All Forum Posts by: Charles Roy

Hi Guys,

So my information is there is a house on the market near me that has been on the market over 300 days and is priced at 300k. The owners originally listed the house at 339k on 10/2022. The main house is a 4 bed 2 1/2 bath and the additional house located outback is 3 bed 1 bath with potential for 2 baths. I plan to live in the primary house and rent the smaller house.

My question is how would I go about putting in a lower offer due to them being unable to sell. I don't want to come off as offensive but I understand they aren't getting any offers so a lower offer might be accepted. Any tips or advice is appreciated thanks!

Hey Cole! I lived in Akron for 10 months and I think the estimated rents you are projecting for the duplex are a little high. $1,275 is a little steep for most residents of Akron, especially in the southwest area versus somewhere more favorable like the town of Ellet due to less crime. I think the rest of your variables are conservative. With this being said I think money can be made in Akron as it is a cheaper market. The issue is with cheaper markets comes more dangerous tenants. I think 900-1150 is a more favorable rent amount. A ton of cash flowing properties in Akron exist but majority are in class D or lower class C neighborhoods. I would just be careful of what specific area of Akron you are investing in. Personally if I were to invest I would go closer to the university and rent out rooms for students. Good luck with your future investing!

So I have acquired a property that is a two story building. The top story is a triplex. 1x 1 bed and bath, 2x 2 bed 1 bath is residential. 
The bottom floor is about 2600 sq ft grand fathered commercial. I am trying to figure out if I build two units in the bottom would this turn the commercial into residential? Also would this lower the value of the building? There is no businesses in this region anymore as the growth has slowed but rental properties here are still desired. This is why I would like to add two more units to the bottom. Any feedback would be appreciated! Thanks! 

Hi everyone!

I have a few question, but I need to give some background information to help with the decisions.

I currently have $43,000 in school loans and am 27 years old. 

I also have a potential deal in place with my father. He is liquidating his assets and has a triplex that consists of (2) 2 bed and 1 bath, and (1) one bed with bath that could be converted to a 2 bed one bath. There is also a 3000 square foot area on the bottom of the triplex that use to house a business. The building was appraised at 185,000 6 months ago and he is going to redo the paint on the outside and put in new flooring and carpet in each bedroom of each unit before selling it. My father said he would sell it to me for 140,000. This means I would have 24.4% equity right out the gate if I acquired the property even before renovations. The apartments are renting for about 200-300 under market rent values. I was thinking of converting the bottom area into a salon and renting it out because there is nothing in the bottom producing any type of money and cosmetology is huge in my area. 

Another thing to consider is I am a travel x-ray tech and am currently able to put $1,100 a week towards my school loans after paying all my bills. 

My question is should I focus on paying school loans off since interest if frozen right now? Or should I acquire this deal that is positively cash flowing and lessen the amount I am paying towards my loans or just wait for the school loans until they are back into repayment? 

What would be the best loan type to get? I was thinking a commercial loan since I would start with 20% equity up front and I don't think I would have to pay anything for a down payment other than closing costs if I am correct? 

Thanks guys!