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All Forum Posts by: Andres M.

Andres M. has started 11 posts and replied 72 times.

Post: Dayton,Ohio zip codes?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

@Tommy Spijkers, @Mark Nickoson Thank you for your replies.  Good to know.

Post: Dayton,Ohio zip codes?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

Hi guys.  I'm also interested in investing in Dayton but I'm not familiar with the city.  I saw a few properties that were labeled as "B" properties.  Would you be able to say if that's true based on zip codes?

45403

45417

45410

45426

Also, for single family homes, can the tenant be made responsible for paying the water/sewer and lawn maintenance?  In other words, have the tenant pay all utilities?

Post: Where in OH are you investing and Why?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13
Originally posted by @Sunny D.:
Originally posted by @Andres M.:

@Kevin Moules, this has been a very enlightening thread. I've also been looking in the Cleveland area and had a target in mind of $200+ per door cash flow AFTER all expenses (PITI, PM, vacancy, repairs, capex, water/sewer and lawn maintenance). This is a number that I thought was "normal" after reading through BP posts and listening to podcasts for months. But after reading this thread, it seems that I'm going to have to adjust my expectations to a much smaller number.

So question from somewhat of a newbie investor.  If appreciation in OH is not that great (compared to the east and west coasts) and you're only cash flowing $50 per door, what is the real incentive for investing in the area?

 the incentive is low purchase price that allows you to scale. lets say if you are in a position to buy a sfh for say 55k in cash and rent for 950. since you paid cash, its likely you bought below market. after seasoning of 6 months you can finance it , lets say it appraises at 65k, you can take out close to 50k out that you can now put on next home. 

my 55k purchase from last yr appraised at 66k when i refinanced few months back.

@Sunny D.  Thanks for the reply.  But what if you're financing from the start, not buying cash?

Post: Where in OH are you investing and Why?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

@Kevin Moules, this has been a very enlightening thread. I've also been looking in the Cleveland area and had a target in mind of $200+ per door cash flow AFTER all expenses (PITI, PM, vacancy, repairs, capex, water/sewer and lawn maintenance). This is a number that I thought was "normal" after reading through BP posts and listening to podcasts for months. But after reading this thread, it seems that I'm going to have to adjust my expectations to a much smaller number.

So question from somewhat of a newbie investor.  If appreciation in OH is not that great (compared to the east and west coasts) and you're only cash flowing $50 per door, what is the real incentive for investing in the area?

Post: Need to remove a name from title and mortgage. Is it possible?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

@Javi Chipi, yes, that'd be great.  Can you PM me the attorney's contact info?  Thank you.

Post: Need to remove a name from title and mortgage. Is it possible?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

@Frank Chin,  I had a feeling I'd have to refi to take his name out of the mortgage.  Thanks for confirming.

Post: Need to remove a name from title and mortgage. Is it possible?

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

Hello.  I co-own a property in Kissimmee, Florida with my father in-law (50-50).  We agreed for me to buy his share and so I'd like to remove his name from the title and mortgage so that everything is under just my name.  Is this possible to do?  If so, would a real estate attorney be able to help with this process?

Thanks in advance.

Post: No loan under 100k because of safe harbor guidelines? Need advice

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

@Richard Olshove, Thanks. I'll check with Wells Fargo.

Thank you guys for the responses.  I'll also check with local banks.

Post: No loan under 100k because of safe harbor guidelines? Need advice

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

I called a conventional lender to get pre-approved for a loan for an investment property (in OH).  The asking price for the property I had in mind was $70k with a 25% down payment of $17,500 which means the loan amount would be $52,500.  The lender mentioned that there are federal "safe harbor guidelines" where the lender fees cannot exceed 5% of the loan amount "to protect the customer".  Because of the low loan amount, in this case the lender fees would be higher than the 5% and therefore, they wouldn't be able to offer a conventional loan.  The lender also said that the loan amount would have to be at least $100k in order for the lender fees to be under the required 5%.

I've never heard of these safe harbor requirements so I was taken a little by surprise.  I would be able to buy a property under $100k, all cash but this forum has taught me to leverage the bank's money and use as little of your own money so that's what I was trying to do.

I'm looking for advice on what would you recommend in this case?  If you've been in a similar scenario, what did you do?

Thank you in advance.

Post: I live in an expensive area and the numbers aren't working

Andres M.Posted
  • Rental Property Investor
  • Staten Island, NY
  • Posts 75
  • Votes 13

Same situation for me.  I live in Staten Island and NYC prices are very high at the moment.  Just started looking in NJ but the property taxes make it hard for the numbers to work.  Can't win.

For those of you mentioning turnkey in the midwest, can you make some recommendations as to what companies in what markets?

Thanks in advance.