All Forum Posts by: Vadim F.

Does anyone have past deals that they would like to share? Would love to see before and after pictures of an investment property along with the associated rehab costs. Any other info along with it would be much appreciated. Thanks!

I have many on my site, ( I have done about 1k renovations out there ) what is it you are trying to accomplish?

Awesome i will check it out. I am looking to BRRRR a property in Columbus or Cleveland. Just looking to gain some insight into the rehab process and ballpark rehab costs. I just read a pretty good book on estimating rehab costs which helped a good bit.

@Ryan Welsh Can I ask why are you trying to BRRRR a property? BRRRR'ing a property in today's market is almost impossible. The interest and closing costs will kill any cash flow. You will almost always have to leave some $$ in the deal to still achieve cash flow. Also, Columbus train is long gone, everything that is semi decent is getting scooped up quickly in hopes of continued appreciation.

0 Votes

Cleveland, Ohio

Location vs Price is relative to the market you are investing in. I invest in Cleveland, majority of the city is C class and below. Tons of investors are trying to buy up Clark-Fulton on the west side because of MetroHealth is pouring in $1b. The area is is near Tremont and Ohio City which are the 2 of top neighborhoods in Cleveland. Clark Fulton is currently a C-/D+ area but yet investors are paying premium prices because of the "Location" but gentrification is still a long ways away, maybe 5-10yrs. There are comparable areas on the East side of Cleveland that are C-, with a solid tenant base and you can acquire a property for much less.

2 Votes

Cleveland, Ohio

Quote from @Tosin Omoba:

Good afternoon, I am a new landlord and I recently just posted my unit on Zillow. Although we have had a few applicants, I'm still having a hard time renting it (the applicants don't meet the standard) any pointers on how to go about it? Thank you.

What market is the property in? What class neighborhood is the property in? What are you having the applicants qualify against? It's impossible to provide an answer to a question with no details.

3 Votes

You can raise the rents to cover the difference. Also if rates going down in the next 1-2yrs do you want to be locked into a 5yr prepayment?

1 Vote

0 Votes

Cleveland, Ohio

@Chris Seveney agree with you on location but only if it is an appreciation market. If it is a cash flow market, it’s all about price, but that is my personal opinion.

3 Votes

Cleveland, Ohio

Quote from @Nick Virovec:

Thanks James, I appreciate the feedback. I feel like you just try to make sure you are doing everything you can as a landlord to be proactive. Is there a particular screening service you find useful for credit and background checks?

get a good PM and let them do all the work. You as the owner should be as hands off as possible.

0 Votes

Cleveland, Ohio

Quote from @Shuvrajit Mukherjee:

I am new to investment, and I want work on BRRRR strategy. I made my first purchase, rehabbed and now it's rent ready. But I find it very difficult to refinance without an LLC. I am here on H1b visa, and according to my lawyer, forming an LLC solely in my name will be seen as violation of the status by USCIS. However if I could form an LLC where someone else is a "manager", and I could be the member. That way it can be shown that I am only an investor in the company, and not working for it.

I wonder how others on H1b has gone around it? Also would love to know if someone ho is a citizen would like to partner along?

Doing a BRRRR in today's market is very difficult given the current rates. It's not possible but you have to get the properties pennies on the dollar and have a solid team in place to achieve it. Also, if you are looking to refi a property you can do it as a DSCR with 75k min loan amount.

0 Votes

Cleveland, Ohio

Quote from @Deep Patel:

Hi,

I'm an out of state investor looking to buy in Akron and Cleveland, and I'm looking for help with getting my properties ready for the move in inspection. Since I am not in the same state, what are some ways I can get my property ready for a tenant? I have access to the checklist that the housing authority provides when doing the inspection, but I don't have anyone to do an initial inspection so I can fix any issues that might come up before the inspection by the housing authority.

Any ideas on how to get around this? Would love the help!

Thanks!

How are you managing this property or are you looking to acquire properties in those markets?

0 Votes

Cleveland, Ohio

Quote from @Carlo Ramos:

I just finished school and currently have a stable job with a bit of money saved up. First time investing in real estate, and chose Cleveland since my budget fits perfectly. Currently negotiating with a seller for 2 multi family properties for $200k, all units occupied, generating around $4k gross rents. Thoughts on this deal?

What part of Cleveland?

0 Votes

Cleveland, Ohio

All Forum Posts by: Vadim F.

Vadim F. has started 10 posts and replied 333 times.

Post: Examples of a rehab

Post: Agree Or disagree and why.

Post: Hard time getting my property rented (19 days on the market)

Post: Higher rate with 1% pre-pay penalty vs lower rate with 5% yearly decreasing penalty

Post: Agree Or disagree and why.

Post: Agree Or disagree and why.

Post: Flexible Lease Terms

Post: How to find partner to form an LLC

Post: Getting ready for the section 8 inspection

Post: First Time Out of State Investor & Multi Family Units