All Forum Posts by: Nicolas Looman

Akron has some great opportunity that wasn't mentioned here. You get similar pricing to Cleveland with significantly less taxes and no point of sale inspections to add to the deal. Let me know if you would like to talk about this market further. 

Good luck! 

There is plenty of opportunity in Akron. Brrrr works very well here but the expectation whether it be akron, cleveland or anywhere is that Brrrr is not necessarily a fix all in retrieving all of your money back. This expectation should more so be in minimizing capital use while maximizing rents where other people would not be able to. 

If we are looking at turnkey a realtor with half business savvy will run the numbers between market rents, current state of the property and what a minimal cashflow would look like on todays rates on a traditional vanilla 20% deal. Finding cashflow will be in improving those market rents through cycling tenants and improving the inward and outward aesthetics as well!

Let's talk about location:

Highland Square and Goodyear heights areas are extremely competitive in regard to Akron as a whole. I would consider these B areas while moving more to A neighborhoods while shifting west on market street towards the Merriman Valley to the north and Fairlawn to the west. 

Looking at areas near the university of Akron is a great route as well with cheaper real estate available for renovation and student housing is always in a perpetual shortage, this would be C to D neighborhoods though proper tenant vetting and knowing there are students can be a lucrative and stable market. The average student rental is about $450 per bedroom per month and can go up from there dependent on amenities. 

The east side is a great option as well near good year. It's an older community where brrrr can perform pretty well with. The east side just had renovations to their goodyear theater as well as a major hotel put in about 7 years ago. This area is on the up an up but it is a slow burn. I would rate this area as C to D as you move street to street.

Kenmore is located in the southwest corner is is undergoing a ton of beautification projects from the city! This area is hot for investors that are looking for brrrr or closer to turn key where renovations might be more obtainable. I would consider this a C to D neighborhood as you move street to street.

I would always encourage the use of spotcrime dot com in searching for sample properties that are currently listed to make sure that your future investment is not only comfortable for you but your tenant too!

Hope this helps!

The Cleveland market is filled with opportunity depending on your investment strategy! Brrrr, long term and short term rental ability. 

I think based off of your liquid capability I would urge you to fill your tool belt with options such as conventional loaning and hard money. This will give you a solid baseline to see where your starting point looks like and develop a strategy from there.

The west side is an appreciation market while the east side is higher cap with inherent volatility in stability with tenancy.

I would look also in the akron market as many oos investors do not think to look there. No POS and Lead testing while dealing with B to C neighbors city wide.  

There are tons of sights that use public knowlege to obtain this information. Try Truepeoplesearch .com They will give you a list of previous mailing addresses.

I would continue contact with probate as this may be a lengthy process. 

Good luck with your search!

I think that 2% may limit you to the east side of Cleveland though there are unicorns out there depending on your buying capability.

I would also take a look at the Akron market as well as there is plenty of opportunity and many of oos investors do not even know to look there. Lower taxes, no POS and lead testing. 

There are facebook groups out there to help you get started just search investing akron,canton, cleveland and you will find a group of people that do exactly this. They do local meetups but you can at least gain access to true off market properties as apposed to using wholesalers. The whole wholesaling thing is 90 percent someone putting a property under contract to find someone to assign to pay more. This is not a bargain or a true avenue to obtain off market listings. You need a true network and boots on the ground to find this. 

Good Luck! 

I have clients that may be interested! It all just depends on the share, structure, cashflow, ect. 

Has the purchase been executed? Where at in the deal are we at?

Good luck!

If Akron is your market I can certainly help you out. If you already have a realtor I would just suggest a tailored search set up through the MLS that is geared towards your investing strategy which our area's MLS has this ability. Other market areas are sometimes different as the MLS system changes. It's a time saver but not a rock turner.

Sometimes we spend so much time sifting through things we don't want instead of being patient and waiting for the right criteria to hit your inbox. 

I totally get what people say with contacting wholesalers though 90 percent of the time the wholesaler is literally just putting an on market property under contract to find someone to charge more and assign it. It's redundant. A true off market deal is done through farming and relationships. You need boots on the ground to achieve this.

Hope this helps!

 I came here to say exactly this! Always try to find the way to avoid court and get creative. Find the yes even if it hurts a little. It's far better than a squatting tenant.

If the unit is filled and there is radio silence while the checks are being cut then you're doing great! This is the dream. This is exactly what every PM wants to achieve. 

If the phone stops ringing then the PM and bring in more work. I think someone mentioned meeting once a month and that is a great way to conduct business. My team uses online applications to access your P&L statements along with a bunch of other bells and whistles to tinker with. 

You get to stare at your numbers on your own time and if there isn't an issue to communicate then that is the best.

Hope this helps and good luck with your future investments!

I think making sure you select the right team leader is how you get it right the first time. If your Realtor is PM is hungry, knowledgeable and has the team set in place that you match well with, then your answer is right there. Blindly asking around for contractors is just a great way to end up with unsupervised work that you have no clue if it was done the right way.