All Forum Posts by: Account Closed

Any recommendations for an attorney in the Cleveland area specializing in Landlord and Tenant law?? Someone who is reasonable in cost....

Thank you in advance.....

My land and building was taken under eminent domain and now I am being told I have to pay taxes on the sale ....It was an even exchange. Is this true??

@Bob Faulk I use Cozy.com. Love it so far.

@Beau B. Bray Hi there! I can totally relate. I recently bought my first investment property with cash. It was under 20K and when I was ready to refi the property I used my broker to shop for banks. Property appraised at $56K and I was able to mortgage it with a 30y @ 42K....I was all in at 40K so I was able to get all of my money back out of it thankfully!! I did not have relationships with any bank so it was better for me to use my broker to shop for banks. I went into the investment like I was going to college. Even if you break even/lose a little .... (hopefully you make money) it is okay. It was a learning process and I was super happy to break even on my first deal. As someone suggested be diligent about your ARV number. I was not as close to mine as I could have been had I done better research. The house I bought was unique and not too many other similar in the area so my number was off by about 10K. Best to you!!

I recently started the cash out refinance on my first investment property. All in at 40K. Not the best neighborhood so the ARV isn’t what I had hoped. Still I am hoping to get most of my money back out of the house. I received all the docs from my mortgage broker with the cash out estimate at 49K ....closing costs were at 5K which includes all fees. Even the appraisal fee is wrapped in. I thought it was on the high side. It’s supposed to be 3-6% of the financed amount. Just looking for feedback on this and what you have found to be the average costs. When I asked my broker about it he said banks don’t like to lend on these types of properties so the fees are higher. My credit score is 815 so that’s a non issue. Not sure if I should keep looking ?? Any feedback is appreciated!!!

I use Cozy.com for rent collection. This automates the process and the tenant is required to show renters insurance in order to pay rent through their website. 

Is this property still available? 

@Scott Zeiger

I am currently looking for appliances and I am investing in a C- neighborhood in Cleveland.....I would love to know where your connection is in Northeast Ohio!! Thanks!!

Hello BP,

I just bought my first deal December of 2016. How important is it for me to get the right CPA this tax year and what should I spend seeing that I have only one investment property? 

Any suggestions would be much appreciated!!

@Nick Vehr

Ditto to what Joseph said however he has mentioned some actual lenders that he has knowledge of doing these types of loans. Thanks for the info!! I was going to start with my credit union and Huntington and go from there. I have yet to go through this part of the process however I am certain that I will find a lender that wants my mortgage. Just a matter of providing them with the right information so that they take you seriously and doing your due diligence in seeking one out. I will update you guys as I walk through that process!!