All Forum Posts by: Rupesh Singh

@Matt Silverstone Do you know which pockets have restrictions on STR's? Do you know if numbers would pencil out on a LTR?

I've been finding some great options but would only make sense as an STR for me.

@Kellan Martz Congrats! Investing OOS is the way to go. 

I've used NREIG to insure my Ohio properties and they've been pretty solid thus far. 

Good luck!

Hello BP fam,

I am working on acquiring a 9-unit residential building in Ohio. I am under contract for $215k. I originally was planning on obtaining conventional financing but upon flying out and visiting the property, I realized it was majorly in disrepair. I met with contractors while out there and received bids around the $35k-45k mark to renovate 7 of the 9 units. 2 are currently occupied with "stable" tenants. I was initially planning on going with a big lender with a nice 15 or 20 year amortization schedule, but based on the current condition of building - I am limited to HML's I believe. Plan would be to BRRR it and I know I can get great rents for the units once it is renovated & up to speed.

I see a few online Hard Money lenders, and I have called my local lender friends which have lead to wild goose chases, and various application fees. Currently, I am considering Finance of America Commercial, and a few unheard of brokerages with pretty high fees. What are typical points and rates associated with these kind of loans assuming 20-25% down?

Thanks in advance!!

@Kristian Bauer

San Pedro has a lot of potential as far as investing goes. I would be prudent with which pockets to invest in as some regions (point fermin) and closer to RPV area are solid, while closer to the harbor/docks can be considered a bit more dangerous. I would also say to be wary of rent controlled areas as there are quite a few pockets in SP that have those. That being said, you can acquire a solid multi-fam for a decent price out there.

I'd also suggest Lomita as it's kind of under the radar right now. It's a small area but there are some nice 2-9 unit buildings avail that are great for investors. Price point is very similar to SP without rent control. Also, it is closer to better schools in case you have appreciation in mind. Good luck!

@Jay Helms

Thanks for the response. I have since acquired a duplex in Ohio for Cash on Cash Return as you indicated. That is definitely what I am striving for in my investments, although I am trying to avoid 'war zones' so that the property might appreciate in the future.

Congrats on the 77.5% return! I am at 100% vacancy for the past few months, so once that changes, I will be able to have a nice CoCR% to report back with.

Hi all,

As the title indicates...looking for suggestions for commercial lenders in the Akron area. This will be my first commercial loan due to the amount of units I am acquiring.

My assumption is the loan would require: great credit, at least 25% down payment, and reserves?

Any suggestions and input is appreciated! Thanks.

There won't be many cash flow opportunities with PMI and properties in that price range unfortunately.

I found some cash flowing properties in Long Beach area which I think has a good upside in the future but the margins are pretty slim and post renovation you would be looking at 750-800k range.

From what I've read, OOS is the way to go!

Thanks for all of the replies, everyone. My goal is to obtain zero financing and purchase a 2-4 unit property out right. This limits my options significantly. West Coast properties are on hold at this time.

I have come across some Ohio properties that seem to be of interest. I will be doing a bit more due diligence on it and can hopefully acquire something as soon as I find the right property. 

Hi all,

Pretty vague question, and I know it depends on an individuals specific goals... but I am curious to see what kind of responses this may get. 100k is not a lot of cash in Southern California. It could be put as (part of) a down payment on a 600k triplex that would net roughly $500 a month in positive flow. That sounds dismal to say the least. 

I have heard of SFR's in some states for as low as 30k that can rent out for $800/month each. I am not sure if my friends were feeding me bogus numbers or if those are legit. I've also heard of triplexes in Portland or Seattle that may be more affordable. What do you guys recommend for cash flow? Of course, long term appreciation is also a consideration but not so much a huge focus. Thanks in advance.