All Forum Posts by: Joe J.

For reference, here’s the ceiling:

 https://imgur.com/HSVk4sy

Any recommendations? We used a general handyman to replace a damaged section of drop ceiling in the basement of our rental and it's already collapsing (just 8 months later)....

You can write off a “management fee” paid to yourself? Do you have a management entity as well?

Any exterminator/mouse mitigation  recommendations in the Dayton, Ohio (Beavercreek, to be specific) area? Tenants have complained of mice, no doubt driven in by the exceptionally cold winter this year.

@Stephanie Potter, thanks for that detailed reply and the summary of the even more detailed Fannie Mae rules! A six-month seasoning period wouldn't be so bad; I was just hoping to avoid 12 months. The 6 months (for non-delayed financing eligibility) starts from date of purchase, rather than when tenants are placed, it looks like? That point is coming at the end of October, so not terribly long.

Folks above have mentioned the ability to fold in renovation costs (in addition to the cash purchase price of the pre-renovated home) as part of the basis for the loan, but I noticed that you don't, and that there isn't any mention of that (that I found, anyway) on the Fannie Mae page either. Is that something that banks allow at their discretion?

Union appears to be right here in Dayton and just down the street from Meadowlark, one of my favorite local restaurants. Guess I know where we'll be going to celebrate if we use them. ;)

Thank you for the excellent information and recommendations all (and I will certainly check with Union, @OzzyS!). Does anyone else have recommendations for Dayton/Cincinnati area banks that are particularly amenable to this sort of loan or you've found to have favorable rates? I'll be checking with my credit union, of course, but as a relatively recent arrival here in Dayton I don't have an existing relationship with any of the other local banks.

Thanks for the input folks. In my case we paid $59K and put about $11K into the property (a bit more than anticipated but that is how such things always go, right?). So we have $70K in and ARV is going to be in the neighborhood of $85K, or maybe a bit higher. Seems like "actual expenses" would get us more than 75% of the ARV anyway in this case?

We recently bought (at auction) and fixed up an ~$85K (post-reno) townhouse (2 large BR, 2 full + 2 half bath) in a nicer Dayton, Ohio, suburb. We have tenants in place on a one-year lease currently ($950/month), which is currently in the third month. We're pretty pleased with this, and would be even more excited if we could cash out!

This was a cash purchase, so we're not looking to do a "re"-finance, but rather acquire an initial loan on the property for some fraction of the value (to proceed with BRRR, of course). Is that even possible before a one-year seasoning period--I know it may not be if there is an existing loan, but does this differ since it was a cash purchase and there's no existing note? (Also, since this is one of our first deals, we probably don't really need the income from the rental to qualify for a mortgage.)

Anyone have recommendations on how best to proceed on this in the Dayton or Cincinnati area (or nationally)--what would other folks here on BP who have had success recommend?