All Forum Posts by: Remington Lyman

Hey guys! Looking to buy my first multifamily and I want to do it Ohio, but would like to know where in Ohio. I’ve never been to Ohio but I’ve heard it’s a good market to buy real estate. 

@Remington Lyman Thanks for the book recommendation, I’m gonna get it. That’s good to know about the markets. What brings more appreciation single family or multi unit?

Looking for a real estate attorney who can, at minimum, review contracts before I sign. Right now, need is for someone who is licensed in Texas. Other markets , less urgent right now, are Ohio, Alabama, and California. Even if you don’t have a referral, perhaps you have some tips on how to vet a real estate attorney? Thank you 

Really looking forward to guidance for next steps. After discussing with my we have agreed on what we think is the correct buy box for us. Now what I see is the next step would be select the market. This is where I seem to struggle. Totally open to out of state investing. I currently live in Winchester, Va region (BP doesn't have that as an option in the drop down) but open to investing in WV, PA, MD, and Ohio. Reading the books and listening to the podcasts makes it seem easy to identify the market. Looking to learn from experienced investors on how they track each market once identified, along with selecting the primary markets to invest in.

Any and all help is greatly appreciated!!

Hello all, 

First post on the forum. My wife and I are looking to purchase an investment property out of state. We are in the process of getting the loan and down payment squared away. We are leaning towards a 10 year or so buy and hold property. Undecided on wether it will be a multi family, duplex, or a single-family home. The markets we are leaning towards are Texas, Ohio, and Indianapolis. Any input or recommendations on these markets would be super helpful. Any good book recommendations would be amazing. Thank you so much for your time. I hope everybody is enjoying their day.

I was in a contract for a duplex, the appraisal come back materially lower than asking price, 14% cheaper, the seller made my agent to challenge the appraisal by submitting a set of comps at and beyond asking price in the same area, we ask my lender to revalue, the revaluation result came back, same price as initial appraisal. The seller is not willing to lower the price, so I decide to walk out the deal. The seller is being difficult, first said only return half my deposit, now not willing to return whole deposit using me passing the inspection date as excuse, my agent is fighting for me and said to the seller it is about financing bank is not lending at the asking price, the contract has general terms about financing, it is a standard contract my agent offered, my agent told me he is going to call the title company, hopefully title to return my deposit.  It is my first out of state investing deal, Ohio is one of state does not need lawyer to review contract, so I have not hired a lawyer to review my contract. 

Any other investor has experience this before and what are the course of actions I can take to have my deposit back?

@Remington Lyman Have you worked with lenders that allow only 10% down and are those simply conventional loans? I have seen at least 15% as the lowest for most commercial loans that did not include FHA loans/house hacking.

Hi BP Community,

I am sure this a strategy that some have had success with but how difficult of a strategy is it to BRRRR on out of state rentals? Additionally, would you still look for properties that need significant rehab work or more aim for properties that just need cosmetic rehabs?

I am based in Chicago but also looking at Indiana and Ohio markets since I am starting off, don't have as much capital available and those markets tend to be a bit cheaper. I also see the value of the BRRRR method in that you are able to scale at a faster pace but the idea of doing rehabs on a property that I can't visit often doesn't sound ideal. For situations like this, are there specific notes or ideas that you that you would recommend for this type of investing?

Hey everyone, Sam here. I do flips and multifamily investing in Columbus and LA.

So, here’s something I didn’t know going into my last flip: if you’re dealing with a split-level, appraisers can decide that anything below grade doesn’t count toward the square footage. Ended up getting an offer at asking, but the appraisal came in way lower than I expected. Lesson learned. I still made it work, but man, it was close.

Has anyone else been blindsided by something in a deal like this? I’d love to hear your stories—especially if you’ve had something unexpected happen during an appraisal or inspection.