All Forum Posts by: Matt Slease

From what I've seen, most of the houses south of 30th st tend to be in rough areas, unless you're further west toward Perry.  Is this where you're talking about?  I've looked on the NE end, north of 30th st but they seem to get pricey for a nicer area.

Near future goal is to get my first deal, but long term plans are to accumulate 10 rental properties by the time I'm 45.  I'm 31 now and would like to have some added financial security by 45 to supplement my income.

I would say cashflow is the main priority, realizing that appreciation can be limited if I stick to the Canton market within my budget.

Thanks for the advice!  @Austin Steed , using that formula seems to put the property into the 65k-85k range.  If somehow that was an agreeable price do you think it's a good deal then?

Probably a long shot, but if that's the number that works then that's all that can be offered.

What do you think a good target price would be?  It's in 44721 which is Plain Local school district.

Sure! Attached was the BP calculator used.  I used a target price of 107,000, which with all expenses still only allows for around $85/month in cash flow.  Do my expenses seem reasonable?  I guess it's hard to tell without the full inspection, and that could change things.

I also used 5% interest rate, which seems high from what I've seen through pre-approvals , although the big banks all want 25% down payment.

Looking for my first deal and found a contender I wanted a second opinion on.  This deal is in the Canton, Ohio area, but in a middle class suburban neighborhood on the NE end.

- Duplex with both sides rented at $625 each ($1250 total monthly income), seems about market rents for the area

- Asking $120,000

- Annual taxes are $2400

- Been on the market since November

- Repairs appear to be minimal, still need inspection (rentable, but not updated)

What other information am I missing?

Do all banks require 25% down payment on an investment property, or should I shop some local banks and see if I can get away with 20%?

There still seems to be deals to be had in the Canton area, but I would avoid anything near downtown.  The north side still has decent neighborhoods above 30th st, even down as far as 20th st.  There's always North Canton as well where rents are higher but so are prices.

I've been surprised by a few people I know personally that bought a house that cosmetically was updated and looked nice, but definitely had some sloping to the floors.  Like yours, the structural issues were taken care of, but the floors were never leveled.  They were ok with it because the finishes were nicer than all the other houses they had looked at.

You might be surprised by the amount of people that can overlook something like that if the finishes are nice. 

Funny you mention that, I actually just finished reading "One Thing" about 2 weeks ago.  It's really helped me to narrow my focus at my day job and eventually will help with real estate I'm sure.

Thank you for the book recommendations, I'll definitely have to check those out.

Very good point @Austin Freuchting!  I've got around $20k saved away right now in liquid cash, but I'm wondering what the right number is to find my first deal?  I guess it depends on sinlge family or multi-family, what area, etc.  Lots to think about still...