Monday, June 30, 2014

Just Finished Flip Property

 This is a Single-Family Home located in University Heights OH. has 4 beds, 2 ½ baths, and approximately 1,779 square feet. The property was built in 1935.  The property has been totally rehabbed.  The rehab includes: New Kitchen, Professional Refinished Wood Floors, Interior Decorated New Paint, New Lawn Package, New Plumbing,New Remodeled Finished basement, New Electric Panel, New Lighting, New Appliance Package, and new tile in the Kitchen.

This is a great family area and the neighbors are awesome! Nice street and great area, close to the John Carrol College.  Call Brett to Set up a showing 602-363-6551.


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Sunday, June 29, 2014

Real Estate and the Changing market



I know I talk about a lot of the great things that are happening in the Cleveland Metro area.  That helps future buyers and Tenants come here to work and live.  As an investor you must also track the trends and understand the local economy. 

I found a report from http://www.cleveland.com/ that talked about the home sales in the Cleveland area. The story is by Michelle Jarboe McFee, The Plain Dealer 

" In Cleveland, for example, an index tied to prices of single-family homes was 2.7 percent higher in April than a year before. In March, the region's housing market was showing a 3.8 percent annual gain."

This is a great slow steady gain on the pricing index for homes in this area.  You really don't want to see anything much higher than this.  The reason for that is incomes in the areas need to grow with the rising home prices.  In one report I read there will be 150,000 new jobs in the Cleveland downtown by 2022 alone.

" "Near-term economic factors favor further gains in housing," he said in a written statement. "Mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015, and the labor market is improving. However, housing is not back to normal. ... The question is whether housing will bounce back before the Fed begins to tighten sometime next year."

The factors favor further housing gains.  This will be due to the shrinking inventory.  Even if the Fed does tighten (which is already tight I don't know how it could be much tighter) there will still be people needing housing doe to the local economy.  Remember if you have a job in the area you will be living in or near that area.

That is why you have to watch the local economy and understand were it is going.  Cleveland is a city that has really been ignored up to now.  So when your looking for investments for your portfolio make sure you look at Cleveland which is on the water via Lake Erie. Brett Young Rooftopinvestment

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Friday, June 27, 2014

Continuing Real Estate Success Story

Here is a home we finished in late November of 2012.  The tenant just moved out after 18 months.  Lets look at of property management did in the numbers.

Here is some content sent to our client from property management

"After 18 months of occupancy, the tenant decided not to pursue the lease further and moved out on 6/2/2014. The security deposit that she paid when she initially moved in December 2012 which was sent to you, is to be retained by you to compensate for the May rent not being paid. Upon her move out, there was a city rental inspection which is mandatory annually. The items listed in the violations list must be completed prior to a new tenant moving in. Attached is a full description of those items."


"During the 18 months this tenant occupied the home, you have grossed $18,000 income with an almost astounding total of $265 in maintenance and repairs expenses. The cost of the refurb is $1100 and the inspection repairs are $580. This brings the total maintenance over the life of tenancy to $1,945. Great expense line!!"

The maintenance expense was $265 during those 18 months.  Rooftopinvestment is serious about keeping your maintenance cost down.  We thoroughly go through each initial rehab.  We only use licensed and bonded trades to do the work in our clients homes. Having the right people on your side can make all the difference. 

    

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Wednesday, June 25, 2014

State unemployment rate falls to 5.5%




The Ohio economy is looking up with a big decrease in unemployment.  This time last year we were at 7.5 percent May 2013.  This story comes from http://www.crainscleveland.com/ 

Here is a piece of the report from Ohio.gov

"Employment in goods-producing industries, at 874,300, decreased 600 from April. Construction lost 3,600 jobs. Manufacturing and mining and logging gained 2,900 and 100 jobs respectively. The private service-providing sector, at 3,669,600, increased 3,600. Job gains were seen in professional and business services (+6,000), trade, transportation, and utilities (+1,300), other services (+900), financial activities (+400), and information (+200) while employment declines occurred in leisure and hospitality (-4,300) and educational and health services (-900). Government employment, at 754,400, lost 100 jobs. Losses in local (-1,600) and federal (-200) government surpassed gains in state government (+1,700"

The great news is in Blue.  Private sector jobs are up 3600 and professional and business services are up 6000.  That is showing the growing private sector business that is coming to Ohio and that a lot of white collar high paying jobs are moving in.  These are people who buy real estate or get into high end rentals.  That's why as an investor you need to watch all the numbers.  Brett Young Rooftopinvestment

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Tuesday, June 24, 2014

Brand New Hot Buy


Call Brett 602-363-6551 to reserve this property





Rare Lakewood side by side double. 3 bedrooms, 1 bath per unit. Roof 2009, 2 new furnaces 2012. Large enclosed front porch. Separate attic will be finished to add a fourth bedroom and each unit has a separate basement.

Property #’s Below:
Purchase Price ---------------------------------------------------$ 44,000
Rehab Cost ------------------------------------------------------- $ 46,000
Total Cost including rehab and purchase-------------------$ 90,000



After Expenses Projected Positive Cash Flow $979
Rent -----------------------------------------------------------$ 1550
Prop Management ------------------------------------------ $   155
Taxes -------------------------------------------------------    $   241
Water-----------------------------------------------------------$   75
Insurance ---------------------------------------------------- $   100
Positive Cash Flow ----------------------------------------  $ 979


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Monday, June 23, 2014

Real Estate Success Story,,,,,



This is a Single-Family Home located at 3702 Ingleside Road, Shaker Heights OH. 3702 Ingleside Rd has 3 beds, 1 ½ bath, and approximately 1,431 square feet. The property was built in 1939. 3702 Ingleside Rd is in the 44122 ZIP code in Shaker Heights, OH. The average list price for ZIP code 44122 is $305,042

This home is a really nice home in a luxury neighborhood.  This home was just finished and rented for the estimated rental amount.  We have a great marketing program that gets more potential tenants information  on our clients properties.  Want to get your real estate portfolio going compare our prices against all the other real estate deals out their.  Rooftopinvestment really does have the best real estate for the best prices.


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Sunday, June 22, 2014

Cleveland getting a new facelift



Cleveland downtown is really coming.  I found a great video that is showing how they are going to connect all the city features.  They are also wanting better excess to Lake Erie water front from the downtown area.  This video talks about getting people to all the places easily that the downtown has to offer.


I found another story in  http://www.crainscleveland.com that talks about the civic planners spending a lot of money to get people downtown. This story is By JAY MILLER

"Now, civic planners are proposing a $60 million plan to entice those people and others like them to spend more time downtown. And, in a dramatic measure for a city that mostly has turned its back on the waterfront for more than 200 years, they even want to make it easier to enjoy Lake Erie."

The good news is that is starts this fall and that means it's going to happen.  this also means a lot of new jobs downtown. 

" The commission hopes to begin turning this vision into reality with a groundbreaking this fall for a redesigned Public Square. The central village green would run from Public Square north along the spaces of the city's central Mall to a bridge that would span the Shoreway and railroad tracks, carrying visitors to the museums along the lakefront."

Cleveland downtown is getting updated to the 21st century once that happens what do you think real estate will cost? Brett Young Rooftopinvestment.com


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Friday, June 20, 2014

New Programs for your Real Estate Portfolio


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Professional Listing Service and More

We just sold two homes in 4 days meaning this is a sellers market! Selling in today's market is easier with the right marketing ...