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All Forum Posts by: Account Closed

Account Closed has started 31 posts and replied 78 times.

Post: Seeking property in 44114, parts of 44103 in Cleveland

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Jason Weible:

@Account Closed are you just looking for a sfh to live in or an investment oppurtunity?

I am looking for something to live in myself, but I am definitely open to multi family properties in that specific area too.... so single, double, triplex, whatever just as long as it is in the Asiatown neighborhood.

Post: Seeking property in 44114, parts of 44103 in Cleveland

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17

Looking for any sort of residential property in the Asiatown/Goodrich-Kirtland neighborhoods of Cleveland. This little neighborhood is split into two zip codes 44114 and 44103. I am strictly looking for anything WEST of E.55th all the way to CSU and obviously nothing south of Euclid Ave. Anything east of 55th is a warzone and I am not interested.... If you have something, please let me know!

Post: Seeking property in Asiatown neighborhood of Cleveland

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Timothy Murphy III:

@Account Closed

I have some listings just east of there, around E 65th or so and St Clair. Not sure if that's close enough to where you're looking or not.

 Hey there, that is a bit too far east for my comfort zone lol. thanks anyway though

Post: Seeking property in Asiatown neighborhood of Cleveland

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Jason Weible:

@Account Closed I have one between east of city and euclid, our website is americandreaminvestments.org and we have videos, comps, and analysis for you to check out as well

 Thanks, I will take a look

edit: after looking at the available properties on your site, there aren't any in the area that I mentioned above

Post: Seeking property in Asiatown neighborhood of Cleveland

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17

Hello all, I hope the right person sees this! I am looking for any sort of residential property in the Asiatown/Goodrich Kirtland neighborhood in Cleveland. It is basically the whole area just east of downtown from Cleveland State University all the way east to E.55th St, from the lake all the way south to Euclid Ave. Obviously the more affordable the better. Please let me know if you have anything or know of anything for sale in the area!

Post: Frustrated with banks. Tips on raising capital to purchase rental

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Chris Mason:

Hi @Account Closed

  • VA disability benefits is qualifying income. Typically it's tax free, which means we can even count it at 125% of value.
  • Rental income is qualifying income, even before it appears on two years of tax returns, assuming you aren't trying to use a VA loan (you say it's a rental prop, and VA loans are for owner occupants only).
  • Self employment income, for good credit scenarios, can often be counted based on a single year of tax returns. In any case, guess what you can do a month and a few weeks from now? File your 2016 taxes early, giving you another year, instead of waiting until the last second like most people do.
  • Find a better local lender. The previous 3 bullet points aren't exactly mystical secret knowledge that only I have, they are pretty basic stuff. This is why you don't try to get a mortgage by walking into a bank or calling a 1-800 number -- those folks typically have no licensing or education requirements (that have to "register," but don't have to be "licensed" or pass a test).
  • By not counting VA disability income, I actually wonder if someone might be violating the Equal Credit Opportunity Act and/or the Americans With Disabilities Act.

Thank you for the response. I did use a VA loan for my first property and it was my primary residence for a little bit. I contacted somebody at the VA to see if there were requirements for how long I have to live there and was told that there weren't. So after a few months, I moved and rented out the whole duplex.

I've been searching high and low for a "local" bank that would be easier to work with and have had zero luck. If walking into a bank or calling a bank is a bad way to find a lender, how do you suggest I go about finding one?

Post: Frustrated with banks. Tips on raising capital to purchase rental

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17

Hey all, I have been trying to get a loan for my second rental property and it has been very frustrating to say the least. I cannot go through a bank to get a mortgage. I am currently unemployed, but I have multiple streams of income which the banks will not count. I have a small business and one rental property, combined with VA disability. I make PLENTY of money to pay for another mortgage, but the bank wants to see at least TWO years of self employment and also landlord experience. I find that ridiculous. I am working on my bachelor's degree, so I will not have full time employment for quite some time.

I don't want to do hard money either because it seems nearly impossible to find a legit lender. Every HML I come across on here seems like a scam waiting to happen. Plus hard money is only for short term fix and flips generally. I am looking to buy a rental property. Can anybody here offer advice on how I can raise capital in a timely manner to purchase my second rental?

Post: Any hard/private money lenders with longer terms that lend in OH?

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Charles Biter:

Lima One has a rental 30 program.

 Yes I did see that, but I have read some bad things about that lender here on BP. Do you have experience with them?

Post: Any hard/private money lenders with longer terms that lend in OH?

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Jay Hinrichs:

private money lenders are your friends and aquantances' this is were you need to go.. your parents would probably love 8%  over the long term.. that type of thing

 Yes, that would be ideal, buy my parents are broke and made it clear they do not have money to lend me.

Post: Any hard/private money lenders with longer terms that lend in OH?

Account ClosedPosted
  • Cleveland, OH
  • Posts 79
  • Votes 17
Originally posted by @Jay Hinrichs:

@Federico Gutierrez  25% sounds about right.. a lender just has to make 5 to 6k on a file to make it at all worth the time and risk... I know borrowers don't understand that but.. a file is a file.

takes just as much time to do a 30k one as a million dollar one.. they can charge 1 or 2 and make 10 to 20k plus the service release fee and junk fee's etc.

 Does the same apply for hard/private money lenders though? That is what I am seeking since I already know conventional lenders don't typically lend low amounts like I am looking for....