All Forum Posts by: Michael Lauther

@Loren Whitney I use Equity Trust and they accept electronic payments from sec 8 only. Otherwise I have to pay someone to collect rent and send it in. 

@Mark S. 

the property you describe can be purchased all day long in Dayton OH for between $8,000 to $10,000 with up to $10,000 in repairs. Plumbing , Electric, HVAC repairs , Paint etc. If you are all in for Under $20,000 you can usually get $550 for a 2 bedroom and up to 700 for a 3 bedroom with one bath and a garage. don't plan to sell anytime soon and tenants will not be the trouble free kind. My last property in Dayton was purchased for 17,000 and I rehabbed for additional 10k with section 8 rental of $700 month the 50% rule would estimate a cash flow returning 15% ROI, I hope to do better if I can avoid vacancy but repairs have lived up to expectation. Your market may be much like mine in Dayton but even a few blocks can make a difference in these markets.

Check out Zillow or trulia if you don't have access to mls and look at recent sales. ignore valuations like zillows , zestimate  the actual sales in the area will give you a feel for the market but it does not replace visiting and walking the neighborhood and talking to the neighbors.

@Fon Ngu 

 welcome to Bigger Pockets, I live in NY but have several properties in Dayton. There are many great opportunities in the Dayton Market and you are in a great area to buy and hold rental property.

Best of Luck to you, Keep in touch.

@Jerry Brown

 Dayton has lots of great properties and there is financing available with 3 1/2 % down and competitive rates at a local credit union. The key is to understand each community. Communities in Dayton can vary greatly and the school system in the city is not very good.

 you can PM me and I will be happy to discuss Options.

In Southampton NY on Long Island there is a $200 fee that must be paid every 2 years and the town restricts length of lease and occupancy . Vacation rentals must be for 15 days or more .

In  Dayton Oh, there is a rental registration required.

@Joe Kalis 

 I agree completely about the concern about water. if we remove the tub we will be able to see if the leak is caused by the plumbing or the poor seal around the current surround.

If we use a liner and the water damage is caused by plumbing I will not have solved the problem so your point is a good one. thanks

@Sharad M. quote to replace the surround is $375 but that includes repairing wall behind current

surround that appears to be wet.

still trying to determine why tub need to be replaced, we have a leak from the bathroom which has damaged hall below leading to first floor.

apparently finish did not hold up from lasts years fix... waiting to hear from handyman on replacing tub. just trying to get options in place I have another property that will most likely need a bathtub and surround make over and liner insulation companies guard their price structure like top secret information. As best as I can tell it may cost $800 to $900 MINUMUM to fix with a liner and surround.

looking for anyone that has experience with liner and surrounds.

Has anyone used bathtub liners to repair leaking and worn bathtub and surround. Is it more economical than removing old tub and replacing with new?

I am waiting for companies specializing in this type of repair and would be interested in hearing about anyone who have used this approach. Handyman is giving me a quote to replace tub and surround still not sure why replacement is recommended we re finished tub last year and surround needs to be replaced in any event.

@Cam Mckin welcome to BP . Mitch is correct you can invest in other states, I live in NY and invest in Dayton. My advice however is not to rush into an investment long distance with little experience, knowledge of the area or reliable contacts there.

When investing long distance we become even more vulnerable to unscrupulous individuals. I am possibly relocating to southern Florida shortly myself and will also be looking to apply my buy, rehab and rent strategy there. Best of luck to you.