All Forum Posts by: Peter Shannon

Hi. I am looking for a bank that will lend to an out of state investor on multifamily for less than 25% down. In Cincinnati Ohio. Even 20% is fine. I have a primary residence. A multifamily rental. Low DTI even with all mortgages and just my W2. If you know of a bank please let me know. Thank you. I am not interested in private lenders at this time.

I am looking to lower my lawn care cost in Cincinnati OH. The property is in the West Price Hill area and has a steep hill in the front yard. The company needs to be insured and have a w9. Any help is greatly appreciated!

Is anyone familiar with Manns street in the Price Hill area. My realtor is an investor. He likes the home and the area. The house has been fixed up and the cashflow is great. My property manager says that street has a lot of crime on it and advised against buying there. I am looking for a 3rd opinion. I figure the street is pretty long. Could it all be bad? Thanks for your advise!

Did you ever find a property manager?

Thanks everyone for the help and advice. The old lockbox had issues freezing shut during the winter, so they wanted to replace it. Before and after pictures of all repairs will be provided going forward. They are good about replying quickly to my emails and meeting our requests. I think the other owners they work with are more hands off. It is our first property so we tend to have more questions. This is our learning property.

We just bought our first property. We hired the property manager that was in place. I just got a bill for installing a lock box and setting the code, but the lockbox was there when we bought the property and the code is the same. I had the previous code when I was giving it to companies for inspections. Is this normal practice? I wanted to see if it is normal before I accuse them of unnecessary charges. The management company has an on staff handyman. Thanks for your help!

Triplex is 2500 sq ft. I paid $130,000. The dwelling coverage is $506,000. Other Structure coverage is $50,600 (standard 10%). There are no other structures on the property. No garage, no shed, no fence. There is a small sidewalk with steps. Would it be a huge risk to lower the other structures amount? Thanks

Thanks Darius! $1800 is the current actual rent and what I found was the units are at about market rent. There may be a little room for rent increase in one of the units after renovating. Purchase price is $136000

Thanks Kris Wong. I appreciate the help! Did you use a broker for insurance? Did you look into replacing it? I am not sure the cost to do that. That 10% for repairs should have been for vacancy. After talking to a few investors. I am going to pay to have someone mow the yard and do pest control. Right now it is the tenants responsibility. Thanks again

Property is in Cincinnati. Mortgage + insurance + taxes= $757. 10% for repairs. 10% for maintenance. 10% for property management. I estimated the water to be $160. Total expenses are $1450.72. The rent income is $1800. It is a triplex. It was listed as well maintained, but it does need repairs. There is some aluminum wiring. We are going to ask the seller to repair. We would put in $36,000 into the deal. Cash flow is $341 and Cash on cash is 11%. It is fully rented and may have a trouble tenant. It would be our first deal. Are we crazy for persuing this property? I am excited to get started after over a year of planning and saving. I do not want my excitement to override logic. 1920's brick home. Thanks!