All Forum Posts by: Michael Magno

Hey Chad, Welcome to BP. Not sure where you're originally from in Ohio, but as an agent and investor myself, I would encourage you to look into the Akron and Cleveland markets.  

Welcome to BP!

The site is a great resource to help you on your journey.

Welcome to BP.  I would suggest trying to find a RE group on Facebook in your immediate area to connect with like minded locals. 

TJ are you going to continue to owner occupy the property? If so, you should be able to refinance into a conventional loan. However, if you don't have 20% equity, you'll will still have PMI attached to the mortgage, even with conventional guidelines.

Send me a message and I can get you in touch with a couple of lenders locally to talk to you about your specific situation. 

Kevin-  This makes a lot more sense.  Sorry to hear that your agent screwed up the taxes and the homestead.  As far as cap rate/ConC, personally I always target 15% ConC return first year.

There's a lot to unpack here.  However, your local laws will dictate how you deal with the tenants moving forward.  Where I am located, the new owner must honor the leases in place.  This should have been part of your due diligence, to review and examine the current leases.

As Nathan mentioned above, most often times it's better to let the current tenants out, make your changes, and rehab, then start fresh with tenants willing to pay market rent.  

Lastly, unfortunately I think you didn't purchase a very good deal, unless of course the property has been rehabbed.  Those are pretty thin margins you are reporting to start off with rental increases.

Just out of curiosity, did you not have a local agent to help guide you through this purchase? These are all things an investor savvy agent would have helped to guide you through when you were analyzing and preparing for the purchase.

Good luck with your purchase, and great job getting in the "game"

I would encourage you to look hard and long at Keller Williams.  They are one of the, if not, the most investor friendly, and encouraging brokerages out there.  Good luck with your search.  Let me know if you need any assistance, I can get you on the phone with the market center closest to you.

Agent here. 

I have had multiple clients lose out with "cash" even over asking price.  the sellers are mostly greedy and all they want is that winning lottery ticket, they'd rather take their chances with the appraisal. 

Alonzo welcome to BP.  As Dave mentioned above, it's really not necessary.  Some other things to consider, unless your paying cash or using some type of commercial financing, you won't be able to "Purchase" the property using Conventional financing.  You'd need to buy it in your personal name anyways.  Good luck and happy hunting! 

Welcome to BP.  Depending on your area, you may find a group here, or I would check Facebook.  I am part of several groups in my area.