All Forum Posts by: Robert Calabro

1. Are there any lenders that can do a cash-out refi on a brrrr investment property that has less then 6 mo seasoning? 

2. I've recently been given an estimate on a hard money loan. The lender is asking for $2,300 (lender fee) + $600 (appraisal) + 2% of the loan up at an estimated 9-11% interest rate. Do these numbers seem typical? I believe the rate is fine, and the 2% fee, but I'm more skeptical about the $2,300 fee. Thanks,
 

@Murali Jesudoss

I agree with some of the above. Columbus is definitely seeing a lot more appreciation, but is also worthy exploring your options. You’ll find more foreclosures and lower price points in other cities like Dayton, Cincinnati, Cleveland, Toledo. That being said, it’s possible to find cash flowing properties here, especially if you do the research and know your options. Best of luck!

@David Cutright - I’m from the Dayton area but I live and work in Columbus now. I could make a number of referrals for agents in the Dayton area. Most recently I’ve been working with Corey O’Connor at OwnerLand Realty. Feel free to message me for his contract info. Good luck!

@Nathan H.

Your purchase contract should specifically state what happens in this event. In Ohio, we have to hold the EM for 2 years before disbursing back to the buyer if no legal resolution has been made.

I’d assume that If the seller is ignoring your request, then your best option is to get an attorney involved. Maybe just a simple letter form an attorney would spark some action on their end.

Good luck!

@Timothy Lewis

It really depends on how you intend to use your license. Ask yourself how much of the additional resources being provided will actually help your business? This is a tough question for newly licensed agents, but do the research. You may find that you won’t neen most of what the “full service” brokerage is providing or that you prefer to procure those tools on your own for a lower cost.

If you’re not into classroom learning or generic training then those training course may also not benefit you much.

I’d look for a broker/manager you trust and someone who can help guide you, regardless of the commission splits.

@Cody McVay

Cody, there are a lot of things to consider here. I house hacked two different properties before I got into real estate full time. I’d be happy to discuss it with you more. Feel free to send me a direct message and start a convo. Best of luck.

@Damon D. Have you considered your refi options? Is there anyway to lower your monthly expenses to make this property cash flow without paying off the mortgage?

If it’s possible to lower your payment I’d consider going that route and keeping the property. Maybe also look into lowering your other expenses, like management fees.

If it’s not possible to cash flow without paying off the mortgage, then selling maybe your best option.