All Forum Posts by: Patrick Drury

@Terri P.
Is that the only quote you got? I would get some more quotes. The post above doesn't say how many BTU's the unit is, but that seems very expensive to me. 

@Natalia Eyler
If you can do a value-add deal locally, I would do that. The tough thing, I would assume, is finding a BRRRR deal that's viable in California. Broadly speaking in Cleveland, you are going to be way more likely to find a deal with better BRRRR numbers than in California. Not to mention the price of entry is substantially lower.

@Jacob Novotny
What areas are you looking in, Columbus and in what area is this property? I own about 33 units in Columbus, most of which are all BRRRR deals.

@Ally Shroff
The POS inspection is done by the city and they provide you a report with all the violations that must be fixed prior to closing or you the buyer needs to assume the violations and fix within 60 days post closing. Depending on the municipality, there are escrow requirements. 

@Gp G.
You can find deals in C locations of Cleveland that are in the 1-1.2% rule range. Anything that's a 2% rule is probably in more of a D/F location. 

@Vishal M.
If you are looking to buy and hold for the long run, just put blinders on and buy deals where the numbers work

@Roy Nackar
If you are looking for BRRRR deals I recommend checking out areas like Hilltop, Linden, Eastmoor, Whitehall, and Franklinton. These are areas where you can find BRRRR deals or deals that meet the 1% rule in Columbus because the rent-to-price ratio is favorable. Out of these areas, Franklinton and Linden are seeing some of the most development. With things like the ONE Linden plan in Linden, which is a 50M plan to improve the neighborhood. Of that 50M, 25M was allocated for the construction of a new recreational facility that has since been completed. Franklinton has been seeing lots of developments like the completion of Gravity Phase 1 and phases 2 and 3 on the way. As well as coffee shops like Bottoms Up Coffee are moving in and small microbreweries like Brew Dog and Land Grant.

@Mike Smith
I think you answered your own question. You're out of state with no knowledge of previously managing real estate. Self-managing in that situation is a recipe for disaster in my opinion. I would recommend interviewing some property managers 

@Tarek Belal
If your primary goal is cash flow and you want a larger market in Ohio, I think Cleveland is a better opportunity then the other 2 markets from a cash flow perspective. Columbus is a great market, but you are only looking at getting deals to the 1% rule they don't typically go beyond that. In Cleveland, you can find more cash flow, and the price point of entry is lower. The downsides are that there are some D/f locations as well as POS (point of sale) inspections in certain areas. 

@Nick Perret Efferson
Yes. Just smile and dial. Time and consistency are the most important things to keep in mind with cold calling as long are you are improving your skills on the phone over time. Things eventually snowball over time as long as you keep at it and follow up with leads