All Forum Posts by: Steve Peterson

@davidginn. Interesting response. I came to that exact same conclusion and just put both properties up for sale. I’m going to work on investing more locally here in Phoenix. 

Thanks for your input. 

@Jack Smith. They are in Cincinnati. Thanks for your help

@Patrick Drury. That’s great. Looking for conventional and not hard money.

I'm having a really difficult time finding anyone to cash-out refi my rentals in Ohio. I'm working with AIMLoan -- but they are taking forever -- and cannot do a 30 year. So I'm stuck with 15 year and only 70% LTV on the duplex (75% on the single family). Thankfully, rates are at 3.25% and 2.875% respectively. But I've literally found no other company that can loan on Ohio rentals with out of state ownership. Where do you look to find additional loan options? I post on the BRRR facebook group and get hard money only. I'd even consider a 5/1 or 7/1 ARM if that's available. Just have a ton of equity that I need to access right now, and very few options.

Ideas?

@Ari Hadar

He needs savings to survive a longer Repair process than he expects and any problems with his contractors. He needs a great list of key contractors to work with and a couple to fall back on if those are busy or don’t want the job.

@Jovann Thompson.

Hi Jovann. I had $25k to invest in 2013. Bought a duplex and lived in one unit while I rented the other. The rent income covered my expenses, I saved and bought two additional rentals a couple years later.

5 years later I tried an out of state flip (in same area my rental properties are- I had moved away).

I went through 4 project managers, one who stole supplies and equipment from me, one whose work I had to completely redo and one who pocketed my money (he was a “friend”) and ghosted me.

I flew back 5-6 times to ensure it was done correctly and made $100k more on the Sale than I had bought it for. I think I actually netted $5000 on the whole deal when you take out my travel and losses.

Don’t do the out of state until you really know what you’re doing and you have a great deal of savings and a great team in place, including backups.

Start and grow with a house hack here in phoenix.

@LeeYoder. I'd love to chat about Cincy MF and Apartment deals. I'll be in Cincy mid-August.  Thinking about selling one of my Single Family homes and interested in reinvesting in MF with the returns of that.

Cliff -- Sure -- I'd be happy to meet for coffee.  Friday at 10?  

Hi Cliff -- I'm in Phoenix too.  I've got three properties in Cincinnati right now.  Purchased 5-7 years ago, with great returns.  Looking to build a team to buy more at some point as well.  

@Alex Bekeza can you send me some options for Cincinnati?