All Forum Posts by: Clarence Harvey

Hello! An aspiring investor here, moving to Cleveland Ohio within the next year or so to househack my first property and begin my real estate journey by age 25/26. Feels like I’m starting late. However

This is my introduction and to also network with anyone within the area of Cleveland and the Ohio area!
id like to build connections with fellow investors and investor friendly real estate agents. Will be looking to scale relatively quickly as well

if anyone is willing to talk me through the Cleveland area or what I should expect and what to go for! That would be amazing. At the very least I’d like to connect and network with people within the srea

7 Votes

Cleveland, Ohio

Quote from @Remington Lyman:

Quote from @Clarence Harvey:

Quote from @Brittany Minocchi:

Hey Clarence! An FHA loan would require you to occupy the property for at least a year, so if you are not located in Ohio, that wouldn't be an option on a property here. I don't know of any DPA programs that don't require owner occupancy. On a multi-family, you'd need at least 25% down for a conventional loan, maybe less for something non-QM depending on the property/scenario. Feel free to connect if you'd like to discuss further.

I know at least that much! I actually plan on moving out to Ohio ahead of time to get my start in real estate! Want to create something in the Midwest first!

which city in Ohio?

Most likely looking towards Cleveland to start out, will move around as necessary!

1 Vote

Cleveland, Ohio

Quote from @Brittany Minocchi:

I know at least that much! I actually plan on moving out to Ohio ahead of time to get my start in real estate! Want to create something in the Midwest first!

1 Vote

Cleveland, Ohio

Hello! Can anyone point me towards FHA down payment assistance programs out in Ohio that will work with multi family properties? I am an out of state aspiring investor so any information would help!

1 Vote

Cleveland, Ohio

Hello! New investor here, I was wondering how many fha loans per person are possible? I am aware that one can refinance from FHA to conventional but I'm not sure how others scale and get properties very quickly (I need help understanding different financing options to get multiple properties a year)

Any information and tips would be amazing !

2 Votes

Quote from @Remington Lyman:

Quote from @Clarence Harvey:

Hello! New investor here, haven’t started yet but i am thinking of moving to Ohio to get my start in real estate with house hacking with multi-family properties , within the timeframe I want to leave I doubt I will have a full amount for a property, I was wondering if anyone could fill me in on the Down payment assistance programs that are available?

There are a lot of conventional mortgages from local banks that will do higher LTV than FHA, no PMI, and lower rates. Make sure you chat with someone that knows what they are talking about

Conventional mortgage, which means I'd still have to put down 20% right? I'm a bit confused, LTV ?

0 Votes

Cleveland, Ohio

Quote from @Brittany Minocchi:

Quote from @Clarence Harvey:

The benefit of FHA and house hacking is the 3.5% down payment requirement. Otherwise, you’re looking at 25% on a conventional multi family. With DPA, MOST (not all) require you to live in the property for x number of years, I usually see 7-10. Or, you’ll make a separate payment on the DPA in addition to your regular payment. Credit requirements are a bit higher than non-DPA FHA. Expect a higher interest rate as well. Feel free to connect if you’d like to discuss further.

Would you be able to give an numerical example of the second portion you mentioned? Having and extra payment

0 Votes

Cleveland, Ohio

Quote from @Justin Moy:

Quote from @Clarence Harvey:

Quote from @Justin Moy:

Quote from @Zach Jones:

Bigger Pockets.. Its been a long time. Since my last time on here I've successfully purchased my first investment property. A triplex, currently trending to have a full ROI in around 4.5 years. Seeing the potential and already having a goal of one day owning an apartment complex or neighborhood, I'm not wanting to see what it takes to successfully pull it off. I'm not overly liquid to be purchasing a 3M property and putting down 25% plus closing cost/etc. How do you guys do it? Is there some kind of financing specifically for large properties? To give some context, I'm a 780+ beacon with a 6 figure income and I've always tried to have immaculate credit for the goal of 1 day utilizing it to purchase commercial real estate. Any tips in the financing area would be appreciated because I know this post is somewhat vague, but I'll answer whatever to anyone wiling to share. Thanks

If you don't have or want to put up the cash you'll need to partner in some way. Also not to mention if you are stepping into commercial (5+ units) your triplex may not qualify as enough experience to own the property yourself, so you'll likely need a partner anyways to help you qualify for your loan.

If you have some cash and want to gain some experience with the bigger stuff many people will start as a passive investor in deals (syndications or funds) to get a baseline of experience before going on the active side of the deals so that's also a potential option

Hello, I’m new to real estate, and I have a very similar goal as Zach, I want to get into larger apartments to live off of cashflow, do you mind explaining what a “ syndication “ is ?

Of course! A syndication lets lots of investors pull their cash together to purchase a single larger asset. There is an operating team which does all the work and passive investors, called limited partners, who only put up cash and do not put in any work on the asset. I'll DM you as well

How do the passive investors usually benefit? Is it cash flow ?

0 Votes

Orlando, Florida

1 Vote

Cleveland, Ohio

Quote from @Justin Moy:

Quote from @Zach Jones:

Hello, I’m new to real estate, and I have a very similar goal as Zach, I want to get into larger apartments to live off of cashflow, do you mind explaining what a “ syndication “ is ?

0 Votes

Orlando, Florida

All Forum Posts by: Clarence Harvey

Clarence Harvey has started 7 posts and replied 22 times.

Post: Introduction and Networking

Post: FHA Programs in Ohio

Post: FHA Programs in Ohio

Post: FHA Programs in Ohio

Post: How many FHA loans are possible?

Post: DPA Programs FHA In Ohio

Post: DPA Programs FHA In Ohio

Post: I'm trying to buy an apartment complex without having millions

Post: DPA Programs FHA In Ohio

Post: I'm trying to buy an apartment complex without having millions