Real Estate in Northern Ohio
Brett Young
216-532-3470216-532-3470

Unlimited Real Estate Magazine

Unlimited Real Estate

Making the Real Estate World easier

New Hot Buy in Bedford Ohio

 

 


I looked at a home in Bedford a couple of days ago and really liked it.  I do not have the point of sale report from the city but the offer will be contingent on that report.  It is a 3 bedroom 1 bath that has a large backyard and a nice driveway. It will rent quickly and Bedford is a hot bed for rentals. Lets look at the approximate numbers. Has a great open floorplan and a nice covered patio.
 Call Brett Coldwell Banker to get more information 216-703-5740

Offer pric_____ $27,500

Approx

 

Rehab________$25,000

Total Price____$52,000

Approx Ren___$ 850

Property tax (monthly)_____$172
Property Management

______________$  85
Approx Insurance

______________$ 60

Net Profit_____$533 

 
 

 

 

Nonbanks Target Single-Family Rental Investors

 

Here is a story from http://www.nytimes.com/ By

“Mr. Herbert described the company’s underwriting criteria as fairly conservative. The property income flow must “more than support” the mortgage, he said. The average loan-to-value is 62 percent (meaning financing for up to 62 percent of a property’s value). The company plans this year to expand well beyond the 13 states in which it currently lends.”

Though the Loan to value ratio is lower it is a great start for investors that already have rentals and need to leverage them for other ventures.

This story also mentioned that the down payment was a minimum of 35% down.

”  Visio will also lend, with a minimum of 35 percent down, on properties in need of significant repair. Banks usually balk at providing such financing, not wanting to end up with a problem property in the event of a default. But because Visio was created by the top managers at Econohomes, which bought and sold some 11,000 distressed single-family homes during the recession, it has ready access to a large pool of existing home buyers in the 34 states in which it lends, Mr. Ball said.”

So as you can see the market is changing for the rental investors though slowly it is changing.

If you need a home in Northern Ohio call Brett 216-703-5740 Coldwell Banker 

.

Setting up new Ideas in Real Estate

 

With the changing Real Estate Market and the up tick in interest new ideas need to become reality.  In the past I did excursively cash flow real estate that worked well and got my clients solid assets.  in fact one client called me and said that the two properties he had purchased from me was the best producing properties in his portfolio.

Cash flow real estate is still around but not like it used to be and that means we need to change gears and look at new opportunities.

Here are some examples that we are looking at to move forward in today’s market. The first thing that comes to mind is lease optioning a property.  I have done a few of these properties around Cleveland.  I think you can look at 2 bedroom properties to do this with.  We had one property in Bedford that I did that with at 736 Columbus .  This property was purchased for just over $11,000 in March of 2011.  The tenants lease optioned it until 10/18/13 when they purchased for $60,000. Click here to view the tax records. 

Before it was optioned though the client had $14,000 in profit from the rents and made a huge amount of money on the sale.  It was around $45,000. These types of properties are often ignored and there is a lot of value in that.

Another example is in Lakewood Ohio this home was also leased optioned on 1/31/13 for $1200 a month.  they have leased this property for over 2 years and the client only missed one month’s rent.  He netted around $650 a month.  The market is now changed to a sellers market and they cannot exercise their option so he is not renewing the contract.  When they move out in July we will be remodeling that property and selling it for him.  He should make a great return on that.

So you can see that the Lease option, Rent to own is the way to go sometimes.  In this market today I believe that it works well with certain properties.  If you want to learn more about these types of properties call Brett 216-703-5740.

 

Setting up a whole new real estate experience

 

 

 

Real Estate is always a moving market and changing all the time.  Real Estate professionals also need to change their strategies in a changing market also. As a real estate professional and understanding that the changes area here I am doing the same.

I have done a ton of cash flow real estate that was successful. I feel the market has changed so I went and got my Real Estate License in Ohio ( have it in Arizona since 2000). Having this totally different market that requires more time to find properties because of the decrease in inventory I needed to get my real estate license.

Having said all that me and my wife Lori who is also a real estate agent are going to focus mostly on flips and a few rentals that make sense.  We just purchased one in Lakewood Ohio that we will be starting next week.  Having a smaller more focused company that moves with the changing market will also benefit our clients and their purchases.

That is why I renamed my blog http://unlimitedrealestate.blogspot.com/ .  Our company will also be bringing on new listings and some buyers that want certain types of properties in the retail sector. Our company will be focused on fewer homes and properties.  We will also have a great new school that will teach real estate professionals how to get business and keep it.  That website is http://intenserealestate.com/

If your ready to be one of the investors that we work with in this totally new experience call Brett 216-703-5740 Coldwell Banker
 

New Hot Buys:The Prices are Startling!

 


We are currently looking in a great area that will rent for $1100 per month.  Solid neighborhoods with tons of shopping and great school systems. These are single family homes.  With some upgrades these properties will be awesome! These are approximate numbers, we will have solid numbers when we close the property.

Lets Look at the numbers

Total with rehab Cost_______$85,000-$90,000

Rents______________$1050-$1100 per month

Taxes_________________________$250

Property Management____________$79-110
(we have 2 property managements companies)

Net monthly after cost____________$ 711

These are areas that the equity will grow and you will get great renters.  About 20 min from downtown and close to a Starbucks : ) I am looking at three properties in this are that I know you want in your portfolio.  Call Brett for more details 216-703-5740

 

What do you want to know about Real Estate Investing?

 

Click below and let me know thank You

 

Nonbanks Target Single-Family Rental Investors

 

 

Here is a story from http://www.nytimes.com/ By

“Mr. Herbert described the company’s underwriting criteria as fairly conservative. The property income flow must “more than support” the mortgage, he said. The average loan-to-value is 62 percent (meaning financing for up to 62 percent of a property’s value). The company plans this year to expand well beyond the 13 states in which it currently lends.”

Though the Loan to value ratio is lower it is a great start for investors that already have rentals and need to leverage them for other ventures.

This story also mentioned that the down payment was a minimum of 35% down.

”  Visio will also lend, with a minimum of 35 percent down, on properties in need of significant repair. Banks usually balk at providing such financing, not wanting to end up with a problem property in the event of a default. But because Visio was created by the top managers at Econohomes, which bought and sold some 11,000 distressed single-family homes during the recession, it has ready access to a large pool of existing home buyers in the 34 states in which it lends, Mr. Ball said.”

So as you can see the market is changing for the rental investors though slowly it is changing.

If you need a home in Northern Ohio call Brett 216-703-5740 Coldwell Banker 

 

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