All Forum Posts by: Luka Jozic

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 @Account Closed:

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?

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?

Thanks for all the responses. It does sound like it might not be worth it. I spoke to my PM though and they said the area (Newbury Heights) is kind of a hassle to deal with so I decided to pass on this opportunity. 

Quote from @James Wise:

Quote from @Luka Jozic:

Hi everyone,

I am looking for my second deal in Cleveland and looked at a duplex today that had a strange layout in the upstairs unit. Since I saw it over facetime I didn't get a picture or video of it so Im hoping I can explain what it was. So for the upstairs unit the door was at the back of the house separated from the downstairs unit. When you open the door, there is a staircase and at the top of the staircase there is like a little hallway area maybe (12x4 ft) with 3 doors. Note that there is no door at the top of the staircase to reach this little hallway area, the front door to the apartment is at the bottom of the stairs. The first door goes to the bathroom, second one to kitchen, third to living room. Technically the hallway is inside the apartment because the front door is at the bottom at the stairs, but it doesn't feel like it is. It feels like the hallway is still outside the apartment. This is obviously not an ideal setup and would be better if at the top of the stairs, there was a front door and then make that hallway to feel more like inside the apartment and not outside. I hope this makes sense.

If so, my question is simply is it worth converting it in such a way and how much could it possibly be? I know its hard without a picture but Im hoping I can get rough estimates just to know if its worth it. This would mean new flooring in the hallway and paint walls, ceiling, and doors (possibly removing the doors to kitchen and living room). It would also mean putting up a new wall that so that when you come up the stairs, you don't see into the hallway area. And then of course putting a new front door at the top of the stairs. Basically make the hallway be part of the inside of the apartment instead of the current awkward configuration. 

Another question is, would this require any type of permits, and if so how does that work in Cleveland and what does it cost?

 Draw a map/diagram of what you're trying to say.

Here is a diagram I hope this makes more sense. let me know if you have any other questions.

Hi everyone,

I am looking for my second deal in Cleveland and looked at a duplex today that had a strange layout in the upstairs unit. Since I saw it over facetime I didn't get a picture or video of it so Im hoping I can explain what it was. So for the upstairs unit the door was at the back of the house separated from the downstairs unit. When you open the door, there is a staircase and at the top of the staircase there is like a little hallway area maybe (12x4 ft) with 3 doors. Note that there is no door at the top of the staircase to reach this little hallway area, the front door to the apartment is at the bottom of the stairs. The first door goes to the bathroom, second one to kitchen, third to living room. Technically the hallway is inside the apartment because the front door is at the bottom at the stairs, but it doesn't feel like it is. It feels like the hallway is still outside the apartment. This is obviously not an ideal setup and would be better if at the top of the stairs, there was a front door and then make that hallway to feel more like inside the apartment and not outside. I hope this makes sense.

If so, my question is simply is it worth converting it in such a way and how much could it possibly be? I know its hard without a picture but Im hoping I can get rough estimates just to know if its worth it. This would mean new flooring in the hallway and paint walls, ceiling, and doors (possibly removing the doors to kitchen and living room). It would also mean putting up a new wall that so that when you come up the stairs, you don't see into the hallway area. And then of course putting a new front door at the top of the stairs. Basically make the hallway be part of the inside of the apartment instead of the current awkward configuration. 

Another question is, would this require any type of permits, and if so how does that work in Cleveland and what does it cost?