Under contract for 2nd investment property

[Richard Schubert]

I'm under contract for my 2nd SFH in Akron, Oh. Found a really good deal on a 2 bed 1 bath older home in pretty decent condition. Inherited a tenant who has been in place for 2 years . Just toured the house today and it was in better condition than I expected. Needs some new windows in the near future but overall the previous owner had set the home up pretty well with a nice big newer bathroom, solid countertops, hot water heater and recent siding. Probably replace the wooden porch down the road sometime but happy with my purchase. Going to hold the two I have long term and try to add 2 or 3 per year. Already saving up for a 3rd house.

[Brandon Becsi]

Quote from @Richard Schubert:

I'm under contract for my 2nd SFH in Akron, Oh. Found a really good deal on a 2 bed 1 bath older home in pretty decent condition. Inherited a tenant who has been in place for 2 years . Just toured the house today and it was in better condition than I expected. Needs some new windows in the near future but overall the previous owner had set the home up pretty well with a nice big newer bathroom, solid countertops, hot water heater and recent siding. Probably replace the wooden porch down the road sometime but happy with my purchase. Going to hold the two I have long term and try to add 2 or 3 per year. Already saving up for a 3rd house.

 Great job! Do you use private capital to purchase homes?

[Ryan Arth]

@Richard Schubert Congratulations. Buying a second property puts you in an even smaller percentage of the population than you already were in. 

Are you local? 

[Brendan Taylor]

Congrats man! Every property adds to the snowball rolling down the hill.

[River Sava]

Congrats Richard!

What methods of fianncing have you been usuing to grow your portfolio? Private capital, conventional, non-conventional, etc?

[Richard Schubert]

Quote from @Brandon Becsi:

 Great job! Do you use private capital to purchase homes?

 Thank you! This home I purchased with cash. In the future I would look at most any method if the numbers made sense. 

[Richard Schubert]

Quote from @Ryan Arth:

@Richard Schubert Congratulations. Buying a second property puts you in an even smaller percentage of the population than you already were in. 

Are you local? 

Thank you! Yes, I live in Kent currently and have lived before in Akron, cuyahoga falls and portage lakes. Right now all the deals seem to be in Akron, but I search all of summit county and portage county 

[Richard Schubert]

Quote from @River Sava:

Congrats Richard!

What methods of fianncing have you been usuing to grow your portfolio? Private capital, conventional, non-conventional, etc?

The first one is a conventional loan through Newrez . The second i purchased with cash. In the near future I may look at another conventional or a dscr. I have spoken to Beltway about a dscr as I have yet to find anything local that provides those.

[Brandon Becsi]

Quote from @Richard Schubert:

Quote from @River Sava:

Congrats Richard!

What methods of fianncing have you been usuing to grow your portfolio? Private capital, conventional, non-conventional, etc?

The first one is a conventional loan through Newrez . The second i purchased with cash. In the near future I may look at another conventional or a dscr. I have spoken to Beltway about a dscr as I have yet to find anything local that provides those.

I have a killer contact that does DSCR nationwide, let me know if you want her info. Shes a wealth of knowledge.

[Richard Schubert]

Quote from @Brandon Becsi:

Quote from @Richard Schubert:

Quote from @River Sava:

Congrats Richard!

What methods of fianncing have you been usuing to grow your portfolio? Private capital, conventional, non-conventional, etc?

The first one is a conventional loan through Newrez . The second i purchased with cash. In the near future I may look at another conventional or a dscr. I have spoken to Beltway about a dscr as I have yet to find anything local that provides those.

I have a killer contact that does DSCR nationwide, let me know if you want her info. Shes a wealth of knowledge.

Absolutely, thank you!

[Alfred Anthony]

Congrats Richard, and continue investing. I cant wait to be in the 2+ club!

[Alfred Anthony]

Quote from @Brandon Becsi:

Quote from @Richard Schubert:

Quote from @River Sava:

Congrats Richard!

What methods of fianncing have you been usuing to grow your portfolio? Private capital, conventional, non-conventional, etc?

The first one is a conventional loan through Newrez . The second i purchased with cash. In the near future I may look at another conventional or a dscr. I have spoken to Beltway about a dscr as I have yet to find anything local that provides those.

I have a killer contact that does DSCR nationwide, let me know if you want her info. Shes a wealth of knowledge.

Hi Brandon, I can use her contact if you can provide. Thank You in advance!

[Scott Wolf]

Quote from @Richard Schubert:

I'm under contract for my 2nd SFH in Akron, Oh. Found a really good deal on a 2 bed 1 bath older home in pretty decent condition. Inherited a tenant who has been in place for 2 years . Just toured the house today and it was in better condition than I expected. Needs some new windows in the near future but overall the previous owner had set the home up pretty well with a nice big newer bathroom, solid countertops, hot water heater and recent siding. Probably replace the wooden porch down the road sometime but happy with my purchase. Going to hold the two I have long term and try to add 2 or 3 per year. Already saving up for a 3rd house.

Congrats Richard! A DSCR Loan will suit you just fine! Reach out if you'd like to discuss what LendingOne can offer.

[Brittany Minocchi]

Sounds like a good buy! Akron has been a hot area lately. If you decide you want to pull most of your cash out, you may be able to do either delayed financing or a cash out refi depending on the timing/situation. Just something to consider so you don’t have money tied up you could use for another project. I’m local to the area, always happy to connect! 

[River Sava]

Quote from @Richard Schubert:

Quote from @River Sava:

Congrats Richard!

What methods of fianncing have you been usuing to grow your portfolio? Private capital, conventional, non-conventional, etc?

The first one is a conventional loan through Newrez . The second i purchased with cash. In the near future I may look at another conventional or a dscr. I have spoken to Beltway about a dscr as I have yet to find anything local that provides those.

I have had some friends use Beltway before. Happy to discuss further with you if interested.

[Ryan Arth]

@Richard Schubert It's good to meet another local investor. If your contract falls through, my friend just called me with a condo that he owns in Portage Lakes area of Akron that he wants to sell for 16% under the next least expensive comp in the community.  

[Richard Schubert]

Thank you all so much for all the support! I definitely appreciate it. I have a hand full of deals to look at as soon as I replenish my working capital. Hopefully I will be shouting about the 3rd purchase soon.

[Regina Blake]

Hi, yes Ohio is a great place to invest in real estate. Congratulations on your investment properties. Best of luck!

[Richard Schubert]

Quote from @Regina Blake:

Hi, yes Ohio is a great place to invest in real estate. Congratulations on your investment properties. Best of luck!

Thank you! It is just my luck but been trying to land a deal for months and as soon as I do 6 others including one that would be a great flip comes around. I need to save up some cash quick 

[Jimmy Lieu]

Quote from @Richard Schubert:

I'm under contract for my 2nd SFH in Akron, Oh. Found a really good deal on a 2 bed 1 bath older home in pretty decent condition. Inherited a tenant who has been in place for 2 years . Just toured the house today and it was in better condition than I expected. Needs some new windows in the near future but overall the previous owner had set the home up pretty well with a nice big newer bathroom, solid countertops, hot water heater and recent siding. Probably replace the wooden porch down the road sometime but happy with my purchase. Going to hold the two I have long term and try to add 2 or 3 per year. Already saving up for a 3rd house.

Congratulations Richard! Looks like you found an amazing deal. If you're considering looking in other markets for for your next deal, check out Columbus OH. You can find cash-flowing rentals at a very cheap price point - anywhere between $120k to $180k. A lot of big companies are also moving here so there is significant job growth and population growth. Happy to connect and answer any questions you may have!

[Ryan Arth]

Quote from @Richard Schubert:

Quote from @Regina Blake:

Hi, yes Ohio is a great place to invest in real estate. Congratulations on your investment properties. Best of luck!

Thank you! It is just my luck but been trying to land a deal for months and as soon as I do 6 others including one that would be a great flip comes around. I need to save up some cash quick 

 If you are finding properties that fit your model, but are short on capital, consider offering opportunities for investment to people in your network who have capital that isn't earning anything. Everybody wins. 

[Richard Schubert]

Quote from @Ryan Arth:

Quote from @Richard Schubert:

Quote from @Regina Blake:

Hi, yes Ohio is a great place to invest in real estate. Congratulations on your investment properties. Best of luck!

Thank you! It is just my luck but been trying to land a deal for months and as soon as I do 6 others including one that would be a great flip comes around. I need to save up some cash quick 

 If you are finding properties that fit your model, but are short on capital, consider offering opportunities for investment to people in your network who have capital that isn't earning anything. Everybody wins. 

Yes for sure!

[Samuel Diouf]

Congratulations Richard! 

Looking forward to hearing about the next one! 

[Richard Schubert]

Collected first rent and everything going smoothly so far. I see picking up a third home here soon.