All Forum Posts by: Gary Miller

My partner and I are heavily investing currently in rehabs and options in north and South Carolina. I have been looking at the ohio area in the past few months and the appreciation rates coupled with the number of foreclosures is looking good to me right now. I've been primarily looking at the Cincinnati/Dayton area and Cleveland. We're looking for a dependable realtor who can handle volume. Contact me off the forum and we can talk more about that market. Right now we're clearing around 30 deals a month in the Carolina's with around 300 buy and holds in the buffalo/Batavia area where we're from. Thanks for the replies.

Can anyone recommend a good realtor for investing in Ohio real estate? I'm looking for a realtor that I can use for foreclosures.

Tomorrow I do the inspection on one of the properties. The second property is going to be owner financed. I will have both by April. I am looking to get a third by the end of summer but that will be financed through the bank. I found the two properties I'm working on now off of the MLS based on previous sales. Another good option is to talk to current tenants of properties and get the landlords contact information. I figure off MLS properties are easier if you can get them because you don't involve realtors(-6%) and you have no competition for the property. Dealing directly with the owner I have found to be beneficial especially if they have no mortgage. I have had some bumps in the road but for the last year have been doing nothing but research and learning. Let me know if you need anything or I can help you in any way. I'm new to this aswell but I think if you put in the work upfront you can avoid costly mistakes. This website is definitely very helpful in that regard also.

I'm currently working on purchasing two duplexes. These are unlisted properties. The first one is a 2 bedroom upper with 3 bedroom lower. The second property is a 2 bed upper and a 2 bed lower. The first one I would finance through a va loan. The second property I would use a 5/1 ARM to finance. After going back and forth with the owner for the past almost two weeks and looking at the properties we agreed on $116,000 for both. Between both houses the combined rent would be $2,400/month. On one property I'm right on the market value of the house but the second property after comping it is around 30k under(if you average both properties from the $116,000). I'm still working on the financing but I'm not sure what type of downpayment I am looking at for the ARM(considering each property is being sold for $58,000). This will be my first deal. The Cap Rate is right and in this case the ARV on the one property is fairly high. Both properties need around $5,000 of repairs/updates which I will do myself. Just wanted some thoughts about the deal.

It's a duplex but for the first couple years I would have occupied half of it. The deal was accepted and then the owners backed out after a week with no explanation. After a little digging I found out that the children wanted their parents to keep the property. I'm sure the fact that their parents are in ill health and they will shortly receive the property as an inheritance isn't far removed from the truth.

I am looking at another deal I need help with though. This one involves two properties. I sought out landlords this time possibly looking to get out of the business. This landlord has two properties. The first one is a 2 bedroom upper with 3 bedroom lower duplex. The second property is a 2 bed upper and a 2 bed lower. He want's $59,000 for the first one which I would finance through a va loan. The second property would be seller financed. I'm not too familiar with seller financing though and what to look out for. My thoughts on it would be pay $60,000k for the first property inclusive in that would be a $10,000 deposit on the second property. Then seller finance the second with a payoff in 5 years at 5%. While I haven't run the exact numbers the cap rate is around 2.6%. I'm just at a loss as to how to proceed after we make a deal as far as the combination of bank financing and seller financing. Is the deal I want to make both feasible and a good investment I guess would be the short of this. BTW thank you for all the responses before. This site has already been a big help.

Welcome to BP. I'm fairly new to this site as well. I'm new to investing and primarily looking in the Rochester area. I am about to close on a two house deal in Batavia though to start out my investing career. I'm always looking for new opportunities though and finding deals. Sounds like your dance card is getting filled up but if you ever want to talk about opportunities for investing PM me. This site has been great to me I'm sure you will find it very informative.

BTW thank you everyone for the great responses.

I spoke to my realtor this morning she said the seller is not agreeing to be responsible for time they may not actually live in the property. In other words they believe they should be able to only pay for the time they are still remaining in the residence and not be responsible to give notice prior to leaving. My answer to that is no. I told my realtor that I am fully aware of the husbands medical condition and I know they need to sell quick. If they don't accept the terms and this offer the offer will just get worse when I present it again in a couple months after it remains on the market and the need to sell is more pressing. IMHO this deal is really only good by virtue of my intention to owner occupy. If I wasn't, there are better deals out there. They have come down 10k from the original asking price but I thought they were dreaming at the original value to begin with. If I do get this property I can immediately start saving the $1,000/month I pay in rent towards property#2 but I don't want to be so eager to get in that I make a bad deal.

My name is Gary Miller I'm new to posting on this site however I have been stalking it for the last 6 months. I'm a full time police officer and prior military but have always worked construction jobs on the side. I'm interested in both rentals and flip properties. I have been doing alot of research and am in the process of negotiating my first property. I have already posted the current deal in the deal analysis section with alot of positive feedback so far.

My plan is to purchase this property as an owner occupied and to purchase two additional properties in the next couple years for rent and generate positive cash flow. After that I will be investing more towards flip properties to obtain funding for additional rentals. I am also looking to obtain my realtors license in the Spring of 2014.

I am always interested in networking and making connections with like minded people who are driven and focused on achieving their goals.

You are absolutely right. This property really only works because it will be owner occupied. As far as equity there is none to be had aside from mortgage payments made toward the principal. I told my realtor that if they didn't agree to a lease that there is absolutely no deal. Can anyone refer me to a good real estate agent in the buffalo/rochester/batavia area of New York? Mine is absolutely clueless when it comes to investment properties. I'm looking to build a contact list for a real estate agent who is investor friendly and a good real estate attorney. I plan on getting licensed as an agent in the Spring. I have recently went through a very messy divorce but I have over the last year paid off nearly 50k in debt to put myself in this position to begin investing.