All Forum Posts by: Andrew Kessler

Hi Bryan,

I agree with Brad here, more people=potentially more wear and tear/damage. My best advice would be to go with your gut, if you don't feel comfortable with 6 people in the home then I would move on to other tenant(s) that fit your criteria. Good luck! 

Hi Justin,

My best advice would be to contact an attorney who could provide guidance on the situation and advice on multiple routes you could take here. Would definitely be worth the money! Good luck! 

I would avoid this prospect. Make sure you can 100% get your tenants before you can get them in, especially with the current eviction moratorium going on until September I believe. Even if you have to wait longer it will be worth it to get someone who you can be confident in that meets your criteria! 

Two tremendous school districts in Uniontown (Lake and Green) that are very desirable. Very close to many restaurants/stores. 15 minutes from both Akron and Canton. 

Congrats! I just finished up rehab on my side by side duplex in Uniontown, Ohio. I am finding that many tenants are having a difficult time finding properties to live as many of them are renting very quickly. Great place to be a landlord, in my opinion!

Hi Remington,

I do like the Akron area a lot, although this is the area I was born and raised in. My target market is Green and Jackson Township, which are approximately 15-20 minutes outside of Akron. Both have very strong school districts and rental markets. Most duplexes comparable to ours have been going in the 200-250k range, so I feel we got a great deal! 

Hi Naftali,

I appreciate your response! 

Yes, I agree with you there as well. I've seen anywhere from 25-50%. I like your strategy though and it seems that I will be heading down a similar path. I am going to be digging into Fannie and Freddie financing since I have used my FHA loan.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Uniontown.

Purchase price: $203,500
Cash invested: $4,500

Currently rehabbing and househacking on one side.
Unit 1- 3 bedroom, 1.5 bath, .7 acre yard, terrific school district.
Unit 2- 2 bedroom, 1.5 bath, .7 acre yard, terrific school district, full basement.
Gross monthly income is estimated to be $2000-2150 upon moving out. Leaving our monthly cash flow to range anywhere from $650-800 conservatively.

What made you interested in investing in this type of deal?

The desire to create a better life, to travel more and to have more financial freedom for my wife and I.

How did you find this deal and how did you negotiate it?

I found the deal simply posted on realtor.com. Our realtor is a close personal friend who negotiated on our wishes on our behalf. The seller paid all closing costs and slightly over $4k in repairs to the property.

How did you finance this deal?

FHA loan with a 2.6% interest rate over 30 years.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Timothy Finn

Remax
https://www.remax.com/real-estate-agents/timothy-finn-canton-oh/100419493

My wife and I just purchased our first duplex in early Feb 21' that we are rehabbing and house hacking in. We purchased this property utilizing an FHA loan with 3.5% down at a 2.6% interest rate. I always had the intention of creating an LLC. immediately to protect our personal assets in case of a lawsuit. Our mortgage broker informed us that if we attempt to transfer our loan into an LLC. that it would automatically default on the loan unless we paid the balance in full. We have a large umbrella policy on our insurance, but we want to take all of the correct steps to insure that we are protected. We live in the Akron, Ohio. Our goals revolve around purchasing multi family homes (2-4 units) in the near future as we begin our time real estate investing. We are meeting with an attorney to discuss options this evening, but I wanted to reach out and see if anyone else has ever been in a similar situation. If anyone has any experiences with this situation or guidance it would be great to hear from you.

Thanks!