All Forum Posts by: Sean Haran

 Thank you for this, this is what I ended up doing. The property manager I’m going to use actually also does this as well, I didn’t have any idea! 

Hello! I am looking into renting out a duplex in Columbus through section 8. Would love to hear people’s advice/opinions/experiences. I’m rehabbing the duplex before renting it out so I already know I’ll have to make sure everything is up to section 8 specific standards. 
My main questions would be: how long does the entire process take from applying to actually having possible tenants to start picking from, and how do they determine exact amount for rent (the amounts listed on the housing authority site seem way higher than market rent, I’m wondering if I will actually get those numbers or not)

any other general tips or advice is also appreciated!

Hello all! I am based out of Los Angeles and I'm working on a long distance BRRRR deal in the hilltop area of Columbus, OH. I am planning to use Longhorn Investments hard money loan to fund the project. They're asking that I designate a project manager who would be able to visit the site regularly, but is not the GC. I basically have no idea who to use and am looking for suggestions/anyone who has worked with them before (or another lender with a similar requirement). I really like the fact that Longhorn will fund up to 100% of purchase and rehab costs (up to 75% ARV), that's why I was going with them in the first place. I have spoken to some other hard money lenders and most require 10-20% of the purchase price as a down payment. I have the cash but obviously if I don't have to put it down I'd rather not. At a crossroads now as to whether I should try to find someone who I can at least list as project manager (I have no clue if they actually would be contacting this person regularly or require really anything from them) or if I should just use a lender with less stringent requirements but that will require at least 10% of purchase as a down payment. Any advice/stories about a similar situation would be much appreciated!

 Thank you! And yes you are correct, I should have said “mostly other people’s money” as I do know I will have to put some of my own capital into the deal. But I’d prefer to put a little of my own money in rather than a lot of it :)

Hello, I’m looking at a deal that would be perfect for a hard money loan, and I’d rather use someone else’s money rather than my own to get this done. I made an offer which (according to my realtor) is about to be accepted today or tomorrow. 

All of the hard money loan options I've found require me to borrow in an LLC, which I don't have now. Since I am literally about to start the process of buying this property I doubt I have enough time to set up an LLC for the loan. Is there any hard money lenders who lend to individuals rather than an LLC?

Hello! Had an offer accepted on a house in the Reeb-Hosack area of Columbus OH. Inspection report came back with a few things, but the one that concerns me is foundation problems. There is cracking and quite a bit of of movement/settling/leaning in 2 corners of the foundation. There’s also these weird support beams that I’m assuming the current owner installed. They aren’t secured to a footer, they are just kinda jammed between the basement floor and some of the major beams on the bottom of the house. He also observed some active water penetration into the basement

I am trying to figure out if it’s worth it to look into fixing it and trying to make the deal work, or if I should just keep looking for a different property. I’m a first-time investor and I’m investing out of state… don’t want to get dragged into rebuilding the whole house lol.

These were the actual words from the inspection: “I observed cracks throughout the foundation and leaning/settlement at the east and north structural wall of the house foundation. Major defect.

I am not a structural engineer. I recommend a structural engineer further evaluate and make recommendations related to this observation” 

And regarding this make-shift supports: “

Temporary posts exist in the basement that should be considered for replacement with a permanent support system.

A temporary post is noted as a support to the ground that does not appear to be resting on a footer.

This temporary support post is holding up a metal beam supporting a large portion of the house.

This is a structural concern that should be reviewed by a qualified engineer/contractor”

I will include a couple pics as well 

 I’m leaning toward just doing it. It’s 200 bucks it’s not an amount of cash I’ll even notice when it leaves my account, and if all I get from it is some peace of mind it’s probably worth it. 

 Zillow/Redfin says built in 1900 but I believe renovated in 2010. There’s a bunch of similar houses all within a small radius that look like they were all re-done together around the same time. And no, no trees

Hello! Looking for advice on whether or not a sewer scope is worth it for a home in Columbus OH. Inspection company charges 400 for general inspection, plus another 200 for sewer scope. Is the sewer scope worth it/necessary if there’s not reason to believe the sewer has had any issues? House is in decent condition, some relatively new cosmetic updates, and electrical updates. Let me know what you guys think or what most people are doing/not doing

Hello! I have started to make offers on some deals in Columbus, hopefully should be able to close on one within the next 2-3 months if not sooner. I have spoken to a couple property managers so far, but really need to talk to a few more to feel confident in my choice. Any recommendations from out-of-state investors like myself would be highly highly appreciated. Any pointers on who to avoid would also be helpful ;) 

Obviously this is one of the pieces that can make or break the performance of a deal, so I’m trying to cover all my bases as much as possible