All Forum Posts by: Brian Willie
Brian Willie has started 29 posts and replied 41 times.
Post: Investing In Youngstown Ohio
- Posts 42
- Votes 13
Hi, I see some older posts but I'm wondering if anyone can weigh in on purchasing in Youngstown. I have the opportunity to purchase a mostly rehabbed 4/2 for $75K in the Oak Hill/Warren area (sorry I don't know the area but I believe around those neighborhoods. How is the rental market there? Mortgage would be about $400 or so. Is there an opportunity for Section 8 as well? Appreciate any input thank you.
Post: Opinion On If This Subto Deal In TX Is A Good Or Bad Deal
- Posts 42
- Votes 13
Hi,
I have a potential Subto deal I can buy in TX but the monthly payment is quite high.
1. Entry fee is under $15k which includes the RE commission and assignment. Closing costs + TC etc about $3-4K.
2. PITI $2300
3. Worth about $215k
4. Under $190K owed.
5. Taxes and insurance are quite high-both over $300 a month.
5. Rate is just under 7%
6. Turnkey property in nice area, large population.
7. LTR rates are only about $1800-2000
Wondering if it's good to do a deal like this and put it up as a mid term rental? I'm guessing I would be hoping for a cash out refi at some point with the small amount of current equity increasing and the rate coming down a bit.
Woud you do this deal and if so why/why not? Appreciate any input thanks!
Post: Recommendations Highly Knowledgeable Real Estate CPA And Bookkeeper
- Posts 42
- Votes 13
Looking for recommendations for a CPA and bookkeeper for real estate business and other businesses. I'd like someone who knows how to maximize tax deductions from real estate, someone who is very proactive and can engage in tax planning and strategies and not just prepare returns. Thanks!
Post: Best Places For Section 8 Rentals Detroit
- Posts 42
- Votes 13
Hi,
I'm thinking about investing in and around Detroit for Section 8 rentals. What are some areas that are good and areas to avoid? Any advice is appreciated thanks!
Post: Buying Rentals For Section 8 A Good Idea?
- Posts 42
- Votes 13
Quote from @Chris Mullinax:
Hi Brian! We work with a lot of Section 8 rentals, and would be happy to have a conversation with you to share our insight. Feel free to shoot me a message and we can chat.
Hi Chris, let's connect!
Post: Buying Rentals For Section 8 A Good Idea?
- Posts 42
- Votes 13
Quote from @Bob S.:
Quote from @Brian Willie:
Hi, I'm newer to the real estate investing world and wondering if buying lower cost houses and getting them into the Section 8 program is still doable? What are the pros and cons? I'm of course concerned about the quality of tenants and I know inspections can be difficult but wondering if there are management companies who only do this and if it can still be a profitable way to invest. Thanks!
Not only is it doable it seems to be a trend lol. I get props all the time in decent areas for 85k all in , rents from 1100- 1400.
All the best
Hey Bob would love to connect!
Post: Real Estate Agents Who Will List And Show Lease Option Properties?
- Posts 42
- Votes 13
Hi,
Does anyone have experience with whether a local real estate agent would list and show a property that will have a lease option/rent to own set up? If so how do they normally get paid? Thanks!
Post: Minimum Mortgage Amounts For Refinancing-Section 8
- Posts 42
- Votes 13
Quote from @John Warren:
@Brian Willie lenders can definitely do these. My lender @Joshua Jones has done these for clients of mine in the past. The main thing to remember is that it takes the same amount of work (possibly even more) for small deals, and the lender gets paid very little. The real reason a lot of loan officers won't do smaller deals is that we investors then want to beat them up on every fee because they look large proportionate to the loan size.
I wouldn't be too worried about the houses appreciating or not. That is a bit of a gamble. I would focus more on how you plan to operate profitably... a lot of investors get crushed in these areas. As long as you are local and hands on, you should do fine.
Thanks! I'm out of state. Definitely not local. Crushed in what way?
Post: Minimum Mortgage Amounts For Refinancing-Section 8
- Posts 42
- Votes 13
Quote from @Derek Brickley:
Agree with @Jay Hurst.
For conventional, it is hard to get under $50,000 with points and fee limits. For DSCR, $75,000 is typically the lowest we see approved with few exceptions. You may be able to do a portfolio loan at some point and refinance multiple properties.
Love Detroit! @Travis Biziorek. I think it depends for appreciation, as all markets are different. It may be more difficult to see appreciation in the lower priced markets, but there are certain markets that are actively causing appreciation and those are the best to be in.
Thanks! Anyone have management companies they can recommend in Detroit who do a lot of Section 8 work?
Post: Minimum Mortgage Amounts For Refinancing-Section 8
- Posts 42
- Votes 13
Hi everyone! I'm exploring investing in properties to place in the Section 8 program. These would most likely be $80K maybe less. A few quick questions please:
1) Are there lenders who will refinance these down the line since the amount would be fairly low?
2) Do these lower dollar homes tend to appreciate at the same rate as other higher dollar homes to where it's possible to do a cash out refi?
Thanks!