All Forum Posts by: Ellie Narie

I've lost out on a deal because a contractor took over a week to get back to me with a written bid. I really need someone who is able to go to a property same day, and give me a bid on the repairs same day, or the next day max. Also, I need them to be comfortable working in all areas of Cleveland, including D areas of East Cleveland. Let me know who you can recommend. 

I want to buy a quad-plex for either 3.5% FHA or 5% fannie mae in a cheap state. If I currently have a primary home in one state, can I move to any state as long as my job is remote? Or do the lenders require that I establish primary residence first, before getting an fha or a fannie mae loan for a primary?

I'm looking into investing in Ohio (possibly Cleveland), because of the cash flow. But I heard a lot of bad reviews about property management companies. Is it possible to self-manage in D areas? Here's what I'd want to do either way: I want to install security cameras on each property I buy and put them on a sim card plan so I can view my properties at any time. Perhaps I should also get one of those smart locks like they have for airbnbs. 

The problem is, how do I have someone do showings for tenants? I would actually like to screen the tenants myself and set my own minimum specifications for them. 

I currently own rental property in a high cost state, and I've never used a management company. I just use an online platform to collect rents automatically. 

Another question I have is - how would evictions work with a self-managed D property? How much does it cost to hire someone to evict a tenant, or are there all-in-one services for just eviction only? 

Any other tips on self-managing D properties from out of state? Or should I just forget it and hire a property management company? 

Has anyone been able to find out more info on this? I know fannie mae offers a 5% down one time close loan for a single family home construction, but now with the new rules, does it allow 2-4 units for this 5% down payment? 

I heard that with a 1031 exchange we would need to replace the entire debt. How would that work if the property is being owned by two unmarried joint tenants with rights of survivorship, with only one person on the original loan? Can the second person also do a 1031 exchange in their name, but without taking on any debt?  

Maybe person #1 (with the loan) can just gift the funds to person #2 and have person #2 buy 1031 exchange property debt free? Then put both names on the title. 

Is there any way to not replace the debt with a 1031 exchange in this scenario?  

 I'm just wondering if anything has changed with construction because of the new fannie mae 5% down program for multi-family owner occupied properties. It used to be that fannie mae allowed 5% down construction one-time close loan on single family homes, 15% down on duplexes and 25% down on 3-4 unit properties. But now I'm wondering if all of those are reduced to 5% down. 

I know that fannie mae recently changed its guidelines about multi-family property loans, and now allows a 5% down payment for 2-4 unit homes as long as the owner will occupy one unit. Does this apply to new construction? Could I build a fourplex for 5% down? 

I'm thinking of investing into the Cleveland area because it seems like that will get me the most cash flow. Thought about doing many mortgages, but perhaps it's not a good idea if I don't have much in other reserves sitting around. So maybe I would just buy a few SFHs and take home the full cash flow. Any other ideas or good areas to invest into? 

 Hmm, that does seem like a lot. I thought it would just be something like 6 months of mortgage payments? How do other investors get huge portfolios of houses? 

I'm wanting to 1031 exchange my one property into 20 different houses in a low cost state. If each house costs around 80k and I get a mortgage for 80%, how much would I need to have in reserves? How much would you recommend?