All Forum Posts by: Jack Smith

Quote from @JD White:

I am just starting with KSY and it's not going amazingly.  I'm too old to remember to check for reviews before I leap, but at least I haven't yet lost a stove (on this one)... ;-)  While I wait for delayed communication from them, I am looking for alternate management in the Canton area.  Did you find a reputable management company that you would recommend?  Thanks!

Ha, 'amazingly'.  Yeah, when you find that unicorn please let the rest of us know as I've been looking for many years.  A 'good PM' fits the definition of an oxymoron, at least in this area. 
I'm in Canton all the time, let me know if you need any boots on the ground assistance.  

Quote from @Amanda Gauthier:

I recently purchased a property through RTR and while I am happy with them, I am having a lot of issues with KS Yoak PM Company. Not only are they horrible at communication, a stove was stolen from the property when the tenants who weren't paying rent moved out. I was the one to catch it not them during the walk through. Does anyone have any recommendations for a different and better PM company in the area?

Theft is going to happen in this business, at least here and there.  No PM can stop something like what happened to you.  
I've personally known Steve Yoak for a number of years and both he & Kip have reputations as stand-up guys.  That said, they've gone through some huge growth over the last couple years and maybe they're having some growing pains?  Try to work through it with your PM or maybe request a different one?  Pickings are slim around here for good ones, and what makes a good PM for one LL isn't the same criteria as for another.  Just make sure the grass doesn't just look greener before jumping.  
If you need any local boots on the ground, let me know and I can assist, I'm in Akron daily.   

@Jeff G.

Just remember... NONE of the three cities you area talking about are LL friendly... Cleveland is the worst of the three with the lead laws, Akron is not far behind with source of income discriminations - I mean "protections"..., and Canton continues to step up the level with ridiculous housing requirements.  I can't speak to other parts of Ohio, but it's not the gravy train around here you may be hearing.  Get with some local investors to and boots on the ground to get some solid advice.  

Quote from @Nathan Harden:

Where are you all getting your properties refinanced after you rehab them? I could only get 1 DSCR lender to do 1 of my SF properties due to the low ARV, the fees and interest rate are absolutely not worth it.

Are you bundling properties together when refinancing? 

Yep, good luck with that right now... since they raised the min loan and min house value it cut off many of my exit strategies, and is a real challenge for attempting BRRRR in many of our Ohio cities.  Keep looking, they're out there though.  Strasburg Bank, Apple Creek Bank, Sugarcreek Bank are some that have been here for a while, also check First Commonwealth and a great guy that just started his own business - Christopher Liebig of Nonprofit Mortgage (714) 499-5509 .  

Greg Friend at Soles Law.  http://soleslaw.com/   Have fun!  

Quote from @Kimberly C.:

Quote from @Jack Smith:

Quote from @Kimberly C.:

... The house was rehabbed and ready to go 3 weeks ago but the PM says they're still waiting on the "rental inspection" and can't officially list the property for rent until this is done.  How long does it take to schedule a basic rental inspection?

That's just incorrect, whomever told you this doesn't know what they're doing.  We get houses that already have a tenant and we make improvements at that time.  I have one right now that for various reasons has been going on for about two years.  And it's occupied.  Its a pain to do any work with tenants in there, don't get me wrong, but it does not need to pass before advertising it for rent.  

My PM sent a check to the city of canton for $240 for rental registration.  Does that seem correct? Again, I'm not local so I'm just taking every cost and push-back on progress at face value.

It's $80 per door, per year, plus the one time inspection fee, which I was thinking was $180, but don't recall exactly right now.  They started sending out these official letters of conformance, but I've only gotten a handful of them.  Get that sucker rented!  Now is the time of year.  

Quote from @Tony Guardado:

Quote from @Kimberly C.:

Quote from @Nathan Harden:

 Who is your PM?

I rather not speak poorly about a company in the public forum, I'll DM you and maybe you can let me know if you've heard of them or had any bad experiences.

 DM me as well pls

 Same here, we like to keep up on who doesn't know what they're doing... 

One more thing... don't get hung up on the seller financed interest rate.  You have a balloon coming anyways, so all you're buying is a few months of lower interest and in the meantime you're burning days trying to figure out how to pay for the rehab.  Get the cash asap and get it done.  The interest rate really isn't that important right now.  

You're going to have a challenge with this one... $70k for a duplex rehab is a hefty price in this area, sure hope you have the ARV to support that. Not many private folks are going to lend that kind of money to stay in a 2nd position. You may need to look at some hard money lenders to roll it all together and give you the funds. I know Upright.us is making some headway in our area, companies like that may be your only shot. The hard money lenders we deal with mainly focus on local rehabbers with history. The best option I see for you, if you can't get the line of credit, is to partner with one of us local rehabbers that have experience to make sure that $70k is legit and keep the project moving on time and on budget. Even if you do get that LOC you really need a local you can count on and knows what they're doing.

Cory - get involved with ACREIA.org or SCREIA.org.  Both are local investor associations with plenty of vendor members that are local to us.  Come out and meet us at some of the free breakfasts, you'll get to know key people right away.