Anyone can purchase US residential real estate in order to fulfil their investment goals. Overseas buyers however must be aware that the sales process is the same for everyone and we make a reasonable assumption that anyone who is electing to invest in US Real Estate has knowledge of the laws and requirements relating to the ownership of tangible assets in the United States.
Broadly speaking, most of the properties offered will be off-market. That said, some of the higher level properties that could just as easily sell to a local home-buyer as a high end rental will also be available via local Agents and so will be visible on public access sites via the MLS.
In a perfect scenario, the properties would be sold newly renovated and with a new tenant in place (turn-key) but unfortunately the current pace of sales and demand means that the sales process may have to be structured and a typical portfolio acquisition may have some properties already tenanted and other closings structured (post dated) to enable the renovation and Point of Sale to complete.
Assets are available in three broadly demographic levels and the asset quality will be commensurate with the expectation for each level and can be assured by mandatory (code enforced) inspection or by a home inspection ordered by the buyer.
Many of the cities around Cleveland (albeit NOT Cleveland City itself) operate a mandatory building code inspection prior to any transaction closing. A property cannot change hands via any conventional transaction without it first have a clean “Point of Sale” certificate, meaning that the property is compliant with all current building codes. In addition to this inspection, buyers may opt to have a private home inspection or if purchasing with a mortgage, the lender will also want to undertake an appraisal.
Yes of course. The process of acquiring real estate is completely separate and remote from property management, but we understand that at least in the beginning, most remote investors would want management in place and then be able to make their own minds as time progresses.
IIP Management ( http://iipmgmt.us ) is a leading property management company in NE Ohio and they offer property management services in Cuyahoga County (Cleveland Metro) as well as Summit County (Akron). Please note that for full disclosure purposes, IIP Management is a separate company and operating entity to 20/20 Real Estate, but there are some underlying ownership interests between the two entities.
We are not a mortgage broker and our observations about financing come from investors who already have their lending sources in place. Our experience is that lending is very personal to the Borrower and our recommendation would be for investors to pay cash or to explore their own lending options. However, we do have a mortgage Broker to whom we can refer qualified Buyers who intend to purchase our properties.
Founder partners and associates in our consortium have lived and worked in Cleveland for all of their adult life and others have worked hands on in the region since 2010/2011. Successful real estate is all about knowing the local market (both rental and sales) and it is fair to say that our current focus is very much on zip codes and asset types that have consistently delivered over many years. We now have the ability to also deliver better quality assets, which can be conventionally financed.
We are a group of real estate professionals who are working together with the singular vision of creating wealth from real estate in very specific zip codes and with very specific asset classes. Our strength is our focus and we don’t try to be all things to all people. We exist to help real estate investors just like ourselves to realize their investment goals in the geographical areas where we have great experience and expertise.