All Forum Posts by: Joshua Springer

This wouldn't be a real thread if we let it die after your friends left the property :)  Last update was a few months ago, I assume you're probably getting close to completion @Will Barnard ? 

Anymore issues pop up?  Are you going to end up breaking even/profit(minus opportunity cost and time value of money of course)

Like Jay said, not sure why this wouldn't just be a list and sell.  He's likely to get more from traditional buyers then investors anyways.  

A lot of secured loans can be used as downpayment as long as your DTI is still within guidelines. Ask your lender if they will take funds from the 401k loan.

You have a couple empty spots.  I'd grade them;

Reynoldsburg C+

Gahanna A-

Worthington A

I prefer 3+ bedrooms as they're usually the easiest to sell.

From a tenants perspective;

 I have a master bedroom, my kids bedroom and an office

or 

I have a master bedroom and my kids each get their own room!

In the midwest going from 2 bedrooms to 3 is a lot better then from 3 to 4.

Random thing but I'd check to see if you can save money on your cable, phone service,insurance...could possibly save a few hundred/month there if you're lucky and that would help you get to your goal quicker.

The cash outflow is just as important as the inflow :)

There are a lot of reasons people don't go full out in both...two are;

lack of consistent cash flow for living expenses 

and it becomes nearly impossible to do conventional financing for at least 2 years as you don't have any w2 income and most will require 2 years tax returns for self employeed income.

Ask him for the seller carry back.  Try to amortize it over 5 years or so to keep monthly payment low but balloon in 1 year.  Most sellers would be comfortable carrying for a short period like a year.

A few quick points, you never want to give the seller ernest money directly.  It should go to one of the brokers (here its the buyers side).  You'll either get it back at closing, will go toward closing, seller will get it because you failed to close without reason or you'll get it back because seller couldn't hold up on their end of the deal...or in one of my cases financing fell through and seller wouldn't sign off on releasing the ernest money so I had to wait 2 years to get it back...yay Ohio!

As others have said, you need to make sure the home is liveable in its current condition. If an appraiser tells the bank they notice glaring issues with major components and it's not liveable the home will not pass conventional requirements. There's a reason you see so many flippers looking for HML!

Also don't get your wife's broker will want a piece of the pie for listing on MLS even if she doesn't take a commission. Find out if it would be the full amount regardless of commission or if they have a discount for selling personal properties.

Good luck!

I wouldn't sign one.  I decided to get my license specifically because the realtors I worked with were less then desirable to work with long term...decent people, but not the kind of "partner" I work with long term.  After my second deal with a subpar agent I decided to do it myself...gl!