All Forum Posts by: Edwin Martinez

repairs look like less than 1000 total....all in cost with 20%  down and closing cost is $12,800 plus the repairs. rent is approx goes for 700 my mortgage including taxes and insurance is 330 property manager 10% so i will end up with about 300 income setting aside 200 per month for repairs and ill be seeing about 100 that i just might recycle back in and pay off the mortgage quicker.

For best result consult with alawyer

@Tim Kaminski rehab looks like a couple hundred bucks waiting on the manager to come back with bids im also sending my own contractor in for bids

@Dreton L. inspection came back good light fixture missing from front light, one cracked window, no signs of leak in roof. The biggest concern i have is kitchen sinks drains slowly under the house found alot of outdated cast iron drain pipes.

ive been following your project on your instagram nice work your doing @Daniel Kramer keep it up! I'm currently in escrow on one in 43612. used conventional plan on holding as is for now my home inspection report came in this morning. needs a little rehab but nothing major for a 40k house lol. no refi yet. going conventional for me was a huge learning curve! and its exactly what i was looking for. I'm continuing looking for houses in Toledo and hopefully the next deal i can buy right. we'll get there don't worry the important part is taking action! 

@Engelo Rumora yes of course thanks i look every where i can for rental info i.e. craigslist, facebook, trulia, and even management companies websites from the area. Zillow is the first thing i go to but it is definately not the only. If i see too long of listings or not enough listing on zillow ill look in the other areas to verify the rental info. 

This is a networking group to learn and inspire from one another with our knowledge, experience and diverse strengths in the the real estate arena focusing on wholesale and under value properties. Everyone is welcome, from wholesalers, investors, developers, realtors, general contractors, subcontractors, escrow, private lenders, mortgage brokers to title companies, or to anyone that just wants to learn more about the industry. Together as a group and team, gaining more knowledge, networking with each other, building good honest relationships. Learn how we can capitalize in today's real estate market.

@Damaso Bautista

Thanks brother! no I have not flown out there yet. i am in escrow i have home inspection scheduled for 5/16 for anything that was missed in the initial inspection. it is advertised as move in ready but no property is READY-READY lol few minor things need to get fixed prior to renting. i am already shopping out for management team. ive had very good luck with my agent.

Investment Info:

Single-family residence buy & hold investment in Toledo.

Purchase price: $40,000
Cash invested: $13,000

currently in Escrow will update when everything finalizes

What made you interested in investing in this type of deal?

out of state low price in good neighborhood to learn with smaller risks

How did you find this deal and how did you negotiate it?

MLS. price was lower than market asking. first offer was accepted.

How did you finance this deal?

conventional loan

Lessons learned? Challenges?

Buying off MLS is difficult to find good deals that cash flow competitive in a sellers market.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Danny Degnan and Dustin Hall with Key Realty

very nice best of luck to your journey sir. i have idk if you plan to buy the properties off the MLS or off market deals. i have been working in Toledo past couple of months connecting and building a team in Toledo. depending on what your plans. but here are some recomendations. @Andrew Fidler and @Engelo Rumora are great starts for your Toledo investments. i personally have used Danny Degnan and Dustin Hall with key realty as my agents in toledo great agents. with w.e you need there is good people out there to help. best of luck to you. if you need any more info feel free to message me.