All Forum Posts by: Kayla V.

@Ronda R. I saw on another thread that you ended up buying a 4-plex in Akron. If you don't mind sharing, who did you use for a realtor and property manager? I'm looking to purchase a small multi-family in Akron or Cuyahoga Falls to buy and hold.

I just checked back in and thanks for all the responses. So glad I found this forum!

@Paul Ewing I also hadn't considered a personal loan. I definitely have some homework to do on non-conventional lending for homes. Our ultimate goal is passive income, so the lower rate would be preferred but those numbers could still work with the properties we're looking at.

@Albert Bui Conventional loans can't be funded under an LLC? We were thinking we'd set one up just because it sounds like a good idea, but I guess we can skip that step then. We already have a $1M umbrella policy to cover us because of the two Denver properties, which are in our personal names.

 @Jack Gibson Thanks for the contact! Can you PM it to me? I'm going to start making some calls today and tomorrow.

@Michelle Fenn Will do- thanks for the recommendation!

@Eric P. The properties I'm looking harder at rent at ~2%. One is a duplex for $48,900 and both sides are currently rented for a total of $1050/month. We haven't been inside so I can't confirm it doesn't need an unacceptable amount of work though. 

After figuring the financing out, next step is to find an investor friendly realtor so we can start seeing properties. 

@Nate Richards I hadn't considered putting it in only one name- thanks for the tip! We're both engineers, so we have solid W2 jobs. Thanks for the reassurance that we'll be able to get financing locally too- I'm in the early stages of researching properties but I'd like to start taking steps to get our "team" in place.

@Tek Chai Good suggestions, but I'd prefer longer term financing. We're planning to buy and hold, since the trade off to good cash flow seems to be a low likelihood of capital appreciation. 

@Albert Bui Good to know that the interest rate will be a bit higher, but since it's a pretty low loan value, that shouldn't affect my numbers too much. Thanks!

Thanks! I'll start making some calls on Monday and see what I can find. 

Hi all! My husband and I have two properties in Denver, CO that became rentals by circumstance, not intentionally. We're looking in to buying our first "on purpose" rental property. We're currently living in Akron, Ohio for a work assignment, although we'll move back to Denver in ~2 months. 

We're looking at buying in the Akron/Cleveland area because the Denver market is out of control and properties seem to cash flow much better here. Several of the properties we're considering are around $50K and I've read most banks won't give you that small of a loan.

We have enough cash to buy it out right, but I'd rather leverage our cash to keep our options open for another property down the line. Are there options for small mortgages? Thanks!