All Forum Posts by: Ryan Fox

@Stephanie Baucke - Welcome to biggerpockets!  I can provide a realtor if you PM me. 

Just to clarify, I was referring to what turnkey operators are selling now, as opposed to in the past.

@Omar Khan - Thank you for the advice.  Yes, it looks like most of the properties sold by traditional TK operators in the KC market are in C- / D areas.  I'd rather swim in the Missouri River!

@Aaron Hall - I'll PM you.

@Courtney Radmall - I think you bring up a valid point about potential depreciation in the greater Cleveland area.  I'm from Cleveland - Shaker Heights to be exact - and moved to California 21 years ago.  It's important to note that the data shows a population decrease in Cleveland proper and a lot of the surrounding suburbs.  Check, for instance, https://factfinder.census.gov/faces/nav/jsf/pages/...

Population loss could ultimately lead to an over-supply of housing and then falling home values.

Now, there are probably strategies that work in Cleveland, such as buying way below ARV, as @P.J. Bremner suggests above, but I would be cautious about holding property for the long-term there.  Run calculations that assume a falling property value, then see if the numbers make sense.  

Just adding here that Brian can provide a BPO from November 2017 showing the value as of that date ranging from $5,418,000 to $5,845,000, as well as an appraisal from October 2016 projecting an ARV of $4,500,000.

@Karen Margrave - This one was torn down to the studs, so it is essentially new construction.  I'll look at the resources you suggested, but does that help at all?

@Dave Van Horn - Maybe you can work some magic on this non-performing note!  (Interest is overdue)

@Karen Margrave - Here is a link to view a .pdf of the pictures: 

https://1drv.ms/b/s!At6UPpIAciShrQWsNpshNzlRGtBo

@Karen Margrave - Just figured out how to add pictures and I've attached them to this post.  Yes, it is facing the ocean on Doheny.  

The loan is a syndicated loan and there is no contingency for cost over-runs like this.  I was one of the contributors to the syndication so I have an interest in getting this resolved.  Property is not listed.  He's planning to do a grand opening when it's all finished.  

Can you recommend a hard money lender for the extra funds he needs?