All Forum Posts by: Richard Schubert

Quote from @Michael Norris:

Quote from @Richard Schubert:

I have used Foremost on 2 homes I purchased in the last 12 months. Zero inspections, all done over the phone. Not the cheapest but they have landlord’s insurance and some liability all rolled in. 

 Foremost inspected the exterior of your properties and if you didn't hear anything they passed inspection. 

And that is true, they have someone drive by and take a few photos. Foremost is owned by Farmers. BTW , I have replacement valve insured and not appraised value. It’s a 60k home and the sq footage makes replacement value around 273k. I pay 1270 per year. 

I have used Foremost on 2 homes I purchased in the last 12 months. Zero inspections, all done over the phone. Not the cheapest but they have landlord’s insurance and some liability all rolled in. 

Quote from @Alfath Ahmed:

Quote from @Richard Schubert:

Made an offer on a really nice 3/1.5 house in a c+/b- neighborhood in Akron, Ohio. House was priced way under the market at only. 60k asking price. Super nice house with nice landscaping , hardwood floors in great condition, nearly move in ready with new furnace/hotwater/ central air. Came in strong with a 70k cash offer with an escalation clause for up to 76k all within 12 hrs of listing. 2 days later I learn my offer lost out and that they had 29 offers.

Wow, I thought. Who says the seller market is going away?? Back to searching. The competition is really tough right now.

 Akron should not be as tough unless the deal is that good. I would always make sure that you are telling your agent to call the listing agent right away and find out what is the best offer they are willing to take. I have won several outbids this way. 

That’s a good idea, and we tried that. The selling agent would not give us that information. I did learn that the owner accepted an offer of an owner occupant and had said they rather have the house go to someone who wants to live there. Funny is this is the second time I have encountered that in the last 30 days. Another deal I had an offer only 2k under asking, cash, no inspections or appraisal and lost out to a asking price financed with inspections/ appraisal owner occupied.

Thank you for all the comments everyone. Yes, I knew this was priced below market to make an offer war. The comps on this one was around 90k but tended to be towards the nicer end of the area.  And those homes had much more recent updates. Given the block this was on which was primarily mix of decent homes and obvious rentals, and this home needed a few thousand in repairs prior to rent, I did not want to pay more than my max 76k offer. Fair market rent in this neighborhood was 1100.00 on the high side and more realistic was 950 to 1k. I set a number in my mind that worked with my calculations and did not get it. But then again if I offered more than I wanted and did win, I would not have been happy with my numbers. Will keep looking!

Made an offer on a really nice 3/1.5 house in a c+/b- neighborhood in Akron, Ohio. House was priced way under the market at only. 60k asking price. Super nice house with nice landscaping , hardwood floors in great condition, nearly move in ready with new furnace/hotwater/ central air. Came in strong with a 70k cash offer with an escalation clause for up to 76k all within 12 hrs of listing. 2 days later I learn my offer lost out and that they had 29 offers.

Wow, I thought. Who says the seller market is going away?? Back to searching. The competition is really tough right now.

Hello and welcome,Best move I made was taking some time to put a plan on paper, talking with some investors, and a bunch of reading before jumping in. So many resources here. Best of luck!

Quote from @Ryan Arth:

Quote from @Richard Schubert:

Quote from @Account Closed:

Hi, yes Ohio is a great place to invest in real estate. Congratulations on your investment properties. Best of luck!

Thank you! It is just my luck but been trying to land a deal for months and as soon as I do 6 others including one that would be a great flip comes around. I need to save up some cash quick 

 If you are finding properties that fit your model, but are short on capital, consider offering opportunities for investment to people in your network who have capital that isn't earning anything. Everybody wins. 

Yes for sure!

I have heard there is a large shortage of section 8 housing in Youngstown. There are really nice areas all around Youngstown and some higher end burbs. I decided to start investing in Akron but I have looked at plenty of houses in Youngstown. I just never found a property manager there.

Quote from @Account Closed:

Hi, yes Ohio is a great place to invest in real estate. Congratulations on your investment properties. Best of luck!

Thank you! It is just my luck but been trying to land a deal for months and as soon as I do 6 others including one that would be a great flip comes around. I need to save up some cash quick 

Thank you all so much for all the support! I definitely appreciate it. I have a hand full of deals to look at as soon as I replenish my working capital. Hopefully I will be shouting about the 3rd purchase soon.