All Forum Posts by: Account Closed

Thanks Lydia! I will try my property manager to get her feedback. As I'm out of state my only information is data and maps.  I know that properties closer to the university come with a premier which is understandable. Do many people live on the other side of I-75 near The Oaks Mall?

Wow, this is the real deal. Thanks!

Does anyone have experience in the Gainesville area? I currently have one condominium under a self directed IRA and my property manager is great. I have considered buying a personal investment in the area but I am unfamiliar with the area as you get farther away from the UF campus. I havent discussed it yet with my property manager as I'm not sure how much feedback shes allowed to provide. Any suggestions?

Welcome to Bigger Pockets! I have been looking at Fannie Mae properties as well. I'm not sure if you are aware but they do provide some unique financing options for HomePath properties - https://www.homepath.com/financing.html;  scroll towards the bottom.  They provide financing to both owner occupants and investors. Also, the HomePath Renovation loan allows you to bundle your purchase price as well as renovation of up to 35% of purchase price or $35k. It's definitely worth looking into.

I am wondering what different formulas or methods people use to evaluate properties. I have been using Net Operating Income(NOI) - mortgage, insurance, taxes, mgmt, misc to get the monthly cashflow. Are there better ways to get to cashflow?

Heres the catch - the previous owner already has property mgmt in place. I'm not sure if its still worth it. Downsides are 1 west of cleveland and I dont see many jobs created there. I drove through their downtown area and 50% of the stores were vacant. However, they do have a nicer park close to a marina as its close to Lake Erie.

Lorain, OH

Do HML fund across all 50 states? From the HML directory, I see a list specific to each state; does this mean they will only fund projects in their respective states?

I recently found a property which cash flowed great but the area was lousy. The deal was a bit overpriced according to my standards but still profitable. When I drove by it I could tell the neighborhood was alittle rough and streets were alittle be up and needed repair.  Has anyone bought in a bad area just for the cash flow? Pros/Cons of this and what was your exit strategy?

I am currently waiting on the sale of my duplex to go through. But, I have been researching for weeks what new project to invest into. I have only owned two homes up until now, my current primary residence which is a three family and my old house/property which is a duplex. I maintain the properties myself but would like to get into some bigger. I have been scouring Loopnet.com researching whats out there and there seems to be plenty. However, I notice alot of these deals are overpriced or dont meet my criteria. Is this the end all be all site for larger multi-family/apartment complexes or is there a better site/tool to find properties? I currently have insights into my local market as I'm working with my broker but I am also open to other markets as well.