All Forum Posts by: Ryan Kinley

Yes anyone that knows of a bank that can refinance this deal would be great . I suppose I could see if he would wait for me to get financing initially. 

I’m prepared to give the 50 k he is asking for both properties (triplex in front and Sfr in rear) , but want to make sure I can get the refinance later in hopes I can get most of my cash back. 

My plan is to get the triplex rented as a duplex ASAP and the slowlyvwork on the rear SFR. The Sfr needs a lot of work

Hello all,

I have a small problem and was hoping to hear back from anyone that can help. I am trying to buy a triplex ( which im going to convert back to a duplex) and behind this triplex is a single family home (for 50 k cash and I am going to fix up). I checked with the bank to see if I can refinance to get some of my initial investment back and he (this bank btw works with a lot of investors refinancing) told me I cannot and it would be very difficult because this type of property does not comply with Fannie May and Freddie Mac. I believe it does not due to the SFR behind the duplex on the same lot.

He told me to look for (or google) a "portfolio Investment Property bank".   I am in northeast Ohio so I was hoping to find one within the Cleveland area or Ohio.   If not that is fine also but I am trying to see if anyone can suggest a company that would be able to refinance this style property and how much higher the interest rate would be.

I want to pull the trigger but want to make sure I can refinance this after some time with not problems.

Thanks for your feedback in advance!

Ryan

Thank you everyone for your feedback!

Hi everyone. I recently bought a property with a tenant already living in one unit month to month. We haven't signed a new lease agreement since the property was just handed over to me, but she's already 2 1/2 weeks late on the rent. She keeps making excuses already. What is the eviction process on a case like this? I'm new to all this.

Well done. I did my second duplex just recently and am now trying to get it rent ready. I am trying to stay the course, learn, and do more.

I have was about your age when I bought my first sfh and now own 2 duplexes and 2 sfhs (one of which I live). I also have a business in that commands a lot of time from me. I wish I had bought more duplexes over the last 15 years as I am now 38. I just bought my last duplex about 2 months ago and am looking for other now. Go for it and don’t stop. I wish i would have stuck with more real estate instead poring my time into my business. I now have 4 kids and overwork myself. I am trying to buy more cash flowing realest are now to have more time with them and get my life back. Good luck .

that is approximately 2100.00 per month after my mortgage payment...

Hello to all,
I am looking fot an investment group or person in the Cleveland area. I am trying to find people that are willing to meet every so often to talk about possible opputunities to invest in.. Does anyone know the best way i can find this group?
Some inforomation about myself!
I am a small business owner and got into rei about two years ago.
I currently own two houses that sit on 2.1 acres of commercial land.. I am finalizing some layout plans with the city right now to put an 8000 sq. ft structure on the property. If all goes well i will have this complete in 6 months. This will provide 4 units with 1 occupied by my business.. I figure my net cash flow to 2100.00 if i have all 3 units rented.

Kyle,
thanks for you time and response!

Does anyone know how to find commercial property in Columbus Ohio? I am looking for land that is zoned commercial to build on.. I am looking to build Office/Wharehouses units in the area.. I will also be looking for some investors...