All Forum Posts by: Gordon Starr

I am with @paul amagatcher in that I own north riverdale. North of Hillcrest ave. 

Riverdale is c class currently. It would have been much lower several years ago as the area was badly blighted. There may have had 20 percent vacancy. It’s been the focus of a huge effort by Dayton planners and local investors. Fully rehabbed sfh rent for around 850 plus plus and you can get great tenants. north riverdale has much better building stock than south. Neighboring Santa Clara I would call f class. @dave demarinis probably just has not been there in many years. Up by main st is a bit sketchier than down by riverside dr. 

I have eight active sf rentals. Six are c class and two are low B. Last month the b class tents both came through with full payments, but two of the six c class tenants could not pay due to Covid Layoffs. What are your experiences with c class tenants? How do I tell the delinquent tenants they need to pay if they want to stay ? I’d hate to put them out, plus eviction court is temporarily cancelled.

I wish more people were taking such a safe, fiscally conservative approach. You are playing it smart. my advise is to keep your day job. Too many are going bust and the credit markets are tightening. It’s a scary time if your business model depends on borrowing to make speculative investment.

I hope this banking trend will reverse. current active property is almost done.. brrrr is going to be a BRS. Buy Rehab Sell! 

To my banker, anything over 70 % loan balance divided by appraised value at origination, loan to value, LTV is too much leverage. To me when you can't meet obligations and leverage anything over 100 % loan to current cash liquidation value you are in way too deep. As I understand it, it can be a shocking wake up to learn how much less equity is cash in hand from a distressed property sale during hard times.

The mortgage servicers I have seemed to be promoting forbearance. Affected by Covid19 We’re here to help.. this won’t be reported to credit agencies.. these trying times.. etc and made it super easy to apply. If they offer it up in this way, why would they then ruin your credit so you can’t get a mortgage? Are they trying to take people down? Does this not strike anyone as complete and total bs? I am cancelling my forbearance plans right now.

First the subfloor then the backer board then the tile all screwed in and mortered down. Takes forever, back breaking, costly, and I pity the man who has to take that floor out! Not to be all negative since you probably heard the old joke.. laying tiles is like laying women.. you do it right the first time and you can walk all over them for the rest of your life

Raising cash. 

In my view, Home Depot is very expensive for installed products. If you need them to finance don’t do windows as you don’t have the money for it. Just get them super squeaky clean and it won’t blow the sale. Spend your time on curb appeal and cleanliness.