All Forum Posts by: Sam W.

Craig Parnacott,

Seems to be a great supply of well-priced multi-family units in Canton. I'm not a Stark county expert, so am not as familiar with the area as you are, but seems you'll be able to get started with 10K if you choose carefully.

Sam

I agree with others...I would work on the written description to make it flow better and appear more professional. I would also get better photos. These look like they were cut-and-paste from another website or document.

Also, in looking at what is competing against you on MLS in the Ashland area, there are other very appealing properties for the buyer looking for a vacation home in the same price range:

http://www.realtor.com/realestateandhomes-detail/20-Evergreen_Ashland_Ny_M47503-99482

http://www.realtor.com/realestateandhomes-detail/87-Vare_Ashland_NY_12407_M34718-06585

Hey Craig Parnacott - welcome to BP....and GO ZIPS!

A few of us around here from the NE Ohio area....and a couple who are very active in Summit, Stark, Portage Counties.

Great reply (as usual) by Jon Holdman.

Tough to define "at the current market" because, like politics, all real estate is local. What is a good idea in Bakersfield right now probably isn't a good idea in Cleveland.

Regarding getting into flipping, @Christopher Boggs had a great run down and insights into his first flip. He most certainly would have some thoughts on flipping as an initial step into real estate.

Sam

Joey Budka

Can you expand on your statement that

"...lethargic market activity will stifle short and long term rental trends, which is correlated directly with multifamily price appreciation."

I don't see a cause/effect relationship between a "lethargic" local real estate market and a poor rental market (in the short AND long term). Also, could you refine/define what you mean by "rental trends". Is this vacancy rates, rents or both?

Also, is there really a direct correlation between rental trends and multifamily price appreciation?

Thanks

Sam

In my mind, the biggest danger of inflated home prices is not to the person who buys as an investment, but rather to those individuals and families who buy homes as personal residences.

I do not believe a sustainable housing recovery will be possible without the participation of homeowners. As Corey Dutton said, there is an artificial bubble in some markets. Sadly, new homeowners - or those who want to be new homeowners - are going to get caught up in this mess....either being unable to afford a home...or paying far more than the home will be worth when the bubble pops.
In my opinion, given the probable way this is going to end, if I currently owned rental property in some of these "hot" areas, I would be feeling pretty good about the mid-term rental market. Not sure this good feeling would compell me to make a new buy there now however.

Invest where they aren't investing. Smaller markets that just don't have the capacity to absorb the hundreds of millions of dollars the funds are throwing around. Be nimble and stay ahead of them.

The ant makes a pretty good life for itself right under the nose of the elephant (but he/she has to be nimble enough not to get stepped on).

Hey Stacey Myers,

Welcome to BP.

I split my time between Cumberland County (where I live and have a few properties) and NE Ohio where I do most of my REI and will return to in a few months.

Lots of very experienced folks on here with an abundance of good advice. It's always fun to hear someone's idea and the thoughts and input by the BP community.

Sam

Adam Craig,

Clearly your decision, but I'm not sure why you want to look outside your current market. I think the NE Ohio market offers a great deal of value when compared to a large portion of the country....many investors would love the valuations and cash-flow that you (we) have here.

In my opinion, things aren't really greener elsewhere ... and the trade-off on not being able to put your hands-on my property quickly compells me to stay in the neighborhood.

George Paiva,

I was close...starts out at 1.75% for investment property. Here's fannie mae's smart sheet on LLPAs:

https://www.fanniemae.com/content/pricing/llpa-matrix.pdf

If it is too onerous might look for a regional bank or CU that doesn't sell their mortgages (so aren't as concerned about Fannie Mae's rules).

Sam