All Forum Posts by: Matt Pieper

Hi all,

Looking for recommendations on a property management firm to manage the HOA for a medium sized residential community in suburban Cleveland.

Any positive recommendations appreciated.  

Thank you

Thanks for the recommendations. 

Matt, this one is in Seven Hills, suburban Cleveland. Do you have a recommendation on a local investor friendly lender? 

Thanks 

Thanks for the input. 

The house is located in Ohio, I'm not in the area and don't have a strong local network there for lenders. Anyone have a solid referral for Ohio lenders?  I'd like to get a few quotes before I pull the trigger. 

I'm leaning towards the increased cash flow a 30 year offers. Looking at the amortization schedule, I could theoretically write a check for the remaining balance  15 years in- with the increased monthly cashflow.  

Hi All,

Going thru a refi right now on a SFR property and wanted to hear your thoughts.

The basic numbers: 123k balance with 16 years remaining.  Current rate is 5.49 

Im talking with Quicken Loans about doing a refi, and was presented with the following offers:

15 year mortgages- 3.5% with $4900 closing costs or 3.99 w/ $3200 CC

30 year mortgages- 4.375 w $3350 CC or 3.99 w 4,820 CC

Here are my questions.  The closing costs (I feel) are high on all of their products Im being offered.  They don't have anything where they are willing to roll the closing costs into the rate (they will only roll them into the principal). So, they make the math a bit more complicated for me.  

Obviously the rates on all of these are better than the 5.49 Im currently at.  But, assuming I go thru with a refi, would I be better off at a higher monthly cashflow and extending the loan another 30 years... or would it be best to go with a 15 year to take advantage of a lower rate and paying off the rental earlier?  

As far as I can tell, the benefits with the 30 year are:
Interest is deductible
Due to inflation, the cash that Im using to pay the monthly payment in 20 years won't have the same buying power as the monthly payment does today.  
Keep an extra ~$350 per month to reinvest

Does anyone else feel that a refi is like going to a magic show and you're trying to see the magician's sleight of hand?  

Im curious to hear what everyone's thoughts are on this.  

Thanks

My experience concurs with Scott's.  On a property I was actively bidding on, the process went on for months.  The starting bid amount progressively gets lower over time.  At some point in time, they will lower the starting price to something that's inline with market value.  

Some great buys on Hubzu, but my experience with it has been SLOW.

Good luck with it

Im looking at buying an industrial lot that was previously an auto salvage yard.  It is currently a mixed use industrial site.  Bank owned.  The seller (bank) has contracted a company to complete an environmental assessment of the land.  Elevated levels of certain elements were found, the cost estimate for remediation is around 100k (reasonable for the deal).  

The property cash flows as it is, is attractively priced.  I would like to move forward, but concerned about the potential future liability of the property.  It is located is Wisconsin.  

Anyone have any input/ experience on this issue?
Thanks

BTW- location is Palatine, IL (NW suburbs of Chicago) 

anyone have any recommendations?  Redoing the counters, appx 25 sq ft, on a rental prop.  

Thanks 

Looking at a property in Southern WI that has an existing building plus 5 additional acres for expansion.  
My thoughts are to keep the existing building in place and clear an extra acre to begin with for outdoor storage (boats/ RVs/ cars, etc).  

Does anyone have experience clearing land and laying down gravel?  Looking for a rough ballpark estimate, the land is lightly wooded.  

Thank you