All Forum Posts by: Joe Cantanzriti

@Keith Boley

@ALTAMESE FLEMING

I couldn't agree more with Keith.... I'm a lifetime resident of Youngstown (Boardman specifically) and the rental market here is strong as it has been for years. Post up some details in the forum about your properties and maybe we can point out some possible issues. Are you not receiving any inquires or just not any qualified tenants? 

I ask simply for bank name and type of account just to see if they even have a bank account..... no bank account equals negative points on the "Am I going to rent to you" scale. 

Account number would be a nice addition but I would think you just make a copy of that first check that comes your way and you'll have all the info you need if they have a checking account of course.

I would think you're reno budget is probably a little on the low side especially if your talking hiring out all of the work to contractors. Of course if you are putting in some work yourself, depending on your skill level you could drop that number drastically... though then you aren't accounting for paying yourself anything of course, which is what I tend to do to make the numbers work better in my favor, totally guilty on that one! 

You should post your estimated rehab costs broken down into specific areas with estimated numbers to them and that would give everyone, including yourself a better idea as to if where your numbers really should be. In my experience looking at 1970s-80s 4-plexes which are very common in my area, I've been at the 10k mark per unit for renovations easily with properties that aren't in total disrepair so I'd think you should be closer to 15-20k per unit if you're assuming worst case. Post some updates as you find out more about the property.

As a Realtor, I would set up a prospective buyer with a low credit score or other credit issues with a mortgage broker whom I consistently worked with and they would meet with them and get them on a path to become finance-able even if it was a 12 month of longer outlook. I would think you could do the same with tenants as they would eventually possibly look to purchase and obtain a mortgage hopefully with that mortgage broker. Also they always did this as a free service in order to secure future business. 

@Account Closed

If you have the capital & credit to bump up to 5% down you could get into a conventional loan and avoid the lifetime PMI that comes with the FHA loan now. Just a suggestion.... but overall FHA loans are a fantastic way to get into property ownership but remember the lower the down payment, the higher your mortgage amount will be no matter what loan product you're using which will affect the monthly payment and overall interest you'll pay over the long term.

@Jay Hinrichs

I've seen some in out area stay on auction.com for months that just keep getting relisted. I assume they do lower the reserve each time but it seems like their increments are pretty small each time. I've seen several re-appear eventually on the MLS and some seem to just disappear altogether, my guess on some is that since a lot of them are occupied, the bank may work something out with the borrower and remove it from the auction. I'm sure there's a method to the madness but hard to say what it really is, any auction.com employees on BP?

I couldn't agree more, I've offered on several properties on auction.com with no luck either. Many times the bidding goes far above what my ceiling was and it still doesn't hit the reserve. From my experience auction.com on the single family side seems to be aimed at the retail buyer level as I did sell one to a client through auction.com years ago, retail buyer of course. I have had better luck with both Hudson and Marshall and Hubzu.com as far as online auctions go.

Getting your license is a huge plus in my opinion. I couldn't imagine life without instant MLS access to jump on new deals and easily analyze properties. Even if you have no interest in working with buyers or sellers you can always refer any that come across your lap to other Realtors in your area that are full-time Realtors and probably cover your annual fees and expenses to hold your license just with referrals. This of course may depend if your referring $30,000 houses or $300,000 houses but still....

Renae Charles Atkins Depending on your county, spend some time on the auditors website. Some county sites are excellent with organizing information on recent sales depending on exactly what you're looking for. Zillow is pretty decent too if your looking for sales in a specific neighborhood, just zoom in with the map and you can access a pretty simple array of information. Though the easiest is access through the MLS of course, get a relationship going with a realtor and it'll be a much simpler process of grabbing recent solids and organizing them to fit your needs. Or maybe just as easy, get your real estate license, it's a pretty simple process in most states and in my opinion is invaluable.

@Henry King

Any Luck with any responses for wholesalers in Youngstown? I'd love to find one myself.... might just need to start into that side of the business if there isn't anyone out there.