All Forum Posts by: Stephanie Skinner

@Jas Raw

Brenda sowder Us property management. I just met with her this week to potentially manage my properties in Cincinnati. I have a friend that started using her recently. He is impressed. I was also.

I am looking for a loan servicing company for several private money lender notes I have created.  Can anyone recommend a company?   I have found FCI lender services so if anyone has experience with them I would appreciate any information. 

@Esteban De la Torre

You might be able to afford to purchase the entire property on seller financing if you offer a small downpayment and make payments monthly. You may need to pay the back taxes which could be part of your downpayment. Also, see if he has a loan on the property. It is public record so in Cincinnati I just look it up on the county recorder site. If he has a loan you may be able to take over payments.

A few months ago I started purchasing houses under 50,000 that are livable and need minimal work in the Cincinnati area. I am looking for investors that would want to possibly use a self directed IRA to fund the purchases as I find houses. I put a qualified Buyer in the property that will fix it up as the owner. I create a note with the buyer at 10 percent interest on a 30 year amortization schedule. That allows for almost all interest in the beginning of the loan. Walter Wofford has spoken on how he has done this in his area and made huge improvements to the area. I am excited to try this out and I would be happy to meet with anyone or have a conversation about the process. Please let me know if you are interested.

I had this issue with a vacation rental I purchased in Tennessee on Douglas Lake.  The house was not in a flood zone but the mortgage company said it was because the report they received back from Corelogic incorrectly said it was.  You could clearly see on the Flood maps that the house wasn't in a flood plain.  I couldn't even get flood insurance through an insurance company without a survey showing the flood level(that didn't exist).  I was able to purchase a policy on the NREIA( National Real Estate Investors Associations)Arcana Insurance.  I am a member so I can just go online and purchase the insurance.  I got a 250.00 policy covering a minimal amount.  In my case, the mortgage company wouldn't accept this and I had to purchase a 3000.00 plan covering the maximum allowed 250,000.  I had to do this to close so I did.  After close, I found out that Corelogic had sent a corrected report before closing to the Mortgage company had missed it.  I spent the next 6 months getting my refund from escrow and the insurance company.  

I never charge a security deposit more than the rent so I do not have to deal with paying interest.  I have rentals in Cincinnati.  

@Guy Azta

I have been investing since the end of 2011. There were lots of good deals back then. I want to buy more but it is hard to get a good deal.

@Guy Azta

I own about 50 units in Cincinnati and I live here. The rents have been increasing over the past 18 months. I have increased my one bedrooms from 500 to 625 and two bedrooms from 600 to 725. I am getting ready to turn a one bedroom in Kennedy heights and I am going to do 685.00. My opinion of the rent increases in the area are the large luxury mulifamilies that have been built in the area. The rents are 1100 to 1500. These units were built with restaurants, grocery and breweries, movie theaters etc in the complex so everything is walkable. When you use rent o meter it pulls these rents in. Just my opinion!

@Berish Edelman

I started at the end of 2011 with multi. A 2, several 4 units and an 11 unit. As it was harder to find deals I ended up buying a few single family because they were good deals. In the last 2 years I bought a retail/office space and a lakehouse to rent out in Tennessee. Commercial loans are easier to get. I use us bank for those. For smaller loans, I recently used republic bank, Brad carpenter. Lending is always a problem. I am working on pursuing hard money for a flip. It's really expensive!

@Josh Cullen

I have been a member of both but I am currently only a member of queen city reia as it is the only one that is part of national reia and I like the benefits offered with the membership. I like queen city because it is a smaller group so we can network. The meetings are once a month in kenwood but I live in Milford. The next meeting is the 2nd wed in June and it is free to attend the first time. My husband and I have been investing since 2011. We mainly buy and hold.