All Forum Posts by: Peter Ledger

Hey @Mitch Stanley, did you end up going? I'm here and excited.

I'm actually looking to host a lunch or dinner for OOS folks that are interested in the Cleveland Market if I can get several people interested. Just to share our knowledge and experience for the last 20 years there. Is that something that you'd want to join in on?

Hey @Marlon Fong! Im not certain where/when we'll do it yet. Can I keep looking for folks through this forum and then post on the Meetup forum as soon as we figure out what we're doing?

@Ryan Zomorodi Great! PM me your cell # and we'll arrange something through text! Do you know anyone else here that might be interested?

I'm sitting here taking notes during the first day's seminar here at the ORIA Conference and an idea hit me: Are there any folks out there looking to get involved in the Cleveland market and would like to get together for lunch or dinner to talk? We've been working hard in Cleveland and have done almost every aspect of residential real estate there. I love talking about Cleveland and sharing any knowledge/experience we have. If we could get a group of 5-10 people(maybe specifically folks from OOS) together for a meal to talk, would any of you be interested?

Let me know!

Great post @Shiva Bhaskar! I really want to emphasize your fist point: VISIT! It is quite mind boggling to me that folks would be willing to invest so much in a market and product that they have never seen. We've been helping OOS investors pick up rentals here in Cleveland for some time now, and have had a number of clients invest without visiting. Now, I'm proud to say that we operate from a high moral/ethical standard and are very transparent about what these investors are getting. BUT there are obviously a lot of turnkey providers or individuals who might be less than trustworthy.

COME, VISIT, SEE, INTERVIEW. Make sure you're working with reputable folks and buying what you think you're buying.

@Sarkis Gezalyan Got it. We're doing about 20 flips a year here. RARELY am I buying distressed properties off of the MLS. Every now and then there's a decent deal there but it can be tough. The majority of my deals come from my direct marketing to homeowners, wholesalers, or my network.

@Sarkis Gezalyan, I'm going to echo what @Jaysen Medhurst said: There are some decent deals to be found on the MLS but the majority are off-market. BUT, that also definitely depends on what you're looking for.

Are you looking for distressed properties that need rehabbed? Are you looking for rent-ready or "turnkey?"

Hey Brian! Small world! Text or call me with details. We might have some contacts.

@Frank Wolter You hit the nail on the head. Fly out and see where and with whom you are investing. A growing portion of our business is helping OOS investors pick up turnkey rentals here in Cleveland  and I always tell them the best first investment they can make is a plane ticket.

I would be really carefully buying rentals from companies that will go on to manage the property, because they can then profit from upcoming maintenance that they left undisclosed. We hear that one a lot.

@Jonathan Gilkeson I know it's said a lot on this site but Cleveland is a fantastic market. We didn't realize how good we had it until the turnkey portion of our business started growing and we were meeting more and more investors from OOS. The rents here are incredibly strong with very low cost of entry. Even for turnkey properties, you can pick up a fourplex for $250k that's getting $28k in annual rents. There's SFRs between $40 and $65k getting $700 - $1,100 in monthly rents. It's a great place to be right now.