All Forum Posts by: Roger P.

Hi BP, Is there a plan in place for the App to feature the Tools currently available on the website such as the Rental Property Calculator and others? This would be the best App ever if it would mirror the options on the full website! Thanks, Roger

Is this still available?

Is this still available?

Thanks @Russell Brazil and @Andrew Postell !  Good info.  I did not know mortgage credit checks were lumped into one hit if they are done within a short period of time.  Years ago when I applied for financing for a vehicle, I told the dealer to use my personal bank only for financing for the credit check, but a couple weeks later I noticed on my credit that they ran checks with four different lenders in that one day and all of them showed up on my credit report.  Perhaps the rules are different with auto loans, but I have been scared to have anyone run my credit after that experience ;)

As far as my credit score goes, between free viewing from the three different bureaus, free "FICO" scores from two credit cards, and Credit Karma, they were all different between 806 to 838 last month, so I just averaged a round number at 820. But to your point Russel, when I rolled a HELOC into a mortgage a few years ago, I did notice the credit score they used was on the lower end of where I "thought" my score was based on the free scores I was viewing from other sources.

Thanks again for the tips, fellas!

Hi BP,

Maybe we chalk it up to the "cost of doing business" when applying for loans with multiple lenders to find the best deals on financing, but what are some rules of thumb to try to avoid getting multiple hits to your credit score when applying for loans?  I have a FICO around 820, so I already know I am eligible for top tier rates with conventional banks, but I'd like to see if that score can get me some special deals on low or no money down loans that perhaps only the unconventional lenders can offer, but they would have to run my credit.

Thanks

While I agree that all regions of Cleveland have opportunities, for someone like James that runs a full service agency/brokerage/PM/insurance/wholesale/buy/sell/rent it's very cost and time effective to work within an area that is of a certain radius, i.e. shorter drive times, market knowledge, networks, etc., as long as there are plenty of opportunities to keep fully engaged. But of course, as any business grows and builds a team that can handle a larger area, then it can make sense to spread out further. I'm sure his team is exploring options to spread further east eventually. Looking at the amount of business that Holton-Wise does right now proves that they have a great share of the market and are doing quite well. The bottom line is if you build out any business too quickly, you run the risk of sacrificing quality and customer service. The speed of how well a proven system of cost effective and customer friendly processes is implemented by a competent growing management team is paramount to any business before expanding its market. It was really cool to hear podcast #127 and hear about a local business doing very well!

Hi @Ryan Evans !!  

Welcome to Cleveland!  Have you been through the Gordon Square / Ohio City districts on the west side?  In which neighborhood did you buy your Cleveland property in?

Hey BP,

Perhaps this varies by state (I'm in Ohio), but if I have a deal made and the seller is willing to offer financing, are there any rules and regulations for the buyer that differ significantly from conventional mortgage loans?  Are the terms generally open to negotiation between buyer and seller such as interest rate, terms, conditions, etc. and are there any rules the government butts in with this process?  Would banks frown upon me getting the 25% down payment for a property via seller financing, and then the other 75% of the financing through a standard 30yr note with the bank?  Any smaller community banks credit unions get involved much with little to nothing-down multi-family property loans?

Thanks,

Roger

@Brett Dawson I just joined the Great Lakes REIA over the weekend and am planning to attend for the first time on March 16th @ 6pm in the Crown Plaza in Independence. It's 30$ if you're not a member, or you can get a year membership for 250$ and are able to go to all the events and get some other benefits as well. The website said 200$ for year membership, but I was charged 250$. Not sure if the other 50$ is refunded after they see you have the funds or if they just raised the price and didn't update it on the website, either way, just an FYI.

Hi Jason, I actually just joined the Great Lakes REIA Cleveland chapter today, it says 200$/yr for single membership but I was charged 250$, maybe they need to update their site?... The meetings are the third Thursday each month at the Crown Plaza in Independence, OH (CLE burb). The upcoming one is going to discuss tax implications of REI. You can also attend for 30$ if you don't want full membership. Thanks