All Forum Posts by: Cory O'Dell

Are you walking the property? My guess is these folks are experienced and they're doing their "inspections" before putting in an offer. Yes it's a bit more risky, but if you (or your contractor) has enough knowledge to do a thorough inspection beforehand they may not care to include a contingency. If you don't fall in that category, it's not worth the risk of not getting an inspection in my opinion. 

Not a flipper here but you could always call/email the county auditor if you have questions about a parcel.

Everything ^he said. Also, whenever it becomes time, house hacking is a great way to get started investing.

Has anyone mentioned LVP?

:)

Cozy is super popular. I use Tellus, personally. Both of those options are free.

Maybe a moot point now but it should've been made known to you in the purchase. I know there's a box for it in the disclosures. Also it's a good idea to check on the city website, I know ours has a map of the historic district. Personally I've called our city a few times to ask questions about zoning/city codes to make sure things won't bite me down the road. Everyone there has been super helpful and nice (surprisingly).

What were the repairs? I think if they were required for the lending to go through you would be told. Though, much of the FHA requirements are available online, I'd probably start there and see if any of the repairs they're asking for fall under that category.

Otherwise, yes you can negotiate sales price, repairs, or a combination of the two.

 Hi Mark, sorry for the late reply this; I haven't been as active on BP as I used to be. 

We own 5 units in Troy and one in Tipp City. We started at the end of 2018 here so I don't have decades of experience to speak from, but filling vacancies hasn't been an issue. Tenant pool has been fine and the majority of our tenants have wanted to renew and stay on a longer term. Our first property was a single family ranch (3 bed/1 bath) on the northern side of Troy, and that tenant has been there 18 months now and finally switched to month to month after expressing interest in moving in the spring.

Feel free to message me if you'd like to chat.

Interesting, wife and I haven't had that issue and we're in a similar boat. I'd suggest trying a new lender to be honest. Ours hasn't had any issue with showing losses on paper, but I'm pretty sure only been counting 75% of our rental income against DTI.

Will they lend to an LLC? Maybe with someone who has the financials covered and split the deal?

Could also wholesale it.