All Forum Posts by: Priya Thomas

Priya - I've been calling every bank and credit union around to find out what they offer. Once it's a bit more robust I'm happy to share my spreadsheet. For now the two main contenders are Union Savings Bank and Quicken Loans. Happy to share more of the details I've uncovered...

Gus - me too! :-)

Right now we are going through a HELOC process. We are using ThirdFederal., I believe UnionSavings, Guardian are expensive for HELOC based on my earlier conversations. ThirdFederal gave us the best rates. But man, ton of documentation especially we own several rentals already., For every single property they needed all leases, proof of security deposits, proof of every tenant paying rent for the past 6 months, all insurance copies,. i can go on & on, but i guess it would be the same with all the bankers. I have been patient that they are doing their job to protect their investments like we would do. But their rate beats everyone. PM me if you need more info.

0 Votes

We are local to Cincinnati and we have about 40 units all over Hamilton County (Avondale, Deerpark, North College Hill, Cheviot, Westwood, Colerain Township, Clifton) and several class A. A+ class properties in Warren (Mason, Morrow, Maineville), Butler (Westchester) and Clermont (Milford) counties. We have atleast one warzone property (knowingly we acquired, it is a cash cow, but high maintenance though) !!

One area we don't have properties is Price Hill, we tried to acquire a couple but haven't yet.

We are more than happy to help you whatever way we can. Please feel free to give us a shout when your are in town. I'll IM you my phone number.

1 Vote

Originally posted by @Jay Hinrichs:

Originally posted by @Martin Saenz:

I'm working through this with 6 notes now in process. The process is very involved in getting certified with the state and there are training hours, background checks, etc. involved. Will be a good competitive advantage for anyone that goes the extra mile with it.

agreed.. as to the person above who asked about seller carry back.. that's a great question.. you have someone like yourself who buys the paper from the mortgage holder/originator .. and then you have sellers originating their own mortgage .. out our way there are carve outs for a few a year but after that you need a RMLO Or in CA a RE broker to run your paper.

but this gets into servicing.. I can see some mom and pops who think NPN are soup de jour getting hammered on this one. And agree those that are professional get proper education and licensing will be just fine.. just another level of complication and work one has to do in the space

Thank you @Jay Hinrics

But I apologize, I did not understand how this will affect investors who sell properties via land contracts, or other forms of seller carried note. Do these individuals needs to go and get certified as well to carry the note back? I guess not??

0 Votes

Originally posted by @Berish Edelman:

Hi everyone! Been inhaling the podcasts for a few weeks now and loving the vibrancy of the BP community and decided to stop lurking.

We live in Cincy and we are gung ho on the BRRRR method, utilizing equity we have in our home. We are in the process of getting the HELOC finalized and we've been lining up all the other pieces as we go. Actually waiting to hear back from the appraiser - the bank first had a desktop appraisal done, which came back at an insane $677k (we bought the house from the bank for $280k) and they then had a walk through ordered, which came back at an almost equally absurd $330 (there are houses all around us that are half the size that sold for that much). I called the appraiser and asked him to kindly consider the smaller houses as comps and now we are waiting to hear back.

Seems like there's a lot of waiting in this business.

Anyway, looking forward to participating in the forums and learning from everybody.

Have an awesome day!

Who is your lender? Welcome to investing :) Cincinnati rocks !!

0 Votes

Does this affect a seller carrying note? AKA seller financing?

0 Votes

All Forum Posts by: Priya Thomas

Priya Thomas has started 21 posts and replied 122 times.

Post: Bigger Pockets: Pro vs. Plus account

Post: Need a Rental in Fairfield Ohio

Post: Totally lost on creating LLC

Post: From Bankruptcy to 1,000 Units (Part 2 - Rising from the Ruins)

Post: From Bankruptcy to 1,000 Units (Part 2 - Rising from the Ruins)

Post: New investor from Cincinnati saying Hi

Post: Looking for insights on Cincinnati neighborhoods

Post: New Ohio requirements for junior note holders

Post: New investor from Cincinnati saying Hi

Post: New Ohio requirements for junior note holders

Priya Thomas has started 21 posts and replied 122 times.

Biggerpockets Logo Post: Bigger Pockets: Pro vs. Plus account

Biggerpockets Logo Post: Need a Rental in Fairfield Ohio

Biggerpockets Logo Post: Totally lost on creating LLC

Biggerpockets Logo Post: From Bankruptcy to 1,000 Units (Part 2 - Rising from the Ruins)

Biggerpockets Logo Post: From Bankruptcy to 1,000 Units (Part 2 - Rising from the Ruins)

Biggerpockets Logo Post: New investor from Cincinnati saying Hi

Biggerpockets Logo Post: Looking for insights on Cincinnati neighborhoods

Biggerpockets Logo Post: New Ohio requirements for junior note holders

Biggerpockets Logo Post: New investor from Cincinnati saying Hi

Biggerpockets Logo Post: New Ohio requirements for junior note holders

Post: Bigger Pockets: Pro vs. Plus account

Post: Need a Rental in Fairfield Ohio

Post: Totally lost on creating LLC

Post: From Bankruptcy to 1,000 Units (Part 2 - Rising from the Ruins)

Post: From Bankruptcy to 1,000 Units (Part 2 - Rising from the Ruins)

Post: New investor from Cincinnati saying Hi

Post: Looking for insights on Cincinnati neighborhoods

Post: New Ohio requirements for junior note holders

Post: New investor from Cincinnati saying Hi

Post: New Ohio requirements for junior note holders