All Forum Posts by: Debra Lamm

@Clifton Young

Thank you. I am thinking of Highland Square.  The area just next to Highland Square, for example--Beck or Byers area. I agree that college rentals, particularly in Akron, are unpredictable with respect to vacancy rate and damages.  I don't think we will see any upticks in college enrollment for quite a few years, if that. 

@Rosario

I live in a slab-on-grade in NE Ohio. Basements are common here, but I love not having a basement. One disadvantage is that the HVAC is on the main living floor and tends to be noisy. We got used it, but it was odd at first. Our ductwork is in the slab as well as water pipes. Any repairs on these things can be costly and require digging up the slab. I just wanted to offer my personal experience in case it helps. It’s wet here and no worries about water in the basement!

I’m interested in the Highland Square area        - just started analyzing some multi family homes. It’s the vacancy rate that always concerns me, but it seems like Akron is close to the national average. I like the idea of college rentals. 

Hi Max,

Thank you for the reply. I’m glad you agree. I understand the dangers of speculating, but microbreweries, French bakeries, and axe throwing facilities make me think that it might be a little more than speculation. Yes! I’ve been thinking about the flooding. I grew up in Millvale and fortunately, on a hill, so we didn’t have to worry about flooding, but I have family members who lost a lot due to flooding. My mom’s childhood home went over the hill, so there’s that! 

My dad grew up in Lawrenceville and a few family members have property there—lucky them. 

I’ve been thinking a lot about Millvale as a secondary up and coming neighborhood. You can still get a deal on a house vs. anything in Lawrenceville. Does anyone have any opinions on this? 

Cherie,

Thank you for the words of wisdom, and congratulations on your success!!  I like the idea of a lower puchase point, a fix and flip to gain some capital to use for buy and hold investments.  My biggest concern and why I did not start out thinking "flip" for my first deal is that I have a 2-hour+ commute each day, round trip.  I wouldn't be able to actually check in on my property except for weekends.  I love the idea of sweat equity, but can't actually do it due to the commute.  The commute and hours spent away from my family are the driving force behind all of this.  

I do like your plan, though.  I will be following your journey here on BP, and hope to have my own success story soon!!  You've given me some great advice, I really appreciate it.

Hi @Andrew Fisher!  Thank you for the welcome.  Good to hear that you are successful in Stark county!  Right now, I want to keep my radius small, too.  I'm ready to get the ball rolling.  Looking forward to connecting with all of you on BP!

Thank you @Joe Splitrock, I totally understand what you are saying.  I agree 100%.  Which is why I'm not rushing in guns blazing!  We have equity in our home.  I have little savings thanks, once again, to years in grad school.  If only I had it to do over again regarding grad school, but what is done is done.  Both of us have steady and secure employment (as can be today), but I am still working on my credit score. Years of grad school have done me no favors in this regard having to use credit cards for certain things.  My credit is pretty good despite it all, but the debt to income is high. 

@Cheri Banet,

Yes. You understood correctly. My husband and I are in our primary residence. We purchased it in May 2003. It is valued at right around 200K. We're still working off of the original mortgage, no second mortgage or loans against it. My debt to income ratio is higher than I would like thanks to years in grad school. If I used the HELOC only, I would back my price down to around 25-30K, leaving some breathing room. Without it, I don't have many other funding options. I have the opportunity to obtain an unsecured line of credit, but would certainly need a co-signer and that just puts me out of my comfort zone.

@Jeremiah Baker! I attended the Great Lakes REIA last month. I'll have to come out to one of the Akron/Canton meetings.