Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Simon Ashbaugh

Simon Ashbaugh has started 0 posts and replied 839 times.

Post: FIRST BP POST! Buy or Rent on the Northshore in MA

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826
Quote from @Tyler Suggs:
Quote from @Simon Ashbaugh:
Quote from @Tyler Suggs:
Quote from @Simon Ashbaugh:
Quote from @Tyler Suggs:

Hello Bigger Pockets community! This is my very first post in the forums and my first day as a Pro member so figured what better time than now to post. 

A quick rundown of my situation/options: My fiancé and I are currently renting a tiny 1 bed 1 bath apt for only $1,500/month (a steal in our area) but with our wedding fast approaching and the desire to start our family we are on the hunt for more space. (Not to mention our current apt smells of cigarette smoke, not a scenario I will even entertain when it comes to having a pregnant wife/our first child)

After sort of running through our options and what is on the market both for purchase as well as rentals, I have found that rents for apartments around us with at least 2 beds start around $2,400 a moth and can range all the way up to $3,500. 

Small single families around us in decent shape not needing COMPLETE renovation/updating go anywhere from $450,000 to $600,000 and with the mortgage rates wind up being about $3,200 at a minimum and up from there. 

Our 3rd and most realistic option seems to be a condo (which I don’t love the idea of) which surprisingly go from about $300,000-$450,000 (higher than I’d expect) with condo fees ranging from $0 to $400/month. After using some of the BP calculators even if we could get a condo on the cheaper side with 2 beds and 1.5 baths (around $400k), it’d be tough to rent it out after fixing it up to cover our mortgage costs. It winds up costing us $2,800-3,100/month and that includes us putting about $40k down. 

This all leads me to think maybe it does make sense to continue to rent for a bit and sort of see what happens and continue to try to put money away? I hate the idea of continuing to rent but hate even more the idea of buying a condo or small single family (if we could even find one) and wind up not being able to cover the mortgage with the rents in the future. I’m torn on both and will continue to look at the options and see what comes onto the market but hoping for some guidance from others with some more experience or some different views! WHAT DO I DO?!

Thank you ahead of time for any insight or opinions, I appreciate any input!

Tyler





 Buy a duplex and house hack! Most lenders will take the income of the other side into account


 Thanks Simon, that’s a great idea but they’re tough to come by in my area! That’s not to say they don’t exist but they’re tough for sure..I will keep my eyes peeled for them and a lender that accepts rents in my preapproval figure, that’d be best case scenario in my mind!


 I get it! Maybe try and find some wholesalers or pull a list of duplexes that haven't transferred in the last 5 yrs and cold call. Thats worked great for me.


Okay, that’s a really good idea! I could always get more active like you just mentioned and see if I could stumble upon a great deal. Not being a realtor or knowing the lingo makes it a bit intimidating but nothing worth while comes easy so I will consider it for sure. 


 It definitely is at first but you get comfortable pretty quick. Feel free to shoot me a dm if you start and i can send you a short script!

Post: FIRST BP POST! Buy or Rent on the Northshore in MA

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826
Quote from @Tyler Suggs:
Quote from @Simon Ashbaugh:
Quote from @Tyler Suggs:

Hello Bigger Pockets community! This is my very first post in the forums and my first day as a Pro member so figured what better time than now to post. 

A quick rundown of my situation/options: My fiancé and I are currently renting a tiny 1 bed 1 bath apt for only $1,500/month (a steal in our area) but with our wedding fast approaching and the desire to start our family we are on the hunt for more space. (Not to mention our current apt smells of cigarette smoke, not a scenario I will even entertain when it comes to having a pregnant wife/our first child)

After sort of running through our options and what is on the market both for purchase as well as rentals, I have found that rents for apartments around us with at least 2 beds start around $2,400 a moth and can range all the way up to $3,500. 

Small single families around us in decent shape not needing COMPLETE renovation/updating go anywhere from $450,000 to $600,000 and with the mortgage rates wind up being about $3,200 at a minimum and up from there. 

Our 3rd and most realistic option seems to be a condo (which I don’t love the idea of) which surprisingly go from about $300,000-$450,000 (higher than I’d expect) with condo fees ranging from $0 to $400/month. After using some of the BP calculators even if we could get a condo on the cheaper side with 2 beds and 1.5 baths (around $400k), it’d be tough to rent it out after fixing it up to cover our mortgage costs. It winds up costing us $2,800-3,100/month and that includes us putting about $40k down. 

This all leads me to think maybe it does make sense to continue to rent for a bit and sort of see what happens and continue to try to put money away? I hate the idea of continuing to rent but hate even more the idea of buying a condo or small single family (if we could even find one) and wind up not being able to cover the mortgage with the rents in the future. I’m torn on both and will continue to look at the options and see what comes onto the market but hoping for some guidance from others with some more experience or some different views! WHAT DO I DO?!

Thank you ahead of time for any insight or opinions, I appreciate any input!

Tyler





 Buy a duplex and house hack! Most lenders will take the income of the other side into account


 Thanks Simon, that’s a great idea but they’re tough to come by in my area! That’s not to say they don’t exist but they’re tough for sure..I will keep my eyes peeled for them and a lender that accepts rents in my preapproval figure, that’d be best case scenario in my mind!


 I get it! Maybe try and find some wholesalers or pull a list of duplexes that haven't transferred in the last 5 yrs and cold call. Thats worked great for me.

Post: FIRST BP POST! Buy or Rent on the Northshore in MA

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826
Quote from @Tyler Suggs:

Hello Bigger Pockets community! This is my very first post in the forums and my first day as a Pro member so figured what better time than now to post. 

A quick rundown of my situation/options: My fiancé and I are currently renting a tiny 1 bed 1 bath apt for only $1,500/month (a steal in our area) but with our wedding fast approaching and the desire to start our family we are on the hunt for more space. (Not to mention our current apt smells of cigarette smoke, not a scenario I will even entertain when it comes to having a pregnant wife/our first child)

After sort of running through our options and what is on the market both for purchase as well as rentals, I have found that rents for apartments around us with at least 2 beds start around $2,400 a moth and can range all the way up to $3,500. 

Small single families around us in decent shape not needing COMPLETE renovation/updating go anywhere from $450,000 to $600,000 and with the mortgage rates wind up being about $3,200 at a minimum and up from there. 

Our 3rd and most realistic option seems to be a condo (which I don’t love the idea of) which surprisingly go from about $300,000-$450,000 (higher than I’d expect) with condo fees ranging from $0 to $400/month. After using some of the BP calculators even if we could get a condo on the cheaper side with 2 beds and 1.5 baths (around $400k), it’d be tough to rent it out after fixing it up to cover our mortgage costs. It winds up costing us $2,800-3,100/month and that includes us putting about $40k down. 

This all leads me to think maybe it does make sense to continue to rent for a bit and sort of see what happens and continue to try to put money away? I hate the idea of continuing to rent but hate even more the idea of buying a condo or small single family (if we could even find one) and wind up not being able to cover the mortgage with the rents in the future. I’m torn on both and will continue to look at the options and see what comes onto the market but hoping for some guidance from others with some more experience or some different views! WHAT DO I DO?!

Thank you ahead of time for any insight or opinions, I appreciate any input!

Tyler





 Buy a duplex and house hack! Most lenders will take the income of the other side into account

Post: 50K Single Family

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826

Nice, Congrats!

Post: BRRRR no cashflow

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826

Maybe try looking into renting it section 8? Generally you can get slightly higher rents and if you screen the tenants well you can avoid the other issues that can come with section 8. 

Another thought, if property taxes are so high there look up OZs in the area and only invest there. You may end up having to do more rehab but it sounds like it'd be worth it! https://opportunityzones.hud.g... Heres the HUD OZ map

Post: NEED Honest Feedback from Realtors

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826

Oops BP was wigging out sorry for the double post lol

Post: NEED Honest Feedback from Realtors

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826
Quote from @Michele Granata:
Quote from @Simon Ashbaugh:

The issue is, with FHA there are more stringent guidelines, longer closes, and it's not cash. Dollar for dollar, a cash offer will always beat a financed offer. I don't think that means you shouldn't use FHA.. It's a great product and has tons of benefits. It may just take a bit longer. If you're having a lot of trouble finding a deal, try cold calling. You could find an off market deal with no competition.

Thanks for the input! Yeah cash offers are obviously the top dog in the scenario, so I wouldn't let myself feel beat up over losing to that! So many times I have read about cold calls for off market properties, and I'm thinking I should consider it more seriously. Have you had success with cold calls yourself?

 For sure! I make a couple hundred calls a day, mostly calling for more inventory for clients. It was tough at first but you get comfortable with it quickly, and it definitely pays off!

Post: NEED Honest Feedback from Realtors

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826
Quote from @Michele Granata:
Quote from @Simon Ashbaugh:

The issue is, with FHA there are more stringent guidelines, longer closes, and it's not cash. Dollar for dollar, a cash offer will always beat a financed offer. I don't think that means you shouldn't use FHA.. It's a great product and has tons of benefits. It may just take a bit longer. If you're having a lot of trouble finding a deal, try cold calling. You could find an off market deal with no competition.

Thanks for the input! Yeah cash offers are obviously the top dog in the scenario, so I wouldn't let myself feel beat up over losing to that! So many times I have read about cold calls for off market properties, and I'm thinking I should consider it more seriously. Have you had success with cold calls yourself?

 Definately! I make a couple hundred calls a day just to find more inventory for my clients. It was tough at first but you get more comfortable pretty fast and it definitely pays off

Post: Duplex with small cash flow advice

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826

Depends heavily on the market. In Columbus OH thats doable bc appreciation is so high. not sure how Pennsylvania is appreciating 

Post: NEED Honest Feedback from Realtors

Simon AshbaughPosted
  • Realtor
  • Columbus Ohio, Cleveland Ohio
  • Posts 849
  • Votes 826

The issue is, with FHA there are more stringent guidelines, longer closes, and it's not cash. Dollar for dollar, a cash offer will always beat a financed offer. I don't think that means you shouldn't use FHA.. It's a great product and has tons of benefits. It may just take a bit longer. If you're having a lot of trouble finding a deal, try cold calling. You could find an off market deal with no competition.