Property Address: 14425 Maple Ave. Maple Heights, Ohio
“Cashflow is king. Focus on buying assets to buy liabilities and ignore the naysayers.”
After Repair Value – $70,000
Purchase Price – $5,000
Rehab Budget – $40,000
Actual Rehab Cost – $40,000
Rented (per month) – $1,075
Rent Per Year – $12,900
How was the property acquired?
REO [Bank-Owned Property]
What was the best part about this deal?
Cash flow, ROI, Cap rate
What work did you/your contractors do on the property?
-new plumbing stack
-water lines
-furnace
-electric meter
-electric panel
-finished basement
-new kitchen
-porcelain kitchen floor
-refinished hardwood floors
-paint
-complete new bathroom
-windows
-roof
-gutters
-exterior doors
-screen doors
-garage door and opener
-a lot of electrical work
-exterior lights
-light fixtures
-plumbing fixtures
Was there anything particularly special or challenging about the property?
[The house was] vacant and trashed for 5 years.
What part of SREC’s training, do you feel, helped you with this deal?
Focusing on highest and best use of time.
What is your favorite part about this property?
It will cashflow for years.
What else would you like to say about the property or lessons that you learned from this property?
Cashflow is king. Focus on buying assets to buy liabilities and ignore the naysayers.
About Jack Petrick
Jack Petrick is a SREC Mastermind student in the Cleveland, OH market.
Jack was a firefighter who has recently quit his job to invest in real estate part-time. Jack’s specialty is buying houses from the local Land Bank and cash-flowing them as rentals.