All Forum Posts by: Victor Vella

That should tell you what kind of market where in

“Be patient and wait for a good deal or....”

There is ALWAYS a deal out there. It’s a matter of being flexible, nimble, and constantly scanning.

@Antonio Cucciniello

As A full-time investor in Cleveland

I soft appraise 100 houses a month. View 30. Appraise 20. Offer 10. Get 1.

The more you pencil deals, make offers, make mistakes the better you’ll get at creating mental shortcuts.

Market conditions are still in favor of sellers. Buyers are buying owner occupant or investors would prefer real estate vs stocks. Bond yields are getting chased lower and lower by the tide of boomers returning IMO looking for cash flow.

There will come a day again when the buyers seat will rule the market....but damn this is taking forever 😆.

Keep running numbers you’ll get better and faster over time! Golden rule in investing that has served me well...Be patient.

As an investor I believe columbus to be more of an appreciation play so I think price to market is less important If the seller is offering a decent cap in short term

When ever I view an off market property that is vacant/with someone I don’t know I always stop and grab a coffee. 

It’s casual and allows me to hold my “safety/weapon” in my hand at all times which buys me the two seconds I’d have to reach in pocket for some type of pepper spray/firearm etc

I’ve never had to utilize it except an occasional sip or two myself 😆.

Like @Charles Carillo said it is 99% about the numbers.  That being said its 1%( and a very very very very important 1%) about the questions you ask through out the process of working with someone that your purchasing a contract from.

I'm not an agent, I'm in investor. I do have a subset of questions I ask that is a good jumping off point but by no means an end and every situation is different. Obviously thats for the "professionals" to advise you on, agents, attorneys, title and sometimes even a chatty neighbor :)

From experience there is often a gap between knowledge/language between many agents and investors.  It took me years to find a team between agent, attorney and title that speak investor language.

Interesting question 

The second deal I ever did on the open market, my offer was $120,000 cash 10 day close. There was a competing offer of $160,000 45 day.

Seller chose my offer. Value comes in many different ways agree with 
@Jerryll Noorden 

Also sounds like you did your job in selling your value, to ultimately provide your value. Who knows what the actual conversation actually was between wholesaler and seller. What if he didn’t say that and the spread was lower like $5,000, $10,000 etc where does that line end of what’s acceptable. (To be fair as flip that seems like a fair spread but for adding no value that’s rediculous)

Also maybe the wholesaler hit them with a stupid low number expecting them to negotiate...

Side note about realtors fees/mls effectively creating price collusion 

https://www.google.com/amp/s/w...
 

@Account Closed agree golden rule 

Ultimately whether your a realtor or whoever great job selling your value, making your client some more money!! All of our jobs is to bring value to people around us and pay our own bills. 

Something I personally think gets constantly undervalued from BRRR investors is cash flow/occupancy

During a down turn houses don’t sell, people sit longer trying to sell houses, drop prices and ultimately and increased amount of homeowners turn to being a landlord. This means there is more inventory, more options, more people that want to spend less could drive down rents.

Again like mentioned, if you don’t sell and can handle lower cash flow then no big deal.

Side note, before we talk about recession and the yield curve

- what is the market day supply of house - https://www.google.com/amp/s/w...

- what is mortgage delinquency rate - https://www.housingwire.com/ar...

that being said it’s always great to think of the risks and the upside 😁. Great question!

@Dr. William Clark

Yes Cleveland is very hot! The labor market is strong, creating strong demand for inventory and its tough to find good people at what’s been a fair price.

I know there’s a lot of talk about the “yield curve” on a national level but on the ground market is still strong

@James Wise

Well said on Kamm’s Corner - good demand, well Maintained but tied to Cleveland Schools. As prices in Cleveland keep rising I think people will look to suburbs like eastern Lakewood as price/central location drives demand for CLE seems to be appreciating faster at some point the benefit gets negated.