All Forum Posts by: L. L.

Thanks for the info Kyle! I originally was'nt looking to purchase in Columbus but I might have to start looking into this market and change directions. If I did a BRRRR in Columbus I would have to use a Hard Money lender. I dont know how the competition is over there. I know in Cleveland there are a lot of cash purchasers that can offer way above asking. My original post was more on the lines of purchasing a duplex first or hometown condo first. I have been looking into Rental Income Offsets that lenders use to help qualify for a primary residence. If the numbers are right I could possibly use rental income to help me qualify for a condo in my home town. Then eventually turn that into a rental as well. Still looking into my options!

 Thanks for the info Remington.  I will check it out!

Thanks for the reply Patrick. I was actually looking into doing the brrrr method about a year ago in cleveland. I had trouble making the numbers work for me and got discouraged. Either the ARV was too low, rehab too high or the purchase price was too high on the properties I was looking at. It seems as though there is not enough spread in Cleveland to pull off a brrrr in Cleveland. Although Im sure there are plenty of experienced people pulling it off in Cleveland. Im not as familiar with Columbus OH. Is the 1% rule achievable in Columbus? Also, do you know of any Neighborhood grading maps for Columbus that I can look into and maybe become familiar with the neighborhood?

Hi Everyone on Bigger Pockets! Im looking to try and get into  my first rental duplex in Cleveland Ohio as well as purchase a primary residence Condo in my city of Ventura CA and Im not sure which to purchase first. The goal is to have 3 rental units within twelve months but need to know which investment to purchase first.  The First option is to purchase a duplex in Cleveland Ohio with 20 to 25% down.  Im under the impression that this may help, or at least not hinder my debt to income ratio. Im thinking that if I can get into a duplex that meets the 1% rule, It might help my situation.  After I get both units rented out I can then try to qualify for a first time home buyer loan in my home city.  I would also have to buy a condo.  The market price of a condo in Ventura County is about 290k to 330k on the lower end.  Also, (a duplex in Cleveland is about 100k). Second Option:  Buy a condo first, rent it out after twelve months and develop a history as a Landlord.  The problem I am seeing with buying a Condo first is that this will ruin my debt to income ratio.  If I was to purchase a condo at 300k this would probably make it harder for me to purchase rental properties and I would need more income. I also wont qualify for a single family home as the price for a house in Ventura County is around 600k to 800k and so a Condo is my only option in Ventura. If there is any one out there that might be able to help me determine which route to pick first and shed some light I would greatly appreciate it.  Thanks much!

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 Thanks for the input James.  Just for clarification, I was never looking to not perform POS requirements or Not notify the city of my purchase. But if a house is purchased directly from a seller and the city is notified once the property is already procured, how can a city still demand escrow pos money? Unless the city demands escrow funds on all purchases even if purchasing directly from seller.... which is something I will continue to look into

Thanks for the input Spence.  My main concern is not about fulfilling the requirements that the cleveland cities are asking for, but that many of these cities require up to 125% of POS into an escrow account that remains there until the rehab work is complete.  This requires a buyer to have extra funds on top of the rehab costs.