All Forum Posts by: Reece Iovine

FHA is terrible 😁 Look for a low down conventional option. First financial Bank CHAMP loan is a great option or Chase bank has an option and you also have the federal home possible program.

- 2021 multi family projections and market over all

I believe the market will remain strong into 2021 especially in markets with strong macro economics - population growth, diverse employment, etc. Money is cheap and the FED has stated they will hold rates low for a while. I don't think we will see a crash anytime soon due to the lack of housing available, however we may see a pull back as rates climb. My opinion

- 2021 up and coming markets (states/cities)

COLUMBUS OHIO :)

- In terms of acquiring property, should we capitalize on the low rates or wait for the supposed "crash"?

What if a crash never comes?? Buy now, buy later, keep buying at all times. Just change your criteria as the market changes. Find great deals so that you can weather a storm if one comes. But don't be one of the many people waiting on the sidelines to buy property and never get in.

- Baseline stats/data you look for in a multifamily investment (% of cash flow, Cap rate, demographics, etc)

In columbus I like 15% coc with a minimum cashflow per door at 100 but prefferably closer to 250. Usually can only get 250 if I renovate

- Advice for buying out of state and best practices

Work with a great real estate agent...they will make your life easy with great deals and referrals for other team members.

- Best advice for pulling the trigger on that first investment!

Work with an agent and start making offers. Don't be a tire kicker. Your first deal won't be your best. Submit offers at a price that works for you don't hold back. As an investment realtor I want my clients submitting offers every week I don't care if they are 20% below list...an offer gives me soemthing to negotiate :)

@Tim Sipowicz a good investment realtor can help on grading neighborhoods. For over all market growth/trends look at the marcus and millichap reports or irr reports for your area...both free

Post 24 hr notice and go on in. Also keep an eye on the cares act 2 rental relief program expect to go into effect end of december. Current rental relief is direct reimbursement to the landlord for up to 12 months of back rent and 3 months of future rent. Can be applied for by the owner in liu of the tenant...tenant must sign though.

Depends if I am rehabbing a property I would love it vacant so I don't need to end leases or wait for leases to end. However that also only works for small deals. You can't/shouldn't buy a 100 unit property not tenant occupied. 

Yes wholesaler friendly. But their is strong competition in Columbus. You will not succeed in Columbus unless you commit fully and are on the phones daily building relationships. However if you are willing to work columbus is a great market!

You don't need a crystal ball to invest in long term buy and hold rental property. :D Buy in B-C neighborhoods with growing population and consistent diverse employment growth. With those 2 factors you will always have strong rental demand and rent growth, and appreciation and where those factors exist a C neighborhood will usually gentrify into a B over time with investor interest and government programs. 

Looks beautiful, great job!!

Columbus is great but also super competitive. If you are good at finding deals off market then yes they will fly off the shelf in columbus but don't expect success going about it willy nilly 🤣 We have professional wholesale companies making 1 million calls a year. If you want to succeed here you need to be on the phone building relationships every day. Best of luck!!

Challenge the assessment like @Conn G. said. This is why when you run your numbers it's sooooo important to run them at worst case scenario highest tax assessment. That way you are not caught off guard. While it might be the case that they are kept low like you said for 20 years, you should not purchase with the assumption that they will stay low. Goodluck on the appeal and now you know for the next purchase :) It's all about learning and getting better 1 property at a time!