All Forum Posts by: Karisma Penn

I’ll be there keeping a very close eyevduring the Reno because i figured as much…who should i steer clear of ?

Hi everyone! I’m under contract on my 1st property in CLE, the shaker heights area, which I’m very excited about BUT I’ve heard so many contractor horror stories. If you’ve worked with someone licensed, bonded and insured in the Cleveland area that you would recommend please share. And the other way, if you’ve worked with someone who you absolutely would not use, please share as well so i can avoid them at all cost :). 

I'm going back and forth on the numbers for this deal but because I need to bring in a partner to have enough liquid capital to complete the purchase. I would love it if a seasoned investor could look at the numbers I have to see if I'm on target. Purchase price is $141K. ARV is minimum $280K for the area. I have a short term hard $ loan for 75% LTV for the loan with $45K for the renovation.

PP: $141K | Rehab Costs: $45K | Financing Cost (Interest Only): $14,500

Total Expenses: $199K

ARV: $280K

After closing and paying back my partner with 25% interest, I would have about $40K left over from the deal. 

HI All,

I'm looking for a mortgage loan for my first multifamily (3 units) property in OH. I keep running the numbers but all looks good and I'm ready to pull the trigger. 700+ credit score and cash ready for a down payment. If you are a loan officer or private lender with investor friendly programs/financing, please feel free to contact me.