All Forum Posts by: Nicholas Novak

We are Cash Buyers For good deals!

Looking for good Flip Deals or rentals to Co-wholesale in Northeast Ohio, Cleveland area suburbs. Also in good areas of the west side. Buying at 65% of ARV minus repairs.

Send me what you have...

[email protected]

216-233-5003

Put me on the list

[email protected]

216-233-5003

Hi @Clay Manship

I wholesale in Cleveland and most of Northeast Ohio including some Akron / Canton contracts on properties and we are in need of deals right now!  

Thanks,

Nick

[email protected]

Just being conservative, the last thing I want is to overstate myself.  I'm in Euclid pretty frequently meeting with sellers. I agree, some areas are better than others... Thanks for the advice I'll definitely take that into consideration. 

Turnkey Rental Property - Everything has been done on this house! Contact me for address. Click Here for Photos

Euclid is a C+ neighborhood in the Cleveland Market.

Updates Include: New Roof, Replacement Windows, Vinyl Siding, Basement Waterproofing, New Driveway, New Doors, Updated Panel, New Water Tank, Glass Block, Rebuilt Garage, Rebuilt Front Porch, Paint, Carpeting, Flooring.

Long Term Tenant in Place (5 Years and Counting)

-Gross Income= $600/month ($7,200/year) ~ possibility to increase

-Taxes= $1,682.34/year
-Management 10% = $720/year
-Insurance= $360/year
-Maintenance= $360/year

-Net Income= $4,078/year
-Price= $30,000.00

Cash on Cash Return = 30.4%/year

-Down Payment 25%= $7,500

-Assumptions -  Interest 7% and Term 30 Years

-Debt Service - $149.70/month ($1796/year)

-Cash Flow - $2,282/year

We have multiple opportunities available. For more information Call Nick 216-233-5003 or email me [email protected]

*wholesale deal: presenter is offering rights to purchase agreement via contract assignment and is in no way acting as an agent or fiduciary for the current owner or end purchaser of this property.

Turnkey Rental Property - Everything has been done on this house! Contact me for address. Click Here for Photos

Euclid is probably a C+ neighborhood in the Cleveland Market.

Updates Include: New Roof, Replacement Windows, Vinyl Siding, Basement Waterproofing, New Driveway, New Doors, Updated Panel, New Water Tank, Glass Block, Rebuilt Garage, Rebuilt Front Porch, Paint, Carpeting, Flooring.

Long Term Tenant in Place (5 Years and Counting)

-Gross Income= $600/month ($7,200/year) ~ possibility to increase

-Taxes= $1,682.34/year
-Management 10% = $720/year
-Insurance= $360/year
-Maintenance= $360/year

-Net Income= $4,078/year
-Price= $30,000.00
-Return= 13.6%/year

We have multiple opportunities available. For more information Call Nick 216-233-5003 or email me [email protected]

*wholesale deal: presenter is offering rights to purchase agreement via contract assignment and is in no way acting as an agent or fiduciary for the current owner or end purchaser of this property.

Click Here for More Photos

Turnkey Rental Property - Everything has been done on this house! Contact me for address. Click Here for Photos

Updates Include: New Roof, Replacement Windows, Vinyl Siding, Basement Waterproofing, New Driveway, New Doors, Updated Panel, New Water Tank, Glass Block, Rebuilt Garage, Rebuilt Front Porch, Paint, Carpeting, Flooring.

Long Term Tenant in Place (5 Years and Counting)

-Gross Income= $600/month ($7,200/year) ~ possibility to increase

-Taxes= $1,682.34/year
-Management 10% = $720/year
-Insurance= $360/year
-Maintenance= $360/year

-Net Income= $4,078/year
-Price= $30,000.00
-Return= 13.6%/year

We have multiple opportunities available. For more information Call Nick 216-233-5003 or email me [email protected]

*wholesale deal: presenter is offering rights to purchase agreement via contract assignment and is in no way acting as an agent or fiduciary for the current owner or end purchaser of this property.

Click Here for More Photos

I would say that you are right on the money with the parma purchase being here locally in Cleveland. Parma is a nicer area than the rental neighborhoods here. Most of the houses in Parma are owned by owner occupants keeping the values up. You may be able to get a similar house in a "rental neighborhood" at an all in price of 45k and rent for 925/month but will never have the equity position that the Parma house will provide.  I think Parma is a great neighborhood to invest, you still get your monthly cashflow as well as your instant equity. 

These deals always move quickly because of the time constraints involved in the purchase contract with the seller.  Also the price is at a point where most investors would like to buy so you have the competition from other investors.  Typically wholesale deals need to be decided upon within a couple days with a window of due diligence of a few more days.

Good luck!

First listen to the wholesaling podcasts, particularly show #116, and also the Michael Quarles Podcast on negotiation and marketing.  The information in those particular shows is incredible.  There are also tons of other podcasts on iTunes with excellent information, some of them are "gurus" but that doesn't mean that they aren't filled with excellent content.  Don't worry about having all your ducks in a row making sure the contract is filled out correctly. All that can be fixed with the title company and they can help you after you submit the contract.  Its almost more important to start and take your lumps, because there will be lumps.  Once you have persevered and finally gotten a deal complete to a buyer, all the ancillary stuff will be clear. My old boss had a saying, "throw yourself into the sh*t, and see how you smell when you come out."

Once you have a general understanding of the process, I feel like ACTION, getting out of your comfort zone, and perseverance are the keys to success.

Happy Hunting!