All Forum Posts by: Mike Walker

Hi Michael, I have several references for home inspectors in the Akron area. Send me a private messages and I'd be happy to connect you.

If an owner is behind on their taxes, then you might be seeing the current annual amount due plus any unpaid taxes. I've seen this before where it looks like an astronomical assessment, but then when you dive deeper into the numbers you'll soon come to realize that taxes just weren't paid. I would not trust Zillow when it comes to researching property taxes. Best practice is to review the auditors website or call the county to confirm the facts. 

I did a search of properties that were listed for rent in the MLS in Akron (includes all SFR, apartments, condos, multi-family) in the past 180 days. There were 122 units rented at an average of $794 each. The minimum was $425 and the maximum was $2,800. There were only 17 properties that rented for more than $1,000, and only 3 of them rented for above $2,000/mo.

I agree that rents have increased, however, they haven't doubled. 

I've got a good insurance broker here in Ohio. I'm not sure that they offer insurance in St. Louis, but they do shop the major carriers. Feel feel to send me a PM if you want their info.

Hi Todd, how long have you owned it, and how is it titled? Is it in an LLC?

Just a note on the utilities. Look at the electric & gas. If they're not on separate meters, your numbers could be way off. Find out who pays the utilities. Check on the water too. Oftentimes it's on one meter, landlord responsibility. I'm a little confused on the owner occupied. Going FHA you can purchase low down and be owner occupied. That's a great way to have the other unit pay for a majority of your side. You might need to look at some other type of financing with a larger down payment.

One issue with having 2 buildings on the same property has to deal with zoning. If one or both of the buildings burn down, will the city let you rebuild both buildings, or will you be limited in what you can put on there?

Hey Lance, why don't you PM me, I'll take a look at it.

You might want to eliminate the roll-away dishwasher, that'll clear up some space for more cabinets/countertop space. Some folks will put the fridge in the dining room, but functionally it might be best to have it by the entrance to the mudroom, or to the right of the sink (if it fits). A roll-away center island might help with storage and give additional working counter space.

Hello Zacher, I know of a local lender who will do a HELOC on a non-owner occupied property that you own free and clear. They will lend up to the purchase price that you paid for the property. If you've owned it for at least a year they will do a 75% LTV loan.