All Forum Posts by: Joshua Janus

@Kyle Tom

I can send you a list of referrals for Columbus, Ohio. 

Does your realtor have an attorney that they refer you too? That would be your best source as getting the lease wrong will pay terrible dividends. This is a positive sign that you are preparing yourself for this investment ahead of time before you even purchased it, good work. 

I would make sure that the agents you are working with are investors themselves and understand that game. If so, they will be able to guide you in the best direction for the area, yet still make sure to question them and educate yourself. What made you choose Indianapolis, IN to invest in?

I would probably move on from this deal; seems like a lot has to go right to make it a profitable venture with an accepted offer below market, renting out all three extra rooms and yet an overall low cash flow for the property price. Have you looked into multi family properties where you are located? Will be much less of a hassle to rent out separate units and could take advantage of an relatively easy managed airbnb while you live there. A house hack is a great idea and an easy way to get into something larger for low money down!

Columbus, Ohio is a great hybrid mix of appreciation and cash flow if your looking for a residential. The population is growing relatively higher than the country and lots of businesses have been moving in as well. 

@Shaun Robinson the way I do it as pretty arbitrary as well. Take into account the overall safety of the area, median income, median home price and grade it relatively to the other zip codes around it. Seems to work for Columbus, Ohio where I'm at. 

I am not a lender but I would research the option to refinance into an FHA or something similar to lock in a lower set rate once you can qualify in a few years. There are down payment assistance programs in my area (Columbus, Ohio) specifically for investors or first time homebuyers that probably exist in Fayetteville. Will you or your friend have a W2 job in the near future, and will you make a good long term partnership as time passes? I'd just be careful and make sure the terms are set properly between you two.

Would you be running into a lot of capital gains tax from your stock portfolio? That is definitely a question here. If that isn't too much, locking in a low 30yr interest rate is huge on an owner occupied loan and you won't be disappointed. 

Hey @Summer Crawford I'm a junior in college (comp sci as well!) and am going to be house hacking here in the next few months. Is a house hack a goal of yours in the future? Definitely study the requirements for an FHA Loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. These are some barriers I had to make sure to be able to climb over as balancing college and a full time job can be difficult but will be worth it! Let me know what questions you have.

This isn't legal or lending advice, and you should seek professional assistance.