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Cleveland Real Estate Investing

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Cleveland Real Estate Investing Opportunities   With its lively neighborhoods, family parks, delicious cuisine, and more, Cleveland is a great place to live. If you are one of the many people hoping to buy or sell a property in Cleveland, it’s important to understand the housing market to ensure that you are making the right … Read more

Cash Flow Property Maintenance and Repairs

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  Cash Flow Property Maintenance and Repairs How To Avoid Losing Money   Investing and owning real estate rentals is NOT like owning stocks or bonds.  You are dealing with an asset that actually exists in space-time. This asset is subject to the forces of nature and time. This is why you have depreciation and … Read more

Cash Flow Property Investors

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  Cash Flow Property Investor Types That We Work With Individual Investor We offer the best property opportunities for the individual investor looking to invest in 1 property or build a portfolio of 10. Residential cash flow properties offer an easier point of entry versus commercial and apartment investments.   Passive Investor We have special … Read more

Cash Flow Property Systems

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CASH FLOW PROPERTY SYSTEMS Direct Invest Real Estate Investors   Why should an investor own income-producing real estate? The benefits have been around for a long time, but for those who are new to the business, here is a brief list: Inflation hedge Hard asset shelter A commodity that will always be rent-able or sell-able … Read more

Cleveland Real Estate

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  Cleveland’s Real Estate   Cleveland has always been a market you could find property opportunities in, to find value, force appreciation and reap the financial benefits of your hard work. it also is a great market to find distress real estate in, finding equity from run down, disrepaired homes and apartments or seeing value … Read more

Long Distance Landlord Investor

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Are You A Long-Distance Landlord in Cleveland?

 

Here are some real world tips for you to apply in your real estate business to reduce risk, loss and increase revenues:

 

  • Have a local mailing address on your tax roll and dealings with local city/government officials and tenants.
  • Use contracts with handy-helpers and contractors, even if it is just one page sheet outlining the repair list and terms. Many landlords think they have to give up formalities for cheap pricing or because there is a “skilled labor” shortage. Well, the truth that, it’s all relative, if someone refuses to contract a job in writing, MOVE ON, there is always someone else.
  • SECTION 8 is YOUR friend, don’t mess it up! If you are having a BAD relationship with subsidized housing it is because your M.O. is not correct. I personally built several large Section 8 income portfolios and it was the best investments ever. Here are the Common errors long-distance investors make with Section 8 (Or their ground troops handling their affairs here):
    • Not doing the paperwork correctly.
    • Using out of town addresses that piss off the inspectors and administrators.
    • Not following the rules and pissing off the officials.
    • Not showing up for inspections.
    • Not complying with their federally and state mandated compliance rules established by HUD.
    • Not getting certified as an owner (a super simple brief class here in Cleveland that is worth it – get to know the employees if you want to have several Section 8 rentals).
    • Not completing the repair list they give to you. Often is just a large punch list of little things. It’s worth it, remember this is an investment, so it is not money lost if you are holding for cash flow.
  • Make sure you use LLC for the title of your income properties, and register it in Ohio as a foreign registration OR file a NEW LLC in Ohio. They are very strict about foreign corporations getting registered in Ohio.
  • When hiring new hand-helpers, contractors or management companies, do a manual background check on them. This will save you a MAJOR headache.
  • File assessment value complaints on your property taxes when they allow it, dispute value and show the repairs you had to do or still have yet to do. I recommend you do this internally and not hire someone else to do it, it is very simple to file.

 

So how do you conduct a manual background check on anyone?

That will be in the next article. But I want to say, it is worth the 1 hour effort, if you don’t have time, and I totally understand, CCFP offers a background investigation service for corporations and persons of interest. We can do it for you.