All Forum Posts by: Sean Carroll

@Gilbert Lugo it took me 5-6 months to finally get my first deal and it was out of state. 

Hello everyone! I am looking for any recommendations to lenders that do not require or have a very short seasoning period for rental properties. that service the Cincinnati area. Any help is greatly appreciated.

Also, any short-term lenders that I can begin to build a relationship with for a potential flip and BRRRR property I have in the pipeline.

Thank you!

@Matt Berklacy I can not find a GC to walk the house with me since the one i is where in California is busy. However I have been able to send him pictures and details to get a rough estimate. Also what @Brian Pulaski is correct, what works in my market might not work in your market. Every market is different.

@Marlon Long there are a few ways you can do it, Home Depot has a pro recommendation website, HomeAdvisor, Yelp are some quick mainstream ways to find contractors, but I recommend finding only subcractors on these sites as general contractors tend to be very pricey. Ask for recommendations on BP or other investors in your specific area. This is a great way to find good, proven, and affordable general contractors and subcontractors. 

@Matt Berklacy in my area it is impossible to get a contractor to walk through with you prior to ownership. But I have never offered to pay someone to do it. I typically look at all the pictures on the MLS and sometimes call the listing agent to ask about what needs repair or updating or if she has anymore pictures. I have a worksheet I made getting numbers from odd jobs done on my rental properties and from j Scott's book and run the numbers worse case scenario with some added fluff for budget protection. I then offer contigetnt on an inspection/wall through if they accept or get close to my real maxible offer I then go and tour the property.

@Andrew Briggs right now I’m sending out 140 letters a week at 0.88 a mailer

@Alex Gallardo the worst thing I can think of is the owner trying to foreclose stating you did not pay. I would keep a record of all checks cashed during this time period and keeping a good record of what is owed and what has been paid. I would also have an attorney write up the contract 

who do you use for Insurance in Cincinnati on a vacant house under going a rehab?

@Ilona Kovacs that’s more of a personal thing you need to figure out. Me personally I have a limited amount of capital so I need to be able to pull all of my money out in 1 year and cash flow $200 a month after expenses. Now I do violate this rule if I can refi and pull all of my initial cash out plus extra cash out and still cash flor $100 a month. I came to these terms with myself by setting my goal of 50 doors that each cash flow $200. So I ask, what is your overall goal with rental properties?

@Jonathan Alexander the only advantage I know is you can spread out the tax on the capital gains. I could be wrong but I also believe it can potentially also lower the over all amount that is paid on taxes depending on your current tax bracket.