All Forum Posts by: George Duchatelier

Do you have equity in any of the 2 properties in Youngstown? You could try pulling a HELOC on one of the properties and use that money to purchase the SFH.

No equity yet. I’ve had one duplex for only 7 months and the SFH only 3 months

0 Votes

Akron, Ohio

Quote from @William Broxson:

Are either of the houses your mentioning accepting rto or seller financing. I know there was one in Youngstown for I believe 45 rto with 2500 down. I assume there's not much equity in the other homes to pull out and use?

None of mentioned rto and I haven’t asked about seller finance because I wouldn’t know how to structure that kind of deal. I’ve only been into investing about 8 months or so

0 Votes

Akron, Ohio

As of right now i have 2 rental properties in Youngstown and Niles and closing on 1 more next week. Needless to say my capital is pretty much gone.

I found 2 SFH in the range of 49k-59k I would like to attempt to buy. Buying both at the same time would be cool. One is tenant occupied, so its instant cashflow on one of the properties. How do I get this done with no money or little money down? Are there any options i may not be thinking of? I know of DSCR loans and conventional loans. I know DSCR lenders can only do 75k loans or more. I heard of seller financing and Subto, but i don't know enough on how to structure that style of deal. It seems easy enough on these Youtube videos but I don't know how it works

Im sure i know the answer to my question, but i feel like theres a ton of people here that can give me ideas or know how to get something like this done. Please help!

3 Votes

Akron, Ohio

Quote from @Sheila Garcia:

thank you.I surely appreciate all the good advice, I wanted to do short term rentals in cleveland im debating where to invest, are you familiar with AKron..

I’m not familiar with Akron. Everything for me is based out of north east Ohio.

0 Votes

Cleveland, Ohio

Quote from @Weston O'Dell:

Quote from @George Duchatelier:

Im looking to purchase a duplex with my partners. Looking for the best rates for a long term hold. This is not a fix and flip or anything like that. Buy and hold. The duplex is listed at 75k but Im thinking we can get that lowered. Any hard money lenders in the area? I purchased 2 houses already the conventional way, so the DTI is high. I cant do a DSCR loan due to the loan amount being too low. Any other ideas?

As stated, most single asset DSCR loans have a minimum property value requirement of $100k and min loan amount requirement of ~$75k. It really comes down to which capital provider the lender is using. However, there is a DSCR product available with minimum property value requirement of $75k and min loan amount requirement of $55k. At max LTV (75%) this can be done. Again, hard stop of $75k property value for 1-4 unit properties. This allows for the investor to lock in a 30 year fixed business purpose loan (DSCR) on a property that should cash flow great.

Are you a lender that can make something like that happen with the 75k 55k dscr?

0 Votes

Akron, Ohio

Quote from @Kevin Paulk:

Quote from @George Duchatelier:

I would revisit what your role is in the partnership.You mentioned partners. Is the plan for everybody to bring money to the table? Can you get away with not bringing money to the table but you manage the property and that's how you contribute? Have your partners on the note and just add you to the deed.

Everyone adds money to the table. We all put money into our first duplex. We bought that back in June and now we’re trying to do it the same way but not through a conventional loan

1 Vote

Akron, Ohio

0 Votes

Akron, Ohio

Quote from @Patricia Steiner:

A trust and an LLC are two different things. First, what type of Trust did you title in? For example, Revocable Trust do not provide asset protection like LLCs do. You can leave the property in the Trust if you like and purchase an Umbrella Insurance Policy (a cheap date that all investors should have/consider) which will give you more protection should you be sued. I recommend reading the following article all the way through to the case studies to decide whether an Umbrella or an LLC will give you the protection you're seeking: https://www.apartments.com/ren...

Hope this helps...

Thank you!

0 Votes

Orlando, Florida

I don't know if anyone can help but i have a question, hopefully someone can answer. First off, i live in Florida and my rental property is in OH. My trust was created and follow the rules of FL, if that makes any difference

I purchased a home and transferred the deed into my trust. Now i feel like i should create an LLC just incase for protection. Do i create the LLC and then add it into the trust? Or do i create the LLC and make the trust a "partner" ? What do I then do with the deed if anything?

Im confused on what needs to be done so that my rental property is protected by the LLC! Help!

1 Vote

Orlando, Florida

Quote from @Tarik Turner:

Quote from @George Duchatelier:

i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?

There are lenders who offer DSCR loans and short-term rehab loans, but they are typically two separate loan products. If the property needs rehab the lender would lend a portion of the purchase price (i.e. 80%) and typically 100% of the rehab costs. Once the property is completely rehabbed then you can refi into a 30 year DSCR based loan

Great info! Thank you!

0 Votes

Cleveland, Ohio

All Forum Posts by: George Duchatelier

George Duchatelier has started 9 posts and replied 53 times.

Post: PURCHASING RENTALS WITH NO/LITTLE MONEY DOWN. Doable?

Post: PURCHASING RENTALS WITH NO/LITTLE MONEY DOWN. Doable?

Post: PURCHASING RENTALS WITH NO/LITTLE MONEY DOWN. Doable?

Post: buying and hold property

Post: Hard Money Lender for a Duplex

Post: Hard Money Lender for a Duplex

Post: Hard Money Lender for a Duplex

Post: Revocable Trust and LLC question

Post: Revocable Trust and LLC question

Post: How do i find a DSCR lender in OHIO