All Forum Posts by: Jared Fracker

Where can I post my rental property for sale here?

Just rented out my primary residence starting 8/1. Need to find a primary residence and close by then. would love to do a sub to deal or a seller finance. I need help finding the deal. Looking in East Cincy or Northern Kentucky. I want to try and stay between 2-3k/ month and do my best to put down as little as I can get away with. Can someone help out?

I am getting ready to lease out one of my properties in Cincinnati Ohio to someone who will be doing rental arbitrage on AirBNB and such. Does anyone have a lease template I can use for this scenario? I want to make sure I cover everything necessary and not leave myself exposed to issues down the line.

Thanks in advance for all the help!

I’m open to either one. Looking for the most $$$with the least amount of management.

Hi there. I own a house in the Madisonville/Oakley area of Cincinnati. It's about 10-15 minutes NE of downtown and 10 minutes from UC health and a few other major hospitals. I am moving out and trying to decide whether to LTR, MTR, or STR the place. The location will work for all 3. I would be open to signing a lease to someone who wants to MTR or STR.

Thanks in advance for the connections and participation! Feel free to comment or DM me!

Jared

Also, value of the house after all of their updates is sitting around $365k-$385k

@Kerry Noble Jr Rents are around $2600/month for about 300 less sq ft.

I was planning on living in this house so I could airbnb my current house. It will bring in 3-5k/month as a STR

And I am not sure if they want it off their credit or not, they already bought another house and are living in that one. 

Looking at a deal in Northern Kentucky. It has been on the market for 45 days. They just lowered the price for the second time, now its close to the comps in the area. Current owners lived there for two years and did A TON of updates. About 20-30k worth. They bought at $325k on 1/21. And now have bought another house and moved out. They want 360k for it, but highest offer has been $350k. Seller is open to paying for closing costs and or a rate buy down since I was going to go the traditional financing route. Now I am thinking it would be a great Subto deal. I went directly to the sellers agent, she seemed pretty confidant that the seller would do the rate buy down and pay for closing costs. So I am curious about how much they will make on this transaction and if just offering subto with a down payment would be a homerun here? And how to go about it?

@Matt Devincenzo thanks for your reply

So the current property would become a LTR so they can offset the current mortgage payment to get me under the DTI requirements.

And since I am a business owner the purchase is not going through me anyway, it is going through my W2 fiancé. So I would take on the PML and then "gift her" the down payment & CC amount. That way it meets the lenders requirements.

Thanks for the quick response @Doug Smith. 

Yes, I I know DSCR loans and bridge loans and investment loans are out for me. I did find a way to get the loan pre-approved conventionally. My problem is I can not use the HELOC for the Cash to Close, It will raise my DTI and unqualify me.

So I can get the deal done, I just need to find some private money or a hard money lender for a few months to get the capital for the cash to close, and then after closing I can take a HELOC out on the first property and pay off the PML. My issue is I don't know how that interaction/transaction works with them and I am not connected with anyone like that. That's where I am looking for help.