All Forum Posts by: Jeffery Waicak

I see a lot of talk about  the new crash coming.  I'm just  curious as to what this is based on.  I got in this game in I think 2000. Back then, you could take the check ed Mcman sent for$ 6,000,000  to a lender,  have no job and a 500 credit score  and get about a million,  albeit,  at 10%.   I should not have been loaned money, but I was.  The other problem was, any decent renter could,  and would qualify for their own  mortgage. So the rent pool was mostly  terrible. 

      So today,  from what I can see,  in my market,  prices are around where they were in  2007-8, I really don't  think they are as high as they  were. I looked up  the inflation rate,  it said that there was about  10% total inflation over that same time frame.   But, it looked like interest was more than  double what it is now. 

    As far as I know,  most retail buyers buy based more on terms, money down,  payment per month,  than the price.  

    So as an example,  back in 2006, I may buy  a home for $100,000 with 0 down, and a $900 monthly  payment.  Now the same home would be $100,000. With 3,500 down and $700 a month. The difference being now  I need to  prove i can actually pay for the house.

  So based on this, the market  is still down from the  crash,  based on payments.  But my Wendy's jr bacon cheeseburger is up to $1.89, from $.99.

  I'm not trying to be disrespectful, I'm trying to understand. Why will there be a crash in the near future?

I walked through it. It needs a lot of work!! He said asbestos was at one time  abated,  but since it had gotten wet it had more to be done.  The building is huge, but most of the parking had been sold off. Because of this, he had his job trailer on the opposite end of the building, he said this was because of zoning. I thought if you couldn't get a variance for that, then zoning would have been a hassle. I passed. I appreciate your help and input 

thanks. There is some apartment  complexes near it. It's close to canton which has a good population too. I'll keep on investigating. 

I saw a schoolhouse on Craigslist for like a dollar a square foot. I thought apartments,  then I thought, storage. Has anyone ever done this? Any advice? Thank you 

ok thanks everyone!  I looked  and found granite  at 29.99 sq ft installed. We talked on the phone and im.going to save a pile of dough!! Im still up in the air on the floors though 

I will.have to shop the counter prices then. 

I have a flip I'm working on its about 900 sq ft  3/1.5 with a nice full basement.  It's arv I'm putting at 110,000. I just ordered my cabinets.  Shaker style hickory  unfinished from Menards. I'm going to put in low end stainless appliances,  and I found  granite at a pretty good installed price, $52 a square foot. It's only 31 square  so not bad imo. Well  my question is,  would a nice looking rolled vinyl  be too low end and look out of place? Should I  do tile instead? Thanks

  Thano you for your service!I'm throwing  stark county ohio  into the list. There's areas that are good for flipping. Jackson township,perry, North Canton,  and a few others,  then there's  areas with crazy good cap rates. I have a duplex under contract that will rent for 500 each side  tenants pay utilites Needs about  10,000 in repairs,  for 20,800.  You're also close enough to Cleveland, about an hour or so.   The deals aren't as plentiful on the buyers and holds ad they once we're but I think that's pretty nationwide. 

it's a tough one. I prefer to have my buyer's agent because she has a good set of eyes. It's not a real house inspection, but she does usually point out stuff I missed.  On the other hand, I know that some seller agents, one in particular that deals in bank owned,  will make it harder to buy when he's not on both sides of the deal. So I guess it's up to you. I think you would  probably do better going straight to the listing agent,  but I personally like someone on my side

if I did it, I would  want to get a multi family building.  To buy a building outright would make no sense to put him into the deal.