All Forum Posts by: Anthony Fiorini

Hey @Michael Norris That is great to know! I grew up in Strongsville so it is great to see some other Strongsvillians on BP!

@Jasmine Benford That is awesome to hear! Best of luck with the next one! 

@Chris Zeh Thanks! Yeah of course. Lakewood is an interesting market. I toured just about every duplex on the market and honestly, a lot of the properties are overpriced and need a ton of work. So you definitely have to be picky on which house you decide to go after. Since I am only 25 and didn't have the capital to go in all cash, I was losing deals left and right. Luckily, I networked with someone who owned the house for 30 years, and just wanted to retire and cash out. They were selling FSBO. The house was in great shape structurally and everything was up to code.

The market has definitely cooled down since earlier this summer although it is still a sellers market. I would definitely recommend getting out in the area and networking as much as you can. When you do find the right deal, just be prepared to act fast. 

Let me know if you have any other questions about the Lakewood market!

Hey BP!

Earlier this year, I set a goal to do whatever it takes to buy my first duplex by the end of 2017. There were a lot of ups and downs throughout the process but what really kept me on track were the small goals I set through the year. It sounds small but I started with building my own furniture. It was a very simple goal but I accomplished it relatively quickly and got the ball rolling. From there, I decided to get my real estate license and start working part-time with RedFin Corporation in Cleveland. Once I got my license, I was really focused on building my network and touring every house in my criteria because I didn't want to be on the sidelines any longer.

I finally closed on my first duplex in Lakewood, Ohio on 10/312017 and it feels great to finally be in the game! Reading and learning from everyone on BP has been awesome and I couldn't have done it without everyone contribution!

So thank you and I look forward to many more great conversations!

Thank you everyone for the great advice. So I just found out today after meeting with one of my lenders that there has been a new regulation this year that says if you are purchasing a multi-unit property, minimum down is 15% for a conventional loan. You can't get a 5% anymore for anything two units and up. Have any of you heard of this regulation?

Good Morning BP!

I wanted to get some thoughts on FHA vs. Conventional loans. I recently put an offer in on a duplex in Lakewood, Ohio. I was pre-approved for FHA and when I received feedback from the listing agent, the main sticking point was the FHA financing. I know I was going up against an all cash buyer which didn't help my cause at all but I am wondering if FHA is going to be a continuous issue when I am putting in offers for a multi-family property. I have my walk away number for each property I analyze but it seems like to be competitive with that type of financing, you need to go WAY above the listing price which to a point, just does not make sense. But as a first property, I am really trying to get in the real estate game.

I know the market for multi-family properties more competitive with investors but is a 5% conventional that much more appealing to sellers than FHA?

I'd love to hear everyone's thoughts!

Hey @Account Closed! Did you purchase your duplex on the east side or the west side of Lakewood? I know right now, there are more homes available on the east side (especially in birdtown) and it is hard to find ones on the west side. Did you find it off the MLS?

Hey @Account Closed that is a great point. I will definitely do some research in those zip codes. Out of all the cities, I understand Lakewoods market the most so that is where I have been spending most of my time looking. It is also a city that I'd like to live for the next few years. I will definitely explore the Brooklyn area and see what opportunities are there as it sounds like it a great place for investing. 

Thanks! 

@Will Barnard Awesome thanks Will I really appreciate it! Have an awesome REI week!

Thanks for the insight @Will Barnard! I don't think I can change it now but definitely good to know for my next post.

@Caleb Heimsoth Of course! I just sent you an invite. Looking forward to chatting with you!

Hey BP! I wanted to put my thoughts to paper and hear what y'all think. So here is my situation. I currently live in an apartment in Lakewood, Ohio (renting) and I am looking to purchase my first property within the next 6 months or so. I have a full time job and work part-time as a real estate agent. My goal is to purchase a duplex in Lakewood and live in one side and rent out the other. I am 24 and don't have the resources to undertake a distressed property. I understand I am eliminating a lot of potential great deals. But as a young investor looking to make my first purchase, is it too risky to purchase more of a turnkey property? I am totally fine with fixing basic cosmetic issues myself (paint, carpet) but I wouldn't want to get into a situation where I would need to put 50k into a property. I am willing to take risk but needs to be calculated risk so I don't drown in my first deal. Looking forward to hearing everyone's thoughts!