All Forum Posts by: Account Closed

Okay that’s what I was thinking, thank you Michael!

I know that I need to have written criteria for when going through applications, but am I allowed to have different criteria for different properties?

For example if I have a high end rental, and a low end rental - can i have different qualifying criteria for the different places?

Okay, I found this: https://www.thespruce.com/ohio...

which makes it seem like source of income is not a protected class in ohio

I see many listings in my area that say this, or some variation of it. I want to make sure this is all above board before I include it in my own listing, because I don't want to violate any fair housing laws

Hey I am looking to ask a question about BPOs here.I am filling out an application on Pro Teck and they suggest having a background check in my profile. Have you added a background check to your profiles? and did you notice an increase in requests to complete BPOs due to adding it?

Athens isn’t much better from what I can tell. Too many investors fighting over the same properties. Prices are too high, especially inside city limits. You will find what used to be SFHs built pre 1900 or sometimes 1800, that have been converted to duplexes or triplexes with terrible floor plans, terrible bones, terrible everything. Yet, the owners are asking a quarter million... its hilarious.

Adam, I am also in Athens planning to do literally the exact same thing! I would love to meet for coffee sometime and see how we can help each other!

- Ian

Thank you Matt!

My girlfriend and I are getting ready to get our first investment property and we want to do a house hack. We have only a very small amount to use towards a downpayment. (~$3-5,000) We are exploring all of our options as far as financing the deal. Obviously, FHA is an option, but because it includes PMI for the life of the loan we are not a fan of that option at all, as for conventional loans those are definitely more attractive. We had one credit union agree to finance 80% and allow the seller to finance the other 20%, and then a few days later they changed their offer. Now the most leveraged we can get this deal through them is 75% bank 12% seller, leaving us to come up with 13% + closing costs. (unless the seller covers that as well)

13% is quite a bit for us in our current position. We are continuing to speak with other banks in hopes that one will actually go through with the 80/20 bank/seller split.

We have also considered taking out a smaller personal loan to cover the 13%, but this will massively offset my debt/income ratio and bring my credit score way down - effecting the rates we will get on the bank financed portion.

There are a lot of moving parts. Does anyone have experience with a situation like this, and have any advice?

Thank you in advance,

Ian