All Forum Posts by: Ryan Rock

 But you know your situation. He asked what YOU would do, not what he should do. In my opinion this typeof question can be very helpful if people actually answer it, like the guy that said close on 4 duplexes in Killen. That doesn't mean the op is gonna do that, haha. 

It boggles the mind that people can't seem to understand that. 

 Technically the OP wasn't asking for advice. He asked what YOU would do. 

I just rescinded my offer. Thank you to those of you who gave me new information. I'm disappointed but I think I dodged a bullet with your help

-Ryan

 Now that you mention it, I did hear someone yell "incoming" in the background. I couldn't find Fairfax by name in your guide, but I do see that 44103 is grade F. I guess I will rescind this offer. The seller has been dragging her feet. I didn't make an EF deposit yet. 

don't sugar coat it! 

I really appreciate this input. 

You're right, there are vacant lots in this area. I didn't see any noticeable blight nearby on the video calls or searching google earth, which I realize isn't necessarily updated. I have heard that newer houses like this were built in areas as you describe with incentives from the city. Does that ring true to you? That seems consistent with what you are saying. The age of the home caught my eye but I'm not ambitious enough to be the guy who tries to turn a bad neighborhood around.

Where would be a better part of Cleveland to look?

I've also found a place less than a mile from University of Akron. It's also 20 years old. I think it could realistically be rented to students. What do you think of that area? 

 i wish you werent kidding almost 😄

 i appreciate that input. my experience with renting to families is that they try to take over and become territorial. 

No pets allowed currently and I think it will be easier to keep it that way.

. The drama part is a good point. 

For your rhetorical question about the str basement I'll answer rhetorically. have you seen some of the crazy stuff people rent on abnb?

After I try this if it doesn't work I can easily switch to a different business model

I might be interested. You can send me a pm and we can talk on the phone if you like

I am in the final stages of negotiations on a house in Cleveland. I have owned many rentals in California, but since I reached the conclusion that my beloved state is not the best place to invest at the moment, I started to look for opportunities in different states. My first idea was to find a sf property close to a university and rent it room by room to students. With that working premise I began to narrow my search to 4+ bedrooms, less than 20 years old and less than 1 mile from a university. I may have found the only 10 homes in the country that fit that description for under $150k. 

I became fascinated with Ohio, but while searching there I decided to consider unmarrying from the student rental. Anyway, the property I am about to buy is 2262 E 73rd Street, Cleveland. A few things I like about this property are that it is 20 years old, has a legal basement making it a 5 bedroom, and it is currently being rented room by room.  The current landlord does not allow pets, also a plus.

With 5 bedrooms available, 70% occupancy, and $400 per, I only get a cap rate of 6%. That's with $250/month toward maintenance and $200 pm. Hopefully I can beat the occupancy, room rent and maintenance, if not the pm.

We have agreed on $128.5k. The AC needs a $3000 repair. I will be paying cash.

There are currently two tenants paying $400/month each. The seller has offered to place a 3rd during escrow, but I declined. I want to vacate the basement, which currently has one of the tenants, and put in a door to the outside. Then I would like to make this an abnb apartment. In my view there are needs for strs in nearly every area. I won't be shooting for a sky high occupancy, just enough to net more than the $5-600 I could get with a longer term tenant.

If anyone wants to evaluate my idea I'd appreciate it.

Ryan
 

me too!