All Forum Posts by: Vic Delgado

Hi everyone, 

I'm an investor in the Cleveland area that has done a flip, and currently own a double on the west side.

I've now decided to focus on finding my first self storage facility. Who else is in self storage in the Cleveland or surrounding areas? I would love to connect and trade ideas. I know the market is pretty crazy, so I'm currently looking for a smaller mom and pop place to do a value add play, or maybe even a small development project if it makes sense.

I'm looking forward to hearing from those of you already in the field! 

Hi everyone, 

I've been in contact with a seller of a handful of mobile home lots outside of Minerva, OH. The deal looks good on paper, but it was brought to my attention that one or two of the lots get significant water every few years as a nearby river floods. Does anyone have experience in this area?

Also, does anyone know property values here as it pertains to buying lots only, or mobile homes on lots?

Vic

I sent you a PM. 

Hi everyone,

I have a potential client that would like to know if he can get a commercial loan as a non resident alien? If so would it have to be in an LLC?

He would also like to know if any commercial lenders will lend against a deal where the owner is carrying back 20% of the deal? My guess is the buyer would have to have some skin in the game, but I wanted to check.

Vic

Thanks for the reply Federico. I've seen a few real estate gurus talk about a possible market correction when the rent moratoriums are eventually lifted. I realize no one has a crystal ball, but I was curious to see if anyone was going to comment on that.

Based on some of the numbers I've seen put out there, the number of people behind on loans rivals or exceeds that of the number of people who defaulted in the 08 crash. Their prediction is that we may be in for a large market correction, and a possible wave of foreclosures hitting the market. So IF that happens, the obvious question is when.

Thanks again.

Hi everyone,

It's been a while since I've posted on here, but due to COVID, I've had to rethink my life/investment strategy. I have now transitioned to a full time real estate agent sooner than I had planned, and I'm curious to see what you all think about the best investment class and area for cash flow? (I'm in the Cleveland area) I also think it may be best to sit on the sidelines for a bit with cash in hand ready for better opportunities.

I already own one double in Lakewood that has put me in a much better financial situation that I would have otherwise been in. Each unit is a 2 bed/1 bath and I get $970 month from my upstairs tenants on a 2 year lease.

Any thoughts from more seasoned investors out there, or recommendations as to better areas for cap rates etc? If  some of you think there are better avenues for investing I'm open to hear about them. Very broad post I know, but I'm hoping for a good discussion.

Vic

Hi Dan, I assume you've sold this by now. I'm curious to know, did it hit the ARV you had planned in the sale?

Hi Griffin and welcome to Cleveland Real Estate!

I'm am also a newer investor. I did one house flip several years ago, and I currently owner occupy a double here in Lakewood, which borders Cleveland to the west. I'm looking to grow my portfolio as well.

As far as associations go, I have attended a number of Great Lakes REIA meetings over the years in person and recently online. They have had some great content lately, and quite a few members who have been doing this for a while. There is also a newer association that I've seen on meetup called the Greater Cleveland REIA, but I don't have any experience with them. I think it's run by a local wholesaler.

I am also a Realtor, and I happen to love living in Cleveland. If you have any questions about the city, places to go or see, or real estate please let me know. 

Good luck!

Hi Lauren, 

I bought a double here in Lakewood on Cook avenue about 2 years ago, and I live in the downstairs unit. Based on what I can tell, it seems most 2 bedroom apartments in the Parma area rent for an average of around 850 month. Yes there is higher for the newly renovated spaces or large complexes with amenities, but for the average place that seems to be roughly the going rate.

I get $950 a month on a nice, but not newly renovated 2 bed/1 bath upstairs unit without a dishwasher. It does have central air and a covered parking spot, and the location is great. I think I could even bring the rent up a little bit considering the comps I've seen.

For 2016, Lakewood property tax was 3.2%, and for Parma Heights it was 2.73%. On a $200,000 property the difference is $940. It would seem that the average rent here would more than cover the difference and maybe even show a gain depending on the number of units, level of finish etc.

I hope this helps.

Vic

Hi Sebastian, 

I must have missed this post in my Cleveland notifications, but I would have been interested in seeing it as it developed. Have you completed the project, or are you in later stages of reno right now?

I am interested to hear how the project went, and what area you are working in.

Vic Delgado