All Forum Posts by: Brandon Young

@Adam Howard I’d be interested in attending the next meeting! I own 2 duplexes in Cleveland and am looking to scale to larger multi families.

Are there any zoning restrictions such as setback, area, parking or height limitations that you should be aware of? What about local code regulations? Is there a local design review board you will have to present design drawings to? I would hire an architect to work with you through the process and produce the required documents and detailed drawings you need. Especially if you want to maximize efficiency, it's going to be really hard to copy and paste someone else's design that meets all requirements of your site: land area utilization, site conditions (grading, utility connections, entry points, etc.), etc. You will probably find that you will be able to save construction costs and get more (and more efficient) buildings on site if you hire an architect.

Thanks for the advice and response @Jaysen Medhurst I'm still in the process of finding the right lender for the cash-out refi. The three lenders I reached out to are not offering any cash-out refinancing at this time due to an "inability to get tax transcripts from the IRS that they require" and various issues related to COVID-19. I have been told to check back in during the 4th quarter. I wonder if other investors are running into this same problem, or if I am not reaching out to the right lenders. I've tried Wells Fargo, First Federal Lakewood, and a local credit union so far. 

Hello All--First post here, so please excuse my inexperience in advance--still learning a lot so appreciate your advice.

A little background, I purchased a foreclosed duplex in 2013 in lakewood, ohio (suburb of cleveland) with a FHA rehab loan. We renovated the house, and have been renting out the bottom unit ($900/mo) while living in the top unit. We refinanced a few years ago to a conventional 15 yr. mortgage to get rid of the PMI. We are basically living for free. In early 2019 we took out a HELOC on the home for $100K, bought another duplex in old brooklyn (inner-ring suburb of cleveland) for $90k. We paid cash for the house using almost all of the heloc money. We then renovated the house with the remainder of the heloc plus another $15k or so cash. We have been renting out this house since january ($925 for top and $850 for bottom). My question is: should i cash-out refinance this house and pay off the heloc? Then use the heloc money again to buy another rental? or remortgage the house? Also, a little more background: we're looking to move out of the lakewood duplex soon and rent out the top unit that we are currently living in (expecting $1200/mo). So we intend on living in the next property. Thanks again in advance for any advice you can give me!