All Forum Posts by: George Duchatelier

Anyone know of any great property management companies that cover Ashtabula OH except for cleveland property management group?

Most of my posts are pretty much the same. Ive been in contact with a few lenders, but i haven't seen any having done deals in their bios. Ive also seen a bunch of those accounts get deleted so, Im wondering if they were even legit or not. My present situation

I have a house listed at 47K that I want to buy in Warren OH. Estimated costs of rehab (my contractor is working on an estimate) which looks to be around 20 to 25k. Comps in the area range from 90k to 125k. Thats what the listing agent told my realtor. I'm looking for a lender that can take care 100% of the rehab and 90% of the purchase price. I need to know details of the loan as far as interest rate, length of loan all fees that go along with the loan and if there is a grace period from the time the house is purchased to the start of the re payment. Also need a loan with no penalty for paying early. 

I also will need to refinance the house once everything is complete. I've been told and read i should go to a local bank in OH to get that done. I live in FL and there is no way I'll be heading to OH to get that done. I also need to know how to set everything up. Do you speak to my realtor or do I send you everything? How do i close on the property and get the money from you to the seller etc.

I bought 3 properties already, but through conventional loans. There’s not that much capital left. 

Any lenders that can make this happen? Please help!

Quote from @Sanat Bhandari:

@George Duchatelier The best way to end up with no money out of pocket in a project would be where you BRRRR it and recoup all your costs during the refinance

Most common fix-n-flip programs require 20% down on the purchase price with the loan amount covering the rehab for the same. Since the property is fairly low cost, I'd suggest going to your credit union/local bank and asking for a construction loan to acquire and rehab the same

You'll most likely be drawing the funds for construction loan on a draw with payment being wired after the inspection being done for every phase. You should be paying interest on the funds as they're being used

After the rehab is done, your lender should be able to do a permanent refi to pay off the construction loan and potentially recoup your downpayment amount (credit unions/local banks would be the best for this since they can be more flexible with cashing out)

Thank you! That’s great information! Much appreciated 

Quote from @Nicole Heasley Beitenman:

Quote from @George Duchatelier:

Quote from @Nicole Heasley Beitenman:

Quote from @Account Closed:

I offer loans,if you need funding for a project.Am here to help

What's your minimum? I'm investing very close to @George Duchatelier and have the same issue. We're planning on buying a property with a business line of credit and will need to refinance out of it within 6-18 months depending on when the 0% interest period runs out. 

I like Youngstown so much. Lot of great deals. You’re looking at SFH or multi family?

SFH. When you say "Youngstown," what area are you referring to specifically?

 Sorry i read that wrong.  I dont know which part of youngstown. Im from FL. I just buy property out there. 

My partners and I already have 2 Buy and hold properties in OH. We are thinking about buying a triplex which needs a FULL REHAB. The cost of the property is 18k.

As far as getting a loan to buy and rehab the property, what are the proper steps in trying to get this idea off the ground. I know we need a rehab loan and we will probably buy the property cash. Is there another way to where there is NO MONEY out of pocket and a LOAN can cover the entire project?

I really want to figure out the procedure and logistics of the loan repayment and what to expect and things of that nature. If anyone could help with information, that would be great, Im not looking to sign any deals or work with any just yet. I just want to be well informed first. What red flags that can pop up and what potential mistakes to avoid.  Thanks!

Quote from @Nicole Heasley Beitenman:

Quote from @George Duchatelier:

Quote from @Nicole Heasley Beitenman:

Quote from @Account Closed:

I offer loans,if you need funding for a project.Am here to help

What's your minimum? I'm investing very close to @George Duchatelier and have the same issue. We're planning on buying a property with a business line of credit and will need to refinance out of it within 6-18 months depending on when the 0% interest period runs out. 

I like Youngstown so much. Lot of great deals. You’re looking at SFH or multi family?

SFH. When you say "Youngstown," what area are you referring to specifically?

The city of Youngstown in Ohio

Quote from @Nicole Heasley Beitenman:

Quote from @Account Closed:

I offer loans,if you need funding for a project.Am here to help

What's your minimum? I'm investing very close to @George Duchatelier and have the same issue. We're planning on buying a property with a business line of credit and will need to refinance out of it within 6-18 months depending on when the 0% interest period runs out. 

I like Youngstown so much. Lot of great deals. You’re looking at SFH or multi family?

Quote from @Account Closed:

Do you need funding for a project? I offer general financial support including small business and real estate loans.

Not as of yet. But thank you for reaching out!

Quote from @Jesse LeBlanc:

Start with 1 maybe 2 niches until you have a solid grasp or have someone take part of your process over for you so you can then move into another niche.  Don't try to do it all, figure out what works best for you and the time you have and stick to it.

That’s the plan. I appreciate your info! 

Quote from @Jesse LeBlanc:

Early on when building my portfolio, I have NEVER left $1 of my own capital in any of my deals. I would wholesale or negotiate a price from a wholesaler low enough to make sure that once I was finished with my rehab that I would be all in less than 80% (usually 70-75%) LTV so when I refinanced, I would completely pay off my Private Money Lender, and sometimes walk away from the closing with a few thousand and actually get paid to buy rentals.

If you use other peoples money, you can for sure then do a rate and term refinance with little to none of your own capital @George Duchatelier

I’ve been noticing when it comes to real estate, I just buy and hold. That’s what I’m comfortable with doing as of right now. Everyone seems to buy and flip and whole sale brrr etc. 

i haven’t studied enough of any of those to try and do them yet. I feel like I will eventually. I’ve been watching a lot of the subto videos and seller financing videos and reading up on that. That’s something I would like to get into as well. I just need to learn how to understand and structure the deal that benefits me and the seller