All Forum Posts by: George Duchatelier

looking to invest in Cleveland Ohio, my concern is I'm from Florida and it's a long-distance investment any advice on areas to invest on and property management team to hire, I haven't been to the area is it a tenant friendly or landlord. Thank you

Im actually in that same position. I live in FL and i have 2 rental properties in OH. I manage the properties myself. I collect the rents and also have a repair guy out there to assist when anything is needed to be fixed. It's pretty easy. I invested in Youngstown and Niles OH

I tried going with a PM team but they didn’t really do a good job in the month i hired them. It may seem impossible but Im doing it! Good luck!

If you have any questions, feel free to contact me.

0 Votes

Cleveland, Ohio

Quote from @Nicholas Salman:

Hey, George! We have plenty of options that are investor friendly. I would love to connect and take a deeper look.

Best wishes!

Thanks for reaching out. What options besides conventional loans can you offer?

0 Votes

Cleveland, Ohio

Quote from @Michael Kinsella:

@George Duchatelier Many HMLs have a rental or 'DSCR' product.

You can use BiggerPockets and follow: Network --> Hard Money Lenders --> Filter by state as a starting point.

It appears some of the posters above may have some good referrals as well.

I'm seeing rental product interest rates for SFRs in the 7's right now.

Thanks for the info. Yes, high 7s have been told to me as well. Looking more so for multi family

0 Votes

Cleveland, Ohio

Quote from @Robin Simon:

Quote from @George Duchatelier:

My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!

DSCR Loan seems like a good route for you! There is one small wrinkle in Ohio in that the loan amount needs to be at least around $100k for the DSCR lender to have a prepayment penalty which is key to getting lower rates on DSCR loans, so I would make sure its a property worth at least in the $150k+ range

I appreciate the info! The price range will definitely be higher than 100k or more because I want to be able to buy a triplex or quad if possible!

1 Vote

Cleveland, Ohio

Quote from @Chris Wharton:

Let's connect. If you have two existing conventional loans it leads me to believe you could continue down that path. GSE max is 10 personally financed properties.

Correct I have 2 properties. I’m looking for a dscr. That’s the only way, besides a hard money loan to try and scale. The goal is 2 more properties. One with my LLC group and one with my wife and I

0 Votes

Cleveland, Ohio

Quote from @Dave Poeppelmeier:

Talk to @Chris Wharton at First Ohio. He works with several clients of mine. If you're interested in the Toledo market, let's set up a time to talk.

I believe I started following him. Thanks! I’m looking at Youngstown area

1 Vote

Cleveland, Ohio

Quote from @Eliott Elias:

Happy to connect you with mine

That would be great! Thank you

0 Votes

Cleveland, Ohio

Quote from @Jeremy H.:

Quote from @George Duchatelier:

Quote from @Jeremy H.:

What's it rented out for?

1245 combined

That's great on a price-rent ratio man, congrats!

My first duplex was similar, had to compete to get it and ended up about 120k all in after rehab. Rent's for $1350, mortgage is $616

Those are great numbers. I try not to purchase anything that needs rehab because I don’t have the capital for it. So I keep searching for tenant occupied properties. So far I’m 2 for 2. 🤞🏾

0 Votes

Quote from @Jeremy H.:

What's it rented out for?

1245 combined

0 Votes

Quote from @Walter Pineda:

Hi! thanks for sharing are you investing in SPRINGFIELD, OH?

Not right now. My first property was in Youngstown and my 2nd Is in Niles

1 Vote

All Forum Posts by: George Duchatelier

George Duchatelier has started 9 posts and replied 53 times.

Post: buying and hold property

Post: How do i find a DSCR lender in OHIO

Post: How do i find a DSCR lender in OHIO

Post: How do i find a DSCR lender in OHIO

Post: How do i find a DSCR lender in OHIO

Post: How do i find a DSCR lender in OHIO

Post: How do i find a DSCR lender in OHIO

Post: We started 4 Point Real Estate and purchased our first duplex

Post: We started 4 Point Real Estate and purchased our first duplex

Post: We started 4 Point Real Estate and purchased our first duplex