All Forum Posts by: Sunny D.

I did 2 deals with them last year, broke even on one due to having to replace the roof and AC repairs that were NOT included in the original SOW and lost money on the second due to the ARV not checking in as forecasted. I really was hoping to build a long-term relationship and stream of income from these flips. I think they have a well-oiled machine, but they are dealing with alot of volume which can contribute to misses like this. Regardless of what happened, I take responsibility for the outcomes and used it as a learning experience of what I could have done better to avoid these mistakes. Always do your own diligence and proper vetting of everything. There are alot of moving parts in flipping and out of state is even more challenging. While they provide systems and partners it's your money on the line and you are faced with many decisions along the way that you need to take ownership on and can't be passive. Happy to share more of my experience if anyone has any more questions.

Hey folks - I may be closing on a property soon in the westpark/jefferson area. 

I'm in a bit of a pickle deciding whether to ..

1 - vacate the currently occupied unit and take the next 1-2 months to do some minor upgrades (new roof, new exterior paint, new appliances, touch ups to bathroom/kitchen) then try re-renting it in the new year under a new property manager with higher rental prices (new: $750, old: $700). 

or..

2 - do renovations later after weather conditions improve and stick with the current tenants who the owner chose themselves. (i dont think they're using a PM) but rent for a bit lower ($700). The tenants are currently on a month to month lease. 

with option 1 -- upside: can finish renovating since it's a slow season anyways and potentially rent it out for higher rates and increase cash flow/returns. theres also potential to screen for better tenants and secure a longer term lease

downside: i'll have 2ish months of vacancy...

i think option 1 makes more sense but maybe there's another option / perspective i'm missing here. 

thoughts? 

thanks BP Community! 

@Mo Weis 

@Mo Weisundefined, do you have any good recommendations on management or management companies that are reasonable on fees and tend to get good tenants?  

Hello all,

  I am a real estate investor from Southern California.  I am looking into investing in some other markets where cashflow is better and a good friend of mine mentioned the Cleveland area.  Specifically, he mentioned Lakewood and Kams Corners as desirable neighborhoods.  Does anyone have a feel for rents, vacancy rates, and types of tenants (A, B, C, etc. neighborhoods??) in those areas.  Also, are there tax abatements that people are taking advantage of?

  I appreciate any insight from the community, thanks

Derek Falconer

@Sunny D. What management company do yo work with?  I am seeing significantly longer turn around times.

Closing on a triplex in Ohio City and my current lender is trying to charge me 1% origination and 5.375% fixed on a 30 year loan.    Purchase price of the deal is over $300k and my lender claims it's the best rate I'm going to find.  It's a semi-large bank and working with a local credit union seems more appealing (plus the added benefit of proving him completely wrong).  Let me know your thoughts!