Mark Thank you for the update!! I remember the video way back about this one and always wondered if you still had it. Glad things are working in your favor and hopfully you'll be free from iit soon! Great job to Ariel!!!
I clicked so fast on this, once I saw that you posted it. I've been thinking about this property ever since your last video on it. I'm happy for you, that it's near the end of the process. Pretty much all of the east side of Cleveland is a SUPER bad place to buy a home, at all, let alone as a rental property. Magnolia Drive might be the only good place to buy, if you do. Comment coming to you from a life long Clevelander. Even worse place to buy is East Cleveland, which is a suburb. That's the one suburb you do not want to be in. And, definitely do not buy at East 79th and Kinsman, as that is known throughout town as the absolute most dangerous intersection in the entire city. Another lesson for Mark is, don't buy a property through your IRA.
That is great news that it looks like it’s gonna be sold soon you can take that money and do something else with it.! I’ll definitely send positive thoughts your way! Look forward to a positive update for us all soon !
Don't ever invest in distant property! Been there, done that. Imagine getting a phone call "The city just shut off our electricity after the fire department put out the fire in our electrical panel." It is hard to get things done if you are not there.
I have fourteen units out of state with plans to purchase two more in the next quarter. As long as you have a solid team, and the numbers work, you'll be fine. It takes a stronger stomach, sure, but like Mark said, it can work.
My parents owned rental property during the 70’s,80’s, and 90’s. While growing up I saw everything that could go wrong did. I saw my parents pass up thousands of properties without purchase because they didn’t meet their rules for investment. Rule number one was it had to make 5% net income. Rule number two, do as much of the work yourself. Rule number 3, never invest a dime of your own money. They always bought on contract 100%. They also made sure they could pay for any repairs in cash. They also had a plan for renovation work on every property. By the time I was out of college on my own they owned 25 buildings and controlled 250 apartments in a town of 80,000.
In Cleveland? Cleveland is very different than rest of nation. Used to have 900k people, now it is 360k. Squatters, copper theft/appliance theft (for scrap metal), unfavorable laws, high eviction rate... Lots of issues. Failing schools, high crime, bad roads... Cleveland is a tough market.
I agree with you that Cleveland is a tough market. One of the things that believe that cleveland may have going for it in the coming years / decades is for one it’s very affordable for first time home buys compared to nearly all other states . They other thing is Ohio as a state for the first time in decades is seeing a net increase in population, mostly growing populations in Cincinnati & Columbus but I believe eventually people will make there way up to Cleveland as well. Lastly as my Handle suggest I drive a semi all over the us & Canada. I bring this up because unless you travel Thur the state of OH like I do you may not have noticed but there is a great deal new infrastructure being build right now. From manufacturing to warehouses / shipping and logistics. The ones that Ives seen are large facility’s, like 5000 or more employees. I’m bullish on the greater Cleveland area and I believe there is a great deal of upside investing in some of the neighborhoods in the Cleveland area.
@@abctrucker8601 They won't live in Cleveland though (or East Cleveland). Cleveland has bad roads, bad crime, bad schools. The same house 5 miles away in lakewood or westlake is 3X=5X the price. Cleveland is not for investors. Cleveland has the worst tenant base, highest eviction rate, copper/appliance theft, squatters, vacancy. It is okay for the first time home buyer or first time investor living in property. If you don't live in Cleveland - do not invest in Cleveland. Plus the people moving to Ohio from out of state have the money to buy in the suburbs (with decent schools, roads, and lower crime).
Gotta love tenants who know how to cheat the system. Landlords get a bad name but this is the perfect example of a nightmare tenant. She gets to collect benefits and doesn't have to pay rent and gets paid to leave. It's almost like legislation created situations where individuals are encouraged to remain in poverty. Hopefully you gave her a check or wired it to her bank. She obviously won't report it as income. Would be good to get her audited with the EIC.
Do you live Cleveland? Do you know the tenant base in Cleveland? Buyer beware. Cleveland is mostly F, D, and C grade neighborhoods. Lots of evictions, wire/appliance theft is common, property getting trashed is common. Please have a plan going into Cleveland knowing the issues. Personally I think Cleveland is for the guy that wants to live in the duplex/quad/triplex and rent out the other parts.
Cleveland sucks. I live here. I rent and the owner is out of state as well, California. My property manager is horrid. Cool that you owned something here, but sorry cle didn't work out for you. Wish you owned my house!
My sister and her husband own a few properties that they rent. So far, they've been blessed with little to no problem renters. One woman rented, then had the bat-sh** crazy sister move in. When the original woman left, the bs woman hoarded CATS! Over 30! Fortunately (?) they were mostly in a 20 x 20 ft shed in the back yard. So no real worries about trying to clean cat urine and other matter from carpets / floors etc. BUT it did take a court order and Animal Control to get her evicted. THEN she tried to take my sister and my BIL to court to get her 30 something Cats back!! UGH... ASPCA said, no way in H***. My family is fortunate they don't own property 30 miles north. IN SEATTLE!!
It’s so crazy to hear you say it wasn’t me it’s the city it’s the state it’s not my fault it’s the managements company fault it’s my 401K it’s Covid it’s a tenant friendly system i thought the house was fixed I was lied to. You took zero responsibility for such a massive mistake you need to play the lottery because it’s only luck that gets you from one day to the next. I only watch your videos to learn how not to do stuff one thing is for sure I learned a lot in this video of what not to do.
You watched the video? Because I said about 12 times I made mistakes and even said how to do things differently. Are you sure you don't just want t complain?
I’m from ohio. If you think it is wise to get into real estate in a city populated by people that are not uncivilised you are a fool. Not all people are equal when it comes to being properly socialised. It’s a culture thing.
Here is the video with more info on the shootout ruclips.net/video/tEv0QomEMhk/видео.htmlsi=bU1tKJhz2re_mWA6
Interesting history on this property,
@@onetuliptree yes indeed!
Glad to hear this one is going to be gone soon.
Me too
Mark Thank you for the update!! I remember the video way back about this one and always wondered if you still had it. Glad things are working in your favor and hopfully you'll be free from iit soon! Great job to Ariel!!!
Was just thinking about this property today! Glad to hear it's under contract! 👍
Us too!
I clicked so fast on this, once I saw that you posted it. I've been thinking about this property ever since your last video on it. I'm happy for you, that it's near the end of the process.
Pretty much all of the east side of Cleveland is a SUPER bad place to buy a home, at all, let alone as a rental property. Magnolia Drive might be the only good place to buy, if you do. Comment coming to you from a life long Clevelander. Even worse place to buy is East Cleveland, which is a suburb. That's the one suburb you do not want to be in. And, definitely do not buy at East 79th and Kinsman, as that is known throughout town as the absolute most dangerous intersection in the entire city.
Another lesson for Mark is, don't buy a property through your IRA.
Or in Cleveland haha
That is great news that it looks like it’s gonna be sold soon you can take that money and do something else with it.! I’ll definitely send positive thoughts your way! Look forward to a positive update for us all soon !
Thank you!!!
I wondered about the status at this place. Good job and thanks for sharing your cautionary tale :-) Glad it worked out!
Me too
Glad you updated on this, hope it sells/closes quickly.
I hope so too
I thought you were going to say she's still in there! Congrats on it going under contract.
It looks like a nice house with a nice yard. A good family home. Mark, you have nerves of steel. I would NEVER want to be a landlord.
Thanks 👍
Don't ever invest in distant property! Been there, done that. Imagine getting a phone call "The city just shut off our electricity after the fire department put out the fire in our electrical panel." It is hard to get things done if you are not there.
It can work but it is not easy
I have fourteen units out of state with plans to purchase two more in the next quarter. As long as you have a solid team, and the numbers work, you'll be fine. It takes a stronger stomach, sure, but like Mark said, it can work.
That’s a cute little house, fairly close to cedar point. Not too far from Detroit.
The best news today !!!
My parents owned rental property during the 70’s,80’s, and 90’s. While growing up I saw everything that could go wrong did. I saw my parents pass up thousands of properties without purchase because they didn’t meet their rules for investment. Rule number one was it had to make 5% net income. Rule number two, do as much of the work yourself. Rule number 3, never invest a dime of your own money. They always bought on contract 100%. They also made sure they could pay for any repairs in cash. They also had a plan for renovation work on every property. By the time I was out of college on my own they owned 25 buildings and controlled 250 apartments in a town of 80,000.
nice
In Cleveland? Cleveland is very different than rest of nation. Used to have 900k people, now it is 360k. Squatters, copper theft/appliance theft (for scrap metal), unfavorable laws, high eviction rate... Lots of issues. Failing schools, high crime, bad roads... Cleveland is a tough market.
I agree with you that Cleveland is a tough market. One of the things that believe that cleveland may have going for it in the coming years / decades is for one it’s very affordable for first time home buys compared to nearly all other states . They other thing is Ohio as a state for the first time in decades is seeing a net increase in population, mostly growing populations in Cincinnati & Columbus but I believe eventually people will make there way up
to Cleveland as well. Lastly as my Handle suggest I drive a semi all over the us & Canada. I bring this up because unless you travel Thur the state of OH like I do you may not have noticed but there is a great deal new infrastructure being build right now. From manufacturing to warehouses / shipping and logistics. The ones that Ives seen are large facility’s, like 5000 or more employees.
I’m bullish on the greater Cleveland area and I believe there is a great deal of upside investing in some of the neighborhoods in the Cleveland area.
@@abctrucker8601 They won't live in Cleveland though (or East Cleveland). Cleveland has bad roads, bad crime, bad schools. The same house 5 miles away in lakewood or westlake is 3X=5X the price. Cleveland is not for investors. Cleveland has the worst tenant base, highest eviction rate, copper/appliance theft, squatters, vacancy. It is okay for the first time home buyer or first time investor living in property. If you don't live in Cleveland - do not invest in Cleveland. Plus the people moving to Ohio from out of state have the money to buy in the suburbs (with decent schools, roads, and lower crime).
Wow totally forgot about this one
I did like the history story. That was interesting. So much violence back then with radicals.
Are you wearing the same shirt you wore in the first video? 😂 Glad to hear this saga is coming to a close soon.
No, ir had a pocket! 😅😅
Just found this. Cleveland LL over 30 years. Ohio & Cleveland very LL friendly. Have one law firm dominant here.
Gotta love tenants who know how to cheat the system. Landlords get a bad name but this is the perfect example of a nightmare tenant. She gets to collect benefits and doesn't have to pay rent and gets paid to leave. It's almost like legislation created situations where individuals are encouraged to remain in poverty. Hopefully you gave her a check or wired it to her bank. She obviously won't report it as income. Would be good to get her audited with the EIC.
Yup
At least it's not Detroit?
Do you live Cleveland? Do you know the tenant base in Cleveland? Buyer beware. Cleveland is mostly F, D, and C grade neighborhoods. Lots of evictions, wire/appliance theft is common, property getting trashed is common. Please have a plan going into Cleveland knowing the issues. Personally I think Cleveland is for the guy that wants to live in the duplex/quad/triplex and rent out the other parts.
Having grown up about 35 miles from Cleveland , you are well rid of the house . Cleveland Is the “arm pit” of Ohio.
What would this house with this much property, be worth in Colorado??
In my area 400k
@@investfourmore big difference…
Cleveland sucks. I live here. I rent and the owner is out of state as well, California. My property manager is horrid. Cool that you owned something here, but sorry cle didn't work out for you. Wish you owned my house!
Thought you sold that a long time ago !
I wish!
Was it a different house you sold far away? Or is this it? You showed google map pictures of the house or am I wrong?
I would work the newfound IRA monies into the market. Some prudent and passive investing. Diversify!
A-MEN sing it with me brother, A-MEN, A-MEN. A-MEN. Stay outta Ohio, A-MEN, A-MEN. A-MEN!
:)
You should tally up the losses… for posterity. 🤓
My sister and her husband own a few properties that they rent. So far, they've been blessed with little to no problem renters. One woman rented, then had the bat-sh** crazy sister move in. When the original woman left, the bs woman hoarded CATS! Over 30! Fortunately (?) they were mostly in a 20 x 20 ft shed in the back yard. So no real worries about trying to clean cat urine and other matter from carpets / floors etc. BUT it did take a court order and Animal Control to get her evicted. THEN she tried to take my sister and my BIL to court to get her 30 something Cats back!! UGH... ASPCA said, no way in H***. My family is fortunate they don't own property 30 miles north. IN SEATTLE!!
It’s so crazy to hear you say it wasn’t me it’s the city it’s the state it’s not my fault it’s the managements company fault it’s my 401K it’s Covid it’s a tenant friendly system i thought the house was fixed I was lied to. You took zero responsibility for such a massive mistake you need to play the lottery because it’s only luck that gets you from one day to the next. I only watch your videos to learn how not to do stuff one thing is for sure I learned a lot in this video of what not to do.
You watched the video? Because I said about 12 times I made mistakes and even said how to do things differently. Are you sure you don't just want t complain?
I thought you sold this property
you should of asked me. I would of told you to run. Never buy anything in Cleveland. Ever
I’m from ohio. If you think it is wise to get into real estate in a city populated by people that are not uncivilised you are a fool. Not all people are equal when it comes to being properly socialised. It’s a culture thing.
I use to own crackhouses in detrioit. It was fun but the money was not great
Has anyone been keeping track of all the mistakes that Mark Ferguson makes? I was, but I don’t want to count that high anymore. Ugh!
742!