All Forum Posts by: Nathan Astrup

@jacob Elbe 

@Jacob Elbe undefined, 

Thanks for your service brother. Also thanks for the great input. By rents being on the lower side I didn't mean tenants. I just meant my calcs were based on comparables that were lower than the neighborhood average. I'm planning to rent in A-B locations. 

Hey Team,
Im a real estate agent in Cleveland and I'm gearing up to make my first investment.
Background: Strong backround in construction and real estate.
Finance: minimal down payment, financing available.

My niche is going to be buy-and-hold rental supplemented by an occasional rehab.
Im looking at duplex properties in the 50-70k range and I'd like to live/rent my first and save money for subsequent investments.
I've calculated for 10% vacancy yearly, 15% repair funds, and 25% emergency replacement funds, PITI and possible PMI. These are derived from Gross Operating income. I'm basing rents off comparables and they are on the lower side. I ran two sets of numbers (me occupying, and me not occupying a unit) And I plan to contribute monthly to add to the GOK, god only knows fund.
Are these safe and conservative numbers?
What are some potential pitfalls/oversights?

What are some viable options for lending that positions me with as little of my own money down while minimizes PMI if not eliminating it?

I guess this could be another topic on it's own, but my long term goal is to have 20+ properties paid off in 25-30 years. I've yet to find literature about how people have done this but I know it's possible. What are some ways investors aquire that number of properties, short of having tons of cash!?

As always, thanks for your input and support.

I'm a realtor in Cleveland, let me know what specific needs you have in mind and I can help you out! 

20% is for investment property. If you're planning to live in it for a while, as I understand, you'd only need to put 5% down. The rate will stick with you either way for the life of the loan, but I believe conventional is still slightly better. I'd check with a lender to be 100% accurate. I only know as much as my clients get. 

I'm a realtor working out of central and west side. What questions do you have in particular? I would suggest using a conventional loan. Bring 1.5% more down and you drop the mortgage insurance (PMI) and that rate will stick with the property even after you move out.

Hey everyone!
Quick question. Has anyone heard of any predatory/scam type activity having to do with companies in search of RE agents looking to work with buys doing Lease to own contracts? I have an opportunity with a company in cleveland based out of california. Anyone ever hear of Del Rey Real Estate Solutions? I would like to hear everyone's thoughts!

look into conventional loans. With FHA you pay a PMI (mortgage insurance) aka throwing money down the drain, plus an up front down payment. With just 1.5% more down you don't have to pay this monthly expense that doesn't fall off until you've paid 80% down. And with duplexes in Cleveland at an all time low prices what's another few grand down to reduce your monthly payment. Just my 2cents.

But hey, welcome to the group, everyone here is amazing.

Good to see you as well!

This should cover anything you need to know.

http://www.clevelandheights.com/index.aspx?page=441

As far as "sold as is" that could be anything, thats where your inspection comes into play.

The trend in declining home prices has happened for many reasons. Inventory being so high, foreclosure, short sale, etc drive prices down. And yes, neighborhood has something to do with it. But in areas like university heights, some area of south Euclid, and Cleveland heights are awesome communities. I've lived in and socialized in these areas and love them. Be aware of point of sale inspections, I hear they can be major financial hurdles. 

Ben Kevan Hi Ben, I just came across your post on this thread. Are you still looking for a tech friendly realtor? I work with Keller Williams Trivisonno team and we would be happy to talk with you more about your needs. Check us out on ohiohomeseller.com or contact me direct! 440-535-3594