All Forum Posts by: Luka Jozic

Hi everyone,

There is something I have seen in many inspection reports now and I am not sure if this is something that is really necessary to do. I understand that the inspection says its a recommended repair but is it really? Im not an electrician so I don't know how important it is to take care of this. Also what is better/cheaper, converting back to a 2 prong or ground with a GFCI?

Quote from @Eliott Elias:

Impossible to tell you if it's a good deal without knowing ARV. You can rent for $800 and still cash flow this.

 I mean right now the property looks kinda old because of the paint. Every room is a different color and the trim is also different. It appraised at 80K. All im really gonna do is paint the whole thing. Regardless, my mortgage, insurance, and taxes will be just over $600 a month. Take away 10% for management and you got $720 left. Thats $120 cash flow and thats not accounting for any repairs or vacancy so that doesn't quite work for me. 

Hello everyone, an agent I've been working with has an off market deal that she is selling that she told me about before listing it. The address is 1460 Goodale Ave in 43606 and its a 4x1 at 1880 sqft. The property is huge and in great condition: new windows, roof, watertank, furnace and really only needs some paint. Hardwood throughout, kitchen and bathroom are not outdated but also not new, id say they're about average. It also has central air/AC. It has the potential to make a 5th bedroom and even a half bath.

Now, I know this area isn't the best. She recently rented a 3x1 at 1200 sqft for $1500 at Douglas Rd and Central and believes that since this property is bigger and better condition, we should be able to get at least $1300 but hopefully $1400. I understand this is very high rent for Toledo and rentometer or active listings don't support that high of a rent especially in that area. Asking price is $75K and at that price I really need it to rent at AT LEAST $1200 to make sense. So what do you guys think, go or no go?

Quote from @Eliott Elias:

You refi when it makes sense to YOU. You will lose more money timing the market than seizing opportunity right now. 

 Well the reason Im asking this question is because I don't really know when it makes sense to ME..

Quote from @Adam Bartling:

@Luka Jozic If this is on your Investment Property that is a fair rate. Brokering the best rate I get from a lender with AAA Conditions is 6.5% on a DSCR. So without all variables being seen, you are honestly in a good range. If they have given you a Loan Estimate, I can look it over and confirm conditions.

 Right but like 2 years ago rates were a lot lower people are talking about 3-4 percent. I know its higher for investment properties but are you saying 6.5% was good even at that point 2-3 ago? Because my hope was that it would come back closer to that

Quote from @V.G Jason:

Quote from @Luka Jozic:

Quote from @Jason Taken:

Quote from @Luka Jozic:

Hi everyone, I currently own 1 property locked in at 6.375% interest rate and currently being quoted around 7.5% for my next deal here soon hopefully. These are both SFH. I plan to hold these properties for a long time like 5-10 years or more. If the rates do go down as expected in the next couple years, at what point would it make sense to refinance? I haven't been in the game long enough to know the trends that well and Im not quite sure at what rate it would be good to do it. Obviously I don't wanna do it too early but I also don't wanna wait too long and risk them going back up.

 7.5% is still a really good historic rate. Refinance probably doesn't make a lot of sense absent substantial appreciation or a substantial rate drop. I wouldn't even say a certain %...but something that makes the costs of the refinance worth it.

You know now that I think about it, refinancing does cost right? So instead of waiting a couple years to refinance, I could just buy down the rate with points now, same thing pretty much right? I think my lender said I could buy 3 points for like 2-3K. 

 Have you asked the seller to buy the rate down?

 I have not. Do you suggest I do? And if so, how much?

Quote from @Kenneth Woodruff:

Dave Myer put out a new podcast today titled, "post pandemic boom markets to cool off sharply". It touches on the dangers of buying down points if you think rates will drop.  Its a recommended listen for sure.  He gives some really good examples of why it could be a bad idea.

 Oh that would be very helpful do you have a link?

Quote from @Jason Taken:

Quote from @Luka Jozic:

Hi everyone, I currently own 1 property locked in at 6.375% interest rate and currently being quoted around 7.5% for my next deal here soon hopefully. These are both SFH. I plan to hold these properties for a long time like 5-10 years or more. If the rates do go down as expected in the next couple years, at what point would it make sense to refinance? I haven't been in the game long enough to know the trends that well and Im not quite sure at what rate it would be good to do it. Obviously I don't wanna do it too early but I also don't wanna wait too long and risk them going back up.

 7.5% is still a really good historic rate. Refinance probably doesn't make a lot of sense absent substantial appreciation or a substantial rate drop. I wouldn't even say a certain %...but something that makes the costs of the refinance worth it.

You know now that I think about it, refinancing does cost right? So instead of waiting a couple years to refinance, I could just buy down the rate with points now, same thing pretty much right? I think my lender said I could buy 3 points for like 2-3K. 

Hi everyone, I currently own 1 property locked in at 6.375% interest rate and currently being quoted around 7.5% for my next deal here soon hopefully. These are both SFH. I plan to hold these properties for a long time like 5-10 years or more. If the rates do go down as expected in the next couple years, at what point would it make sense to refinance? I haven't been in the game long enough to know the trends that well and Im not quite sure at what rate it would be good to do it. Obviously I don't wanna do it too early but I also don't wanna wait too long and risk them going back up.

Quote from @Michael P.:

Quote from @Luka Jozic:

Hi, I was wondering if anyone knows where to find property tax rates for various Toledo zip codes/neighborhoods? Similar to how The Ultimate Guide to Grading Cleveland Neighborhoods has listed out tax rates for each area, is there something similar for Toledo? Or just anywhere else I can find that information?

 Lookup the taxes for the property you’re interested in on the country website here:

https://icare.co.lucas.oh.us/L...

After you look up the address click on “current taxes” on the left menu bar

 Thanks I did find that website but and Im assuming TOTAL DUE AFTER PAYMENTS is what they paid in 2022. But I can't seem to find the rate/percentage or what property price they base that of. Because what they pay and what I will pay could differ right based on the purchase price?