All Forum Posts by: Deanna S.

Thanks, @Stephanie Medellin.  Point well taken.   Makes complete sense and we do have a lender.  I don't want to invest time in the wrong places.   Thank you, again, everyone for your responses.

Thank you.  Great ideas everyone.  Love how you all think big for this newcomer. 

Just to clarify, we are planning to do conventional financing.  I would appreciate help on the best places/ways to shop for a rate with a small loan.   Are there any reputable websites?  Thank you.

Hello. We are getting ready to buy our first buy and hold property. We live in Alexandria, VA. We intend to buy in the Cleveland, Ohio area. Our brokers and lenders in our local market that we have worked with before don't do small loans. Our loan will be $80k or less. We are looking to buy a multifamily first (2-4 units). We have talked to one lender in CA that will work with us but need direction on how best to shop and compare rates for a small loan before we lock. In the past, I have started with Bankrate and then called the brokers we have worked with in the past. I have received about 3-4 quotes before I locked.

Thank you for pointing me in the right direction.  I am also a member of PenFed but they don't do these types of loans so they won't rate quote us.

Thank you, @Joe Villeneuve.  Can you explain why and when we would refi?  We would be using conventional financing, 15% down.  We just planned to keep the loan and not refi but we are new/learning at this.  

We live 1 mile So. of Old Town Alexandria so we our local market doesn't work for an investment property at these numbers.  Cleveland is close to the in-laws and we travel here several times a year. Thanks for all the input thus far.   We want this to work and this is a buy and hold/cash flow strategy.

Yes, correct on east side.  What are the questions/issues to assess with water turned off?  What about questions re: the roof?  Thank you BP.  

Hi, BP community. We would greatly appreciate input on this property just outside Cleveland in a B neighborhood that we looked at over the weekend and liked. SFH, 3 bedrooms, 1 and 1/2 baths, 1400 sq. feet, new windows, new garage, new vinyl siding, newer electrical, 2004 hot water heater, older furnace but working. Water is turned off so can't check plumbing (not a short sale or foreclosure). Foundation looks good. Don't know age of roof, yet. No a/c but a lot of houses here don't have it. Price $60-62k due to motivated seller, Rent $1050 (not occupied so would have to hold 1-2 months possibly to find good tenant due to Jan closing date and winter), Taxes $3419, costs to make it rent ready $5 - 8K. Colonial style, unfinished basement. All flooring good (carpet on first, vinyl kitchen, all wood upstairs for bedrooms).

Two car garage (new garage and pad). POS city and POS compliant.  

Highest rent would go on this street is $1100 if we make it shine.  Currently could rent for $1050.  Lowest price house on the street and city assessed at . Great location walkable to a vibrant little downtown.  Right now it looks good and livable just needs some updates in the full bath (vent, updated sink, minor cosmetic updates in kitchen + new fridge.  3rd floor (they are calling it a bonus room) is good for storage or could be closed off.  Could be made into 4th bedroom with insulation, flooring, heat added but wouldn't increase rent past $1100/mo.  Possibly could get taxes lowered with city but that is not a guarantee.    The city has assessed it at $84000 for tax purposes.  Definitely looks like a owner occupied street where people care about their houses.  Good school district.  

Thanks for your input.  We really appreciate it.  Want to hit a homerun with our first house purchase.

Thank you, @Mark Nolan and 

@Justin Windhamundefined!  Stay tuned!  I am so appreciative!  

@Mark Nolan, @Curt Smith, @Justin Windham, thank you so much!  I have property managed but have not done it with a S Corp.  I am just building my business.  It sounds like I can do a solo 401K as I build my business or do I have to show income, first?  I would like to transfer the Vanguard fund to the appropriate vehicle and then have the vehicle purchase a property.  Thank you, again.