All Forum Posts by: Logan Lambert

Hello! I am just starting my real estate journey and I am looking forward to building an exceptional portfolio!

Hey I have a few fully paid off properties I would like to take equity out of. They are currently under our personal names and I would like to keep it that way. Are there any DSCR loans I could obtain with it not being in an LLC?

Hey all! Sorry this isn't a detailed post, but I'm looking for a recommendation for a rockstar lender in Cincinnati. I currently own a few properties in the Southeast, but I'm looking to buy my first property in Cincinnati. I'm interested in 1–4 unit properties under $500K. I can put down a large down payment and am looking for a Conventional or DSCR loan.

I am not new to buying primary residences, but am to investments and secondary properties.

I’m looking in the Middletown/dayton burbs at places now, but I live on the east coast.  We have family there and visit often.

our realtor is only using active listings as comps. I’ve told her I’ve never heard of a buyers agent solely relying on active listings to gauge value for an offer.  A mix of sold/pending/active? Sure, ok. But three active listings and NONE were real comps? What?

Looking at a listed two bed but it’s only one bed (barely- the only legal bedroom is 12x7) legally bungalow.  Other room they call a bedroom is 63 sqft and unusable as a habitable bedroom due to layout and below 70 sqft. Priced at 100k, on market 58 days.  Not completely updated. No appliances.  Systems unknown age. Yard needs TLC. Looks to have some fascia board rot that’ll need to be addressed.

Sold comps within 45 days in this area tell me similar 2 beds sold between 70 and 85k. ALL sold for under list- one was listed at 139,900 and sold for 98.  None were less than 5k under list when sold. 

the market is trending upwards looking at pending sales but we don’t know what they are under contract for, which is problematic given what we know about the closed properties in Jan and Feb.

 My Realtor seems to think the price is justified by sending me three homes active listings as “comps”- one in another town 220 sqft bigger), one legitimate 3 bedroom with a half acre of land and a garage (vs 0.1 acres no garage and no off street parking), and one (have to chuckle) a brand new home essentially- completely 100% renovated inside and out, 150 sqft bigger all new systems. 

There are a minimum of 20 real comps. I sent her 8 within 45 days. I’m told I “don’t understand their market and houses are holding value here”

Am I missing something?

I have 2 properties that I am eventually looking to refinance and am trying to weigh when would be the most worth it time to do it. One which is a primary residence is at 7.25% and has had that rate for about 2 years and the other is a rental at 9% and has had that rate for about 1 year. Some people continue to advise to wait until rates drop but knowing the monthly savings I am unsure if it os worth just doing it now on wither property. 

Can anyone explain how the downpayment works using the brrrr strategy.Like if I buy a house in cash and rehab and refinance it I would need to put a down payment on the house when I refinance or no?Would I just need to be prepared for closing costs correct?Then after I pull out cash I can use this money to buy another property correct?

Hi there, looking for a hard money lender in the Chicago/NE IL area.

 Hi Logan-

Thanks for reaching out! I am not currently working with one agent, although I've had a couple of conversations with a few. I am working with a private investor to solidify a private loan.

Thanks!

Hey @Logan Lambert! Thanks man, this is along Robb Street, 21218.

Hi I have a question for those of you that have done the Brrrr method on a property.How does the mortgage look after you rehab a house you bought in cash?Like let’s say I get a house for $30,000 and it appraises for $165,000 would my new mortgage amount be based on the property that is now worth $165,000? So let’s say I get a 15 year mortgage at $1348 monthly would this be correct to anticipate for any properties I do the brrrr method on?I wouldn’t be offered a Mortgage at $401 a month because the property is valued more so I will have to pay more monthly right due to its current valued after the forced rehab?