All Forum Posts by: Joseph Cornwell

@Chris Washington

Chris,

Thanks for the reply, Coldwell Banker was the first Brokerage I interviewed with a few weeks ago. I really enjoyed the office and other agents I talked with, the location in Montgomery is perfect for my business goals. They are certainly one of my top interest at this point, but I would love to hear more about why @Frederick Davis choose them over others. 

Hello everyone!

I am still in the beginning stages of becoming a real estate investor. I have been educating myself as much as possible over the past 6 months, and my goal is to become a Realtor and a part-time buy and hold investor. As part of this educational process I have decided to obtain my Ohio Real Estate License for various reasons, but I feel it is a necessity for my success. Therefore, I am looking for Realtors who can recommend Brokers that would be a good fit for a new agent, and are investor friendly. I envision myself doing a limited number of deals per year, mainly for close friends and family, (I have a separate full-time job so any extra commission funds would be fed into my RE investments.) I would also be using my license to obtain my own rental properties. I have spoke with a few Brokers and would love some additional thoughts and opinions. I am signed up for the RE courses at the University of Cincinnati and will be finished in July, 2016. Thank you for any feedback!

 Thank you! That is actually how I discovered BP, I found the BP podcast on YouTube when I first began researching real estate investing. I have watched about 15 of them so far, I hope to watch them all!

 Ken, 

From what understand this friend (investor) covers all the cost of down payment and rehab, after 12-15 months you refi the mortgage into your name? If you don't mind what kind of return does your investor expect on these loans?

 Brett,

Thank you for responding, yes I will be having the contract/lease agreement drafted by an attorney. My main concern/question to answer at this point is if anyone has had success using any similar solutions with lenders.

Hello Everyone!

This is my first post on BP and I am hoping to get a question answered or perhaps some advice on a potential scenario. My backstory to this scenario, being that I have some capital for a down payment on my first investment property. My goal is to buy and hold a rental property. I live in South West Ohio near Cincinnati. The issue is that after talking to several lenders in my area they all want 20-25% down on any mortgage for any property that will not be my primary residence. My wife and I just bought a new home last year and there is no way for me personally to house hack or live in a single family or multi family property. This leads me to a potential solution:

I have a person that I trust who is looking to move from an apartment to a house for the next 12-24 months. I am considering buying a property with a conventional loan, with both of our names on the mortgage. Then drafting a contract/lease agreement, that would basically spell out that they would agree to live in this property for X amount of months, (long enough to satisfy any residency requirements for a traditional loan by a lender). They would pay the mortgage/utilities, maintain the property such as grass cutting, etc. Similar to any single family tenant, in return after this X amount of months I would refinance the mortgage into my name only, and rent this property out to a new tenant. Hopefully provided a win-win scenario, during this time they would further build their credit history with a mortgage, I can rehab the property as needed to build more equity, and the expenses would be paid during this time frame. 

If anyone has any advice, or has done anything similar and would like to share their opinion, I would greatly appreciate it. Also if anyone knows the exact amount of months for a conventional loan to meet the residency requirement?