All Forum Posts by: Mike Alder

Hello @James B. 

 If you can not find anyone on BP to assist you with pictures I would try to contact local real estate agents, or go through your other social media contacts for this. If the individual you hire does not have real estate knowledge then give very specific instructions of what you expect to see in the pictures and video inspection. You would also want to be sure they are not "in bed" with the individual you are releasing funds to!

Sorry BP members it starts at 7:00 PM (I overlooked the time)

 Attention all Cleveland Ohio seasoned and newbie Real Estate investors. Feel free to check out our new meetup group. Sign up for our first networking event September 3rd. My team and I have had a great year so far and we would like to meet with other local pros to share what techniques have worked for them in our marketplace. If you have deals bring them! There will be cash buyers present! Newbies come out and share what type of Real Estate investing you are interested in and we will share tips that work to get you going in the right direction!

http://www.meetup.com/Cleveland-Real-Estate-Fortune-Finders/events/200616462/

Hello @Gabriel R. 

  I still struggle with this as most investors do but the best way to find good reasonable contractors is to start within your network. Look at your phone contacts and ask friends for referrals of people they have actually worked with. This should give you some good leads! If your not sure what things cost on a rehab then you can get free estimates from contractors for your wholesale deals this will help with your marketing. Do not abuse this persons time, if you have a contractor burning their gas and time just to provide estimates and never actually getting any work from you they will stop taking your call and not be there when you really need them

@Kevin Hill Excellent suggestion to watermark your photos with your contact info!

@Kris Haskins I never had a craigslist rental situation like that before, that had to be exciting!! But I have seen pictures of my properties on Craigslist with scamers trying to seller finance them. Thankfully nothing ever came of it I just reported it to craigslist and flagged the ads. I love the lock box idea but in my marketplace you will get cleaned out quick lol!!

Hello BP members,

  After a recent meeting with some fellow investors in my marketplace Cleveland Ohio it was scary that we all have stories of out of town investors contacting us to check in on their properties that they own in our area. These calls are common and we usually receive them when a property manager stops returning calls or a tenant stops paying.    What is not common is these investors had purchased properties that were sold to them as turn key, cash flowing properties that they paid market+ prices for and when we visited these properties they were actually "shell properties" worth a couple thousand dollars. Hard working investors getting hustled by local snakes! 

   I am not sharing this story to scare investors away from Cleveland. We have lots of great ethical investors to work with here and our rental market offers excellent returns but here are a few tips to prevent investors from getting burned when buying in other markets

1) Always have your property inspected! Its worth spending a few hundred dollars to find out if you actually have a great deal. If its a bad deal losing $200 is less painful then losing $40,000

2) If its a rehab property you are investing in hire a 3rd party to check in on your contractors for you. This can be anyone with a camera and basic real estate knowledge. before you pay your contractors schedule this person to take pics and shoot video of your property to be sure your contractor has done everything they are requesting funding for. I've seen investors pay contractors based on bogus photos the contractor provided to them costing them thousands!

3) Always get a warranty deed! Quit claim deeds are cheap and easy but a lot of luggage can come with those titles. Its worth paying a title company to be sure you are investing in a clear title!

  I realize these tips should be basic knowledge but after what I've seen recently investors are being seduced by some really smooth talkers! Never forget this is a business do not feel ashamed to call someone out or hire babysitters to help protect your investments!

Hello @Ron K. 

  I can only speak on my experience investing in 2 bedroom 1 bath properties in Cleveland OH.  As rentals they are great! Typically  the rehab work is easier and the turnover rate of tenants in these properties are lower in my area. I do not think the demand for these properties as rentals will decrease overtime. There will always be a need for affordable rental homes. As we all know its the resale of these properties that are lousy!

Hello @Tajh Walker 

That's great you are ready to get started! Buy and hold is great but if your funds are limited I would start wholesaling or fix and flip until you have a nice nest egg behind you. I understand you are in a higher priced market but I would seek out private money or use hard money lenders to fund your first few flips. They are expensive but if your deal is solid it doesn't matter. This will allow you to get into a deal without using any of your money. You can find them here on BP or at your local REIA meetings. Start with flips that need minimal work (cosmetic stuff) to get your feet wet. If you start with full rehabs you may become over whelmed. Save those profit checks until you are really comfortable then start your buy and holds! Just my 2 cents, Good luck and take action now!!

Hello @Karen Rodriguez 

  I do not have a spreadsheet to display my goals but I write my annual short terms goals in my cell phone note pad app. This way my goals can be seen everyday as we do not go anywhere without our phones.  I have pages set as "goals I must accomplish by xx/xx" Including how many investment properties I will flip, financial goals, new opportunities and fitness goals. I'll mark them completed then set the bar higher if I'm ahead of schedule. Its not the most "professional" setup but it has worked really well for me!