All Forum Posts by: Tyrell Perry

 Going 46MPH in the 45 can be described as "ethically" breaking the law...just saying, it can happen :)

Yesterday CMHA (administrator of Cleveland Section 8) sent out this message:

Dear Landlord,

As you may know, there has been a partial shutdown of the Federal government. We have received funding from the Department of Housing and Urban Development for the Public Housing and Housing Choice Voucher programs in January and expect to receive payments in February. We will provide updates as we continue to receive more information.

--

Key word here is "expect"...at this point February payments are not guaranteed for Cleveland landlords.

Payment has yet to be halted but the road ahead is ambiguous. CMHA (administrator of Cleveland Section 8) sent out this notification on yesterday:

Dear Landlord,

As you may know, there has been a partial shutdown of the Federal government. We have received funding from the Department of Housing and Urban Development for the Public Housing and Housing Choice Voucher programs in January and expect to receive payments in February. We will provide updates as we continue to receive more information.

--

Key word here is "EXPECT." Has anyone else received a similar message from their local Section 8 Housing Authority?

@Sam B. Spew your logic to long term owners in Brooklyn, Harlem, The Bronx and Durham, NC. I am certain it would give them a good chuckle. 

In Cleveland, I see many investors doubling down on their mistakes. 

Mistake 1: Buy a distressed overpriced property.

Mistake 2: Sell a distressed properly priced property.

Typically when the investor realizes they made a poor investment decision, they simply throw in the towel and give up. Rather than putting up a fight and turning a bad situation good, the investor simply sells at a significant loss. Had that investor consulted other landlords having property in the area, chances are she or he could have repositioned their property into a stabilized cash generating asset. It may take a few years to break even but sometimes you have to play the long game.

Definitely. Have eviction court tomorrow and if the tenant doesn't pay the arrears plus legal fees, they'll be evicted on Christmas Eve or the day following Christmas. 

It was the tenant's decision not to pay rent, breach their lease and as a result be issued the 3-day notice. Have to hold folks accountable for their actions. 

I've only experienced a delay around the November and December holidays and the setback only adds a week. For the remaining months, the eviction timeframe has been as you envisioned...4-5 weeks. If your investment property is in Cleveland and not the suburbs, you're probably getting the runaround. Have you yet to request the eviction filing docs and/or receipt from your PM? 

I've heard solid reviews from other investors on Realty Trust Services and Wright Cummings Property Management. To my knowledge, both companies service your investment area.

Stellar work and results...congrats!

@Ari LaskyReturns fluctuate based on a number of factors (unit quantity, purchase price, occupancy rate, repairs required, contractor costs, etc.). With that said, within 2.5 - 3 years, I expect to fully recoup my investment on multis of 4 units and under. During the first year, returns may be low as the property is being stabilized. Post stabilization, returns will increase substantially and the operating margin should range between 30% - 60%. 

I target properties under $25K, anything above that amount needs to be stabilized generating a 30%+ return.