Brett Young
REALTOR®
Posts with tag 'Real Estate advisor'
Cleveland Metro Income/Investment Real Estate
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Uncategorized | 41 Posts
December
2
2
??? Real estate success: It's all about the money!
Click here to View Before Pictures
Click here to View After Pictures
This property was purchased in May 2021 for $110,000 and the rehab was $24,500 (Got a new roof and drain line). The total on purchase and rehab was approx $134,500
We leased this property in Feb 2022 for $1400. The rehab was extensive and we had a lot of work to do to get the property in the condition to create profit. We have lifted the rent to $1450 a month and will be moving to $1500 early next year.
Let's look at the money that was deposited in this owner's account after expenses
2022 $11,650
2023 $11,238
2024 $11,387
Total cash deposited $34,275
Let's look at the approx worth of this property today based on the MLS Comps is $205,000
The approx overall picture for profit on this property is as follows
$205,000-$134,500= $70,500 + Net cash deposited $34,275= $104,775
That is a 31% return on this client's money!
Better Properties Exceptional Results
December
1
1
?? Don't Trust Just Any Agent with Investment Real Estate!
Buying income/Investment real estate requires a Realtor that has done many properties and understands the work it will take to accomplish the clients final goal.
I recently had a property in Wickcliffe Ohio that was leased for 3 years to the same Tenants and my clients loved the income of over $24,000.
This client wanted to sell the property to capture the equity that had accumulated on his property. Buying real estate in areas that appreciate in rent and value is the key to buying real estate and making money.
We needed to paint the interior and do some other minor things that was needed to get the top price. The key here was not to overspend and lose profit on the rehab.
Looking at sold properties lets me know what is needed and what is not. Construction can be costly and that is why I have my own crews I work with so we can get better prices and results for our clients.
We finished the property and put it on the market. The property got a contract quickly. During the process the buyer backed out of the deal within days because of financing.
I put the property back on the market and received another contract for over asking price. The time frame for both contracts was just 16 days. Real Estate in great areas are always in demand.
During the inspection the roof had 5-10 years left on it and being first time home buyers they wanted a new roof. Most roof estimates would be around $10,000 or more for that home.
Because this client had put in an above price offer I could look at making this deal happen with all the tools I had in my toolbox.
We had several quotes and finally had a $6500 quote from one of the roofers. The buyer's agent wanted us to use their people at double the price. They said their buyers would be more comfortable with that.
I called the agent and reminded them who I was representing the sellers and that we would have to go with my roofer in order for this deal to move forward. They agreed and we moved forward.
Getting a quote and getting the job done requires a lot of time and effort on my part. You should also know that I made $0 on the roof job but was responsible for getting it done. My client lived internationally and had no way to assist.
After 3 weeks the permit was pulled and my awesome contractor got the roof completed. I thought we were done.....we were not.
The inspector came back and found a plumbing issue. I know what you're saying. I would tell them to pound sand, right? Having the tools I called my crew and it was quickly fixed and the deal closed.
This process took me 6 weeks going back and forth with the agent and going to the home to ensure that all the work was completed. I should also shot videos to let my client know that everything was getting completed.
Lastly dealing with the negotiations and other Realtors was not always pleasant but it was needed to close this deal.
This is what it takes sometimes to get Investment real estate to a successful conclusion Left in the wrong Realtor's hands could be a disaster and lost money for the investor.
Get experience and a resume when purchasing any investment real estate from your Realtor. I look forward to assisting investors in their journey.
Call me (Brett) 216-703-5740 Key Realty and Property Management
November
26
26
??? Know the truth: What kind of tenant are you renting?
Click here for Before pictures
This property was purchased April 2023 for $106,000 and rehab $10,675 for a total of $116,675.
This property was leased in May 2023 in 8 days for $1350 a month.
Let's look at the returns Net lease deposits after taxes, insurance and Property management
2023 $5925
2024 $7751 Total $13,676 Net deposited in Owners account
That means the 1st tenant stayed for 16 months and paid their rent on time and took care of the property. We had to add $2200 in the property to get it back on the market. Quality tenants create easier income and less money out of our clients pockets.
The new lease on this property was from am existing tenant that has stayed in a property for over 4 years and wanted to stay with our property management. The relationship with the tenants and being consistent on keeping our properties nice really creates income for our clients.
We also got another $150 a month or $1800 a year.
Let's look at the new approximate numbers. Lease $1500 Tax $222 Insurance $60 P/M $125 Net $1093 or $13,116 a Year
Approx net worth $165,000 Let's look at the Approx numbers now
Worth $165,000-$116,675 (cost of home and rehab) - $2200 rehab to lease = $46,125
Approx Equity $46,125 + $13,676 Net proceeds from rent = $59,801
Need Real Estate that is Profit Ready and in already established areas? Call me (Brett) 216-703-5740 Key Realty and
Property Management
November
25
25
? Happy landlords, prosperous clients: long-term tenants are key ?
Understanding the best ways to purchase real estate and creating both income and equity is the Key to Success. Check out these properties call Need help with Real Estate Call me: ? Brett: 216-703-5740 (Also on WhatsApp) Key Realty and Property Management
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