All Forum Posts by: Vic Delgado

@Jay Hinrichs thanks for the input, I hadn't noticed that it was gross rent that was analyzed. Huge difference.

Thank you for the research/stat lesson and great information @Art Perkitny.

Hi everyone, what are current cap rates in Cleveland for B-C area large multi family properties (greater than 100 units) in the Edgewater area west of Cleveland? 

Vic Delgado

Thanks for the replies everyone! 

I have found the names of people on the State Of Ohio's website for the defunct church, but have had a difficult time locating any of them. Also, there were several churches with the same name in different areas. I will try using a title company as I hadn't considered that yet, or using the previous mortgage information.

@Bob Collett, the owner is listed as a Church. State Records show that both filings of the Church ended around 2000, and the county won’t give me a contact for the church. 

Hi everyone,

I'm trying to find the owner of a vacant property whose last owner is listed as a church. After visiting the state website, the only church listed in that name ended over 9 years ago. I've tried calling the county offices but they won't give me any contact names for the previous entity. 

I sent a letter to the previous owner, and she actually responded! It wasn't much help since she didn't have any specific names for me.

Any suggestions on how to proceed would be greatly appreciated! Also, I've seen a few mentions of adverse possession deals. Has anyone done this in Ohio?

Vic Delgado

Hi Victor, Congratulations on getting your place rented! I purchased my double in September last year for $198K, with an asking price of $200K. I didn't do any upgrades or improvements at all to the 2nd floor except for a good cleaning, and installing a decent vanity in the bathroom. I rented it out at $880 month on a little over a one year lease. I'll probably be raising the rent a bit when it comes up next spring. I just finished my real estate license and have affiliated with Progressive Urban Real Estate to help facilitate my investment goals. I'd love to meet and talk real estate sometime whenever you're in the area!

Hi everyone,

I'm a new owner of a double in Lakewood. I'm living in the bottome unit, and the top 2/1 is currently being vacated. I have an additional 3rd floor which is not currently livable due to no HVAC, and it has enough space to add a large master bedroom, and an additional bathroom with a sitting area.

My question is how do all of you determine the maximum price you are comfortable with spending on your rehabs? It seems like current market rent for the upstairs 2/1 is about $850 month. Remodeling the 3rd floor and adding the bedroom and bath to make the upstairs unit a 3/2 seems like it would bring the rent to a minimum of $1250 to maybe even $1400. So the difference I would be getting in rent is at mimimum $400 to maybe a $550 difference compared to the current rent.

How long of a payback in addional rent do most of you consider to be warranted? I just received a quote which was much higher than anticipated to redo the third floor, and I wanted to hear some input on the subject.

Please feel free to give any feedback on current market rents also. My double is on Cook Ave between the tracks and Clifton, so it is in a great location.

Vic

Thanks for replying everyone!

Hi everyone!

I'd like to get a bit of advice from the seasoned investors in the Lakewood, OH area. 

I just purchased my first investment property up/down double on Cook Street. I'm moving into the lower unit, and the upstairs tenants are vacating at the end of October. There is a large 3rd floor that I'd like to paint, add at least a half bath, and install a stand alone heating/cooling unit. This would be a part of the upstairs unit as a rental making it a large 3rd bedroom. This would bump rent from roughly 850 now to probably 1250. 

The question is would you renovate that right away? Or put renters in the top 2 bedrooms only while the 3rd floor gets rehabbed during the winter? Part of my thought process was that it was going to possibly be difficult renting the top unit this late in the season, but so far word of mouth has shown that to not be true.

Any advice or suggestions would be greatly appreciated from this new landlord!