All Forum Posts by: Jack Smith

@David Rutledge I don't doubt it, but it's a town of about 20,000 people, and aside from this thing a number of miles away called the Pro Football Hall of Fame, there really isn't anything that spectacular to draw tourism in the area... it must all be corporate and maybe kids returning to visit their elderly parents?  Ha... 

The stats can easily show a high occupancy rate if it's an under served community - which makes sense if there's laws against it.  

I find it just fascinating that North Canton is even on this list as I believe short term rentals are not even allowed within the city limits. But a quick search sure enough shows a number of them, but most are apartments. A new rental registration program is coming Jan 1st, which will close any remaining gaps on rentals in the city. The standard prices shown are what pretty nice SFR are going for in town right now - and good luck finding one, btw. Something just doesn't add up that this small, bedroom community would show up on this list compared to a Columbus or some of these other larger and more attractive metro areas. Something just seems fishy with these results, or maybe I just don't get it.

Shew... Maybe all that fiction could happen up your way, but this is Canton, Ohio, she's talking about.  

Judges here are voted into office and have a much more consistent interpretation about protected classes than whatever dream tangent you have built here.  

I’ll try to respond to this without getting my post deleted again… 

@Brian Cerezo check InvestInStark.com, which is a nonprofit REIA in Stark County, serving Canton & Massillon. We have many contacts that can assist in the area for developing your BRRRR team. Financing can be a challenge, but we still find ways to get it done.

Hi Sheena, 

The real problem most folks off on this thread don’t get is it’s Canton, Ohio you’re talking about, not Florida or anywhere else.  Stark Metro HA, like many LHAs in the state, typically has a waiting list of years - yes, that’s plural, to get a HCV.  And even if they should open up the list again and gets one sooner, don’t expect to get even close to market rate.  
 
The real underlying problem is this area has experienced a very stable market since the Great Recession and many people around here haven’t seen the great increase in standard /cost of living the rest of the country has experienced over the past 10 or so years.  So locals here were suddenly shocked by the impact the housing shortage has had, along with the inflation that has suddenly brought us into the 2020’s, all seemingly over night.  I’ve had many long term tenants that are very compliant all of a sudden when we announce substantial rent increases, that even five short years ago nobody could’ve fathomed.  Why?  Because once they see what it costs to move to a new place they recognize they don’t have it all that bad after all… 

But elderly are the worst to go through this as they’re generally still in a 1950’s mindset and many are also on fixed incomes.  Mental deterioration is a reality as well, like it or not, and that doesn’t get any easier with time. It can be the beginning of a longer and only more difficult road.  I just went through this last year with one of these “nice little old ladies” - “someone’s grandma” that was the most vile, meanest, vicious person I’ve ever dealt with.  So don’t anyone play that freaking card as people can suck at any age.  The reality is most of us don’t age gracefully.  

To me you got two options - take the deal and immediately give her notice rent is going up to market rate.  Either suddenly in some way she’ll be able to pay it or she finds a more appropriate place to live for her situation.  The other option is to just pass on the deal, and kick yourself many times later for missing out on an additional property. 

Good luck.   

I did two portfolios with them this winter - took many months to complete. Sad to say, no better than any other mortgage experience. Underwriter drug things out and missed a number of things that caused expensive delays for me. DSCR loans are the only way I can get refi'd out of my BRRRRs, so at least they came through. Like any other mortgage company, you have to harass them daily to keep your loan moving and to get ahead of issues; otherwise progress stops.

I was told the same about not locking in rates, which is infuriating as you get the feeling the underwriters are getting bonus points for taking longer, especially recently with accelerating rate increases.  For as high as their fees are you'd think they could at least lock in rates and move things along timely.  They also know I do 8-10 refi's per year and not even a call back since the last closing to see about the next properties.  

My first loan with them was just sold but it hasn't been fully transferred yet; when I called about my payments they told me to wait until it's fully transferred.  To date I'm holding two payments and not heard boo about this coming month, just seems very odd.  I am investigating other alternatives for upcoming refi's.  

There's a few that I've worked with that will handle assignments.  My agent just jumped companies - Tina just started at American Title Solutions, they have an office in Fairlawn and opening another in Green.  There's Meridian Title, also in Green, and Patriot in Canton.  

Many title agencies won't do assignments as they don't understand them.  

Try these folks - TK Home Inspection ; long time local ASHI inspection company.  

It's time again for our March event - this Saturday at 12pm EST!  

Out-of-State Investors Wealth Building Group - CANTON, OHIO 

Ohio, especially Stark County, is an excellent environment for real estate investing! Solid investing opportunities exist in Canton - Akron - Cleveland - and many more areas of the state! It can be very daunting to take advantage of these golden nuggets of real estate if you do not live in the area and have never physically seen the properties.

If you have had your eye on Ohio, then you need to be part of our monthly focus group for Out-of-State Investors. At this monthly, online event, we explore avenues to assist non-local investors participate in our neighborhoods. Come establish potential new partnerships with other investors, to talk and learn about specific properties, neighborhoods, and cities. Learn about local news that impacts the communities - businesses coming and going, new investments and construction, changes in public services, property registrations, point-of-sale inspections, political changes, crime levels.... Meet and receive referrals for local funding sources, wholesalers, service providers, and even contractors, among many other additional benefits!

This group is a MUST for any investor who lives outside of the State of Ohio. In addition, LOCAL investors/wholesalers who have properties to sell as well as service providers such as realtors, contractors, lawyers, accountants, title companies, property managers, etc., will benefit from attending.

Stark County REIA is part of the Ohio REIA network of 13 chapters across the state. We can connect you with other association members that are not the "scammers" that prey on uninformed investors online. Although we can not guarantee all deals will make money, we do our best to provide an environment to promotes open discussion and education about real estate investing opportunities.

Join us online from 12:00-1:30 p.m. EASTERN TIME on the second Saturday of each month. Upon registration you will receive an email with the zoom link. There is no cost to this meeting & it is recorded. The purpose of requiring registrations is so we can send you reminders in the future of upcoming meetings and also to forward the recordings of the meetings with any materials that were presented.

Click here to register now!

Hi Steve, 

Not sure you'll find one that specializes in real estate, around here they're typically generalists.  That said, my CPA is very good on not only the real estate but also the business side of things.  

You should come to the local REIAs to connect with local investors... check InvestInStark.com & ACREIA.org... 

David Haramis - https://www.haramisroe.com/spl...