All Forum Posts by: Joseph Cornwell

@Amit Chawla

My understanding is that all FHA/Conventional guidelines require a minimum of 6 months of seasoning from the recorded sale date. Therefore, the only exceptions would be a portfolio loan from a local bank that is not looking to sell the note on the secondary mortgage market (freddie, fannie). I have done numerous BRRRRR cash out refis and they all made me wait 6 months. However, if you are only looking to get your costs out you can do delayed financing, that will be based on your purchase price and some lenders allow you to demonstrate renovation costs. It would not be based on a new appraisal though. Good luck!

@Jeremy Holden I am a full time investor/agent in Cincinnati, I also own a GC company here. I am happy to connect and assist. Feel free to reach out, thanks! 

 It is a complex questions but I think Turnkey properties are only a good fit for a very small % of people. They are mainly a hedge against inflation as they typically will not cash flow well, they should be less management intensive and therefore take less time, but if you are investing for cash flow, or even strong appreciation there are much better paths. If you are a high income/high networth individual with limited time, I personally would just invest passively or partner with other active investors, your returns should be much higher with lower risk. If you are not high income/networth then buying turnkeys will really slow down your wealth generation. I am happy to chat more if you want to reach out! Best of luck on your search! 

I can say with certainty replacing a septic system is much much higher than 10k. Unless you have over 5 acres, you must have a "mound" system. The last estimates I saw for this type of system was 45k. As for larger properties you can still get a new leech system which is cheaper, but either would be much higher than 10k. You may only need 10k for repairs if they allow you to keep an existing system. I would have a septic company come inspect it and give an estimate. 

 Brian, I personally think we are going into a market that will be incredibly difficult to make profits flipping. If you are not already, I would be listening to podcasts, reading books, and setting extremely specific and well defined goals to create a path to achieve. I am local to Cincinnati, and happy to chat more specifics to your situation, but most of my even experienced flipper clients are struggling to make it work. Prices are still high, and back end buyers are unmotivated, so its getting squeezed on both ends, unless you find a home run deal which is nearly impossible for new investors. As for getting licensed, unless you plan to start a sales agent businesses and put in a lot of time and effort to grow that business. Feel free to connect if you want to chat more, best of luck on your start! 

I also just wrote a member blog here on BP that covers these exact same questions if you are interested in reading, thanks! 

 Sure, just sent you a message! 

@Bret Halsey I am happy to chat about Cincinnati as well if you have any questions we can set up a call. Best of look on your research! 

 I became financially free in 2021 from buying small MF in Cincinnati. If you want to chat I am happy to help, we can set up a call. Best of luck on your journey! 

@Ellie Narie I "retired" in 2021 from cash flow. I invest here in Cincinnati, Ohio. If you have any questions about my market, feel free to connect. Best of luck! 

@Madeline Sarad If you have any questions about Cincinnati, I am happy to jump on a call. Feel free to connect, thanks!