they are still there.

Lessons learned? Challenges?

People appreciate great garages and parking for their vehicles and RV trailers. In this market those features bring up the rent value of the property .

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Craig at RE/MAX

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $75,000
Cash invested: $15,000

Duplex that had existing tenants when we purchased the property. The same tenants still reside in the unit and have been extremely consistent in paying their rent on time. Both tenants are elderly and have fixed income so we allow them to pay bi-monthly which helps them be able to pay for other necessities during the month.

What made you interested in investing in this type of deal?

Looking to scale up our real estate portfolio by buying multi-family units.

How did you find this deal and how did you negotiate it?

Found the deal on MLS. An inspection found some big ticket items (roof, upgrade electrical service and switch to breaker boxes) that needed to be taken care of by the end of the year so we were able to negotiate with the seller for $25k less than asking price.

How did you finance this deal?

We financed this deal through a traditional bank.

How did you add value to the deal?

In talking to one of the tenants, it was determined that the duplex was approved by the city for a lead abatement program under the previous owner. However, the owner never filed the paper work with the city. When we got the property, we filled out the required paperwork and the city replaced the windows, doors, siding along with painting the exterior trim, and fixing some electrical issues,

What was the outcome?

Due to the work completed by the city and us, the house has appreciated in value.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Dan Ogens from Homestead Realty.

I don't know if anyone will see this since it was back in Nov '21 but I just wanted to give an update on my progress.

After everyone's advice and A LOT of research, reading, and podcasts, I made some moves to get me closer to my goals.

My next move is to tap into the equity of my primary and I should be able to purchase three or four more rentals in the near future. Still not where I want to be but I will have 15-16 rentals with a nice cash flow of around $5,000 per month which is my lean F.I. number.

So they are paying for my closing so I guess that's a good gesture considering the market. The property is being sold to me at a discount from the current below market value , there's about 10k of equity in the house so I mean I guess that's a good gesture. I am going to get a legal perspective on exactly what I need to file an eviction for the tenants and go from there.