All Forum Posts by: Patrick Drury

@Lara Gott
Aside from it being a city inspection, the most important thing to keep in mind is depending on the Municipality, they have escrow requirements for the POS. The escrow requirements will affect you as a buyer if you have to assume the POS. It's pretty standard that the buyer assumes the POS. Typically, the seller isn't going to deliver it POS complaint unless it's selling for a higher price on the market. Just make sure to include a contingency in your offers in these areas if you don't receive a copy of the POS report prior to submitting the offer, and you're assuming the POS so you don't get stuck losing EMD because the POS comes back higher than you can afford

@Raul Gonzalez
It's hard to give an exact response since I don't know exactly where it's at, but broadly speaking, South of Main is a solid spot. It's just North of the Children's Hospital on the south side and south of some really old historical homes in Franklin Park, Olde town East, and close to the Franklin Park Conservatory. 

@Evan Hooke
I would start with a house hack for the first one, do the work yourself, and sub out what you are unable to do. In terms of finding deals, you could find your own off-market deals via cold calling, cold texting, or sending mailers, but it's very time-intensive. I don't think it's worth spending the time and money on pursuing this approach unless you are looking at becoming an agent/ wholesaler full-time. 

@Nicholas R Facciano
In terms of partnerships not every one is going to want to partner with you unless you add value to that partnership in someone. The best way in my opinion, starting out is by sourcing good off-market deals.

@Jessica Lamont
If there is a POS on a property in Cleveland you can't close on it unless the owner delivers it POS compliant or the buyer assumes the violations. So most likely based on the info provided, you signed documents assuming the violations. I recommend that my clients not invest in areas with POS and instead look at areas on the west side that don't have it.


Also, to answer your question about the POS violations. From m y understanding if this pertains to POS violations that you assumed from a purchase then yes. You are also supposed to get an inspection done prior to listing if the property is in an area with a POS. If you decide to hold on to it in that scenario you would also be required to fix those violations. 

@Cole Jennings
If you are looking in Cleveland, I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

@Ryan Clark
That's either market specific or the PM is charging a lot. 10-15k is definitely not worth it. I suggested it because in Columbus it's substantially simpler to sub-meter the utilities and cheaper. Thats a bummer

@Ryan Clark
I view it as well worth the investment to spend a 1-2k on it. I think it's a waste of time getting a water bill each month and then having to go and spend time trying to figure out how much each tenant owes then you have to notify them. Market specifics go into this for sure. I am not familiar with Michigan, but in Cleveland, most duplexes are not sub-metered where as in Columbus almost everything is sub-metered. In the Columbus market buyers definitely view it as valuable. 

@Joe Auletta
If you are looking in Cleveland I would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre. The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying

@Dustin Keller
If you are about to go in contract on a triplex in Cleveland just make sure to double-check the Cuyahoga county auditor to know whether or not it's zoned correctly. A lot of triplexes are zoned as duplexes there