All Forum Posts by: Jesse Houser

Sorry if I'm asking an already answered question, but I did a couple of searches on BP and didn't find anything that directly addressed this subject. I'm currently looking at property in Mansfield, OH that falls under the HUD Guidelines 24 CFR 206.125. From my understanding, this is due to the property having a Reverse Mortgage, and as such the bank will only accept offers that are 95% or more than the listing price. It also seems that after a period (typically ~60 days from my research) the bank will then accept a lower percentage offer.

Given that information, I have a couple of questions I was hoping someone could answer.

1. Does anyone have experience purchasing these types of homes? Any advice or guidance you may have?
2. In Ohio, what is the minimum percentage of the listing price that banks will typically accept?
3. How long does it usually take for a bank to lower the amount they are willing to accept for the property?

From the numbers I've run here on BP, I would need to get the house about $15k-20K below asking price for it to fit my target numbers. Just trying to figure out my odds of getting an offer accepted if I lowball it that much. This would be my first purchase, so just trying to get my ducks in a row.

Thanks for the help everybody. 

- J

Hello,

I'm looking for educated and experienced real estate investor in the Mansfield, OH area to partner with. I am just getting into the field of real estate and would like to work with someone who has some flips and/or buy and hold properties under their belt. While I'm mostly looking to learn, I would love to actually partner on a property and begin building my portfolio.

Please PM if you are interested and would like to talk details, even if it's just education.

Thank you!

Jesse Houser

I've also face this issue, not with rental properties but with my own home, in both Mansfield and Chillicothe. Just a silly fee that they charge to make some extra money. As David said, better to just pay it and not go through any more headache, as they will likely just shut you down. However, something to maybe plan around in the future!

Best of luck to you.

Hey all,

I'm looking for some advice on how to get started with my first property using hard money. My wife and I recently purchased our personal home, as well as had our first child. As such, we don't really have funds for a down payment towards a property. Because of our situation, I'm trying to be creative with different financing options. I would prefer private lenders but they can be difficult to locate, and so I'm looking at hard money. However, all the numbers I run do not present with a positive cash flow. Just wondering if anyone else has any advice towards making the numbers work so I can get started in this field.

Thanks!

Hey all,

I'm just getting into the amazing field of real estate and I'm trying to learn about the types of private financing found in my area. I'm located in Mansfield, OH and have not seen many posts discussing this area, so I figured I would go ahead and make one. Any information about the type of private lending people have been successful with in this area, the terms, and any other information would be helpful. Really excited to get my real estate career off the ground but want to be sure I'm making wise and educated decisions.

Thanks everyone!

- Jesse Houser

Thanks Michael. Really looking forward to getting started in this field and seeing what the future holds.

Hey Everyone,

Just wanted to drop in and introduce myself. My name is Jesse Houser and I'm just getting started at Bigger Pockets and with my future in Real Estate. I'm starting the process of building relationships with people who might be interested in helping me to get started (namely with financing). Any advice and pointers are greatly welcomed and would be helpful!

Looking forward to getting to know you all, and best of luck with all your endeavors!

- Jesse