All Forum Posts by: Michael P.

@Michael P. This is a C class area and I received a good deal on it. If you have invested in Ohio then you would know that the prices are very cheap. 

Hi,

I have an off market property in Toledo, OH that I have been trying to acquire financing for. It is a 6 unit property for under $100k. It is a great deal and the owner is willing to wait for me till I line up financing. However I have been running into the same two issues, which are:

1. The property value is under $100k (Or it is under $30k a unit)

2. I do not live in Ohio (I live in Southern California) 

Have you experienced these issues as well? My credit score and income are more than adequate to be approved for the loan (I can put 25% down). I am at the point where I have thought of different options to secure this unit, which includes purchasing and getting loans 4 other SFR or Duplexes from the same owner and inflating the price by about $20k a unit (4 units would be $80k) and then he can deed the 6 unit into my name while I finance the other 4 properties. Has anyone had experience doing this? If so, how did it go? Did it work?

Please advise if anyone has a different idea to help secure the 6 unit.

Thank you

Is he buying this property to live in? I wouldn’t live in 90% of the areas my properties are in. 

Well it looks like the ride isn't over. In dealing with all of this IRS mess, I realized that the tenants deposits was never discussed. 

When i asked the seller to send me the deposits for my inherited tenants, the seller just said

"I just realized that the buyer never brought that up in the contract. I'm sorry but I think the deal is over. He would need to refund the deposits on his own. I already gave a concession of $750 off the price. I do not think I am obligated to do anymore past the closing here."

The concession was for repairs, not to cover any kind of deposits. This amount wouldn't even cover the deposits as the deposits total up to $1,350.

Does anyone have any tips on how i can get the tenants deposits back so i don't have to fork this over out of pocket? I'm already looking for a lawyer just curious if anyone has any ideas.