All Forum Posts by: Darrin Carey

Try Debra White at Roost Real Estate. I believe she is managing some properties like this.

@Andrew Hawkins You've got good questions. You can get access to other deals and network with other investors by checking out your local meetup. It's a great opportunity to expand your network and get a lot of the answers you're seeking. Several us have used VA loans and other means to get our first deals done.

Here's a link to the next meetup.

https://www.biggerpockets.com/forums/521/topics/779291-dayton-real-estate-networking

@Jake Newman Since you're looking at Dayton, take the time to check out the local meetup and bring your wife. It's a good opportunity to talk with other Dayton investors, including people who are former and current military. It'll be a good chance to learn from others that have already been through it. (Making large financial commitments when your own income stream is subject to changing is usually not a good idea. It's certainly high risk.)

Here's a link to the next meetup.

https://www.biggerpockets.com/forums/521/topics/779291-dayton-real-estate-networking

@Jacob Seim The overall plan makes sense, but it depends on personal cashflow to execute it. With the level of detail you've put into it, I'm assuming you've calculated that in. You've picked good neighborhoods. Some of them have become pretty hot over the past year or so.

I see one glaring flaw. You're limiting yourself to 10 mortgages, and you've created a plan to work within that limitation. The 10 mortgage limitation only applies to conventional loans sold to Fannie/Freddie. Portfolio and other lenders don't have that limit. For example, one local investor I know has 120+ mortgages.

Fannie/Freddie and other Government sponsored programs (FHA, VA, etc) generally will offer the lowest rates and best terms. As you grow past them, shorter amortizations become more common (20-25 year).

There are also non-conventional 30 year mortgages that work for BRRRR (short seasoning), or to bypass other limitations (DTI calculations, >10 mortgages). Of course, they are not government sponsored so the rates are one to one and half percent higher.

I just mortgaged 8 properties at a 4.9% rate on a 20 year loan. The shorter amortization reduces your current cashflow, but it does pay down the loan a lot faster. That extra payment is all going to principal.

Once you've moved to Cinci, check out the local REIA. It's a good group of people and you'll find some good connections there. Find me and say "Hi", I'm almost always there.

@Nicholas Trusty, DM works, but it's not always my fastest response. email/text is faster.

@Calvin Anderson Check out your local meetup. Bringing your wife will expose her to other investors including some who were initially reluctant. It's also a great opportunity to expand your network.

Here's a link to the next one. 

https://www.biggerpockets.com/forums/521/topics/779291-dayton-real-estate-networking

Come join Dayton area Real Estate investors for food, fun and beverages. Build your network and meet other Dayton investors. This is a networking event to make connections, share knowledge, experiences, strategies, and have a little fun while we're at it. We promote teamwork with your peers to help everyone succeed.

Here you can learn something, find a deal, sell a deal, or find that agent or contractor you're looking for.

Join us: T.J. Chumps in Fairborn, OH, right off interstate 675. We'll be in the private room on the left past the hostess station.

Oh, you should expect 60-70 people to be there. The event says it ends at 8pm, however, some of the real estate addicts stick around and close down the restaurant.

@Nicholas Trusty Good to see that you have it covered. If you need a little help, feel free to reach out.

@Nicholas Trusty As of today, it is a lien on the property. 

If you have a "Release of Land Contract" signed by Kevin and notarized, it needs to be recorded to release the lien.

If you don't have a signed and notarized release, you have a title issue. You'll have to get him to sign a release with a notary, or you'll have to go to court to clear the title.

@Nicholas Trusty That's a decent little pocket of homes there. In general, you'll find 2 beds are a little harder to flip than 3 beds, but still doable. As @Dave DeMarinis said, many of your questions should have been answered BEFORE you bought the property.

I also see that you didn't use a Title Co to do a closing. Doing a quick look, I see that "Kevin" has a Land Contract recorded to buy the property. The Land Contract remains in place and is valid even though you are now on the deed. I hope that's something you've taken care of or taken into consideration.

I have a sneaking suspicion you're about to get a quick education in some areas you did not anticipate.