All Forum Posts by: Richard Cook

Not really will change much - but I'm a noobie.  Getting a mortgage 3-4% is still a heck of a deal. To me, it shows strength in the economy as it is recovering. No prospective homeowner is going to decide not to sell over a .25% increase (typically <$50/mo payment difference)

I guess it might make me leverage a little more now for my immediate buys and a little less if rates go up, but I don't know if I will actually do that when feet get to the fire. 

Hi there @Michael Galesky, I'm stationed at WPAFB right now! Feel free to shoot me a PM if you/your son have any questions about the area! 

I'm pretty rookie myself but from talking with others, the market here is good but not "red hot." There's a surplus of housing (mainly SFRs).

I don't know much about the multifamily route but there's the AFB and Wright State and University of Dayton which all help the MF. There are a lot of defense contracting companies which bring in interns so I think that would help the short term housing as well. I would stay away from inner city areas but there is some industry building up (I think a glass plant just opened up that's hiring a ton of people). The recession hit Dayton hard but it is recovering. 

@Darrin Carey and his wife @Christina Carey are a great resource and have orchestrated a REIA here. In fact, my answer probably would sound very familiar to them as it's mostly their advice to me!

We're currently renting so we'll be moving out of our 3/2. The owner might be interested in selling (or your son can rent it, we're getting great deal on it! I also know someone at the REIA is looking at selling their condo in the near future.

I second what @Tim Macy said, you gotta leverage your time and job. If it is worth it to pay a "premium" for better quality tenants and more stability, then you're doing what is best for you!

Thanks for sharing - best of luck in future deals and glad you learned before it was tooooo late!

Just read an article about this today - turnkey investing is a popular way to get exposure to other markets - read this to determine if it is for you and make sure you choose your turnkey company carefully!

https://www.biggerpockets.com/renewsblog/2015/12/1...

I have little experience, so hopefully someone can back me up or correct me but from all I've read you make your money on the purchase - going with owner financing give the owner more leverage and makes it less likely they'll be willing to go lower. Also from the 50% rule looks like you're far from it - renting out you'll have a ton of expenses and if you get it for this price you're going to have some negative cash flow possibilities. 

I would get your own financing for a much lower rate and that would lower your payments so you can pay off over longer period and have positive cash flow to ensure property is maintained. And you'd get a lower price perhaps. 

I'm interested in this as well - we'll probably be going the MF route!

You came to the right place, I've learned so much already - best of luck!

Hey, up here in Dayton - good luck with everything sounds like you're going to make success a reality! I did physics undergrad so I guess I should have done Mech E if you have enough free time to take on REI lol :-P

Welcome to the USA! Wish you the best of luck and hope you're enjoying our country and settling in and making yourself at home!