All Forum Posts by: Tom Kuhen

@Patsy Waldron are you planning on buying a true slab (50-65 sq.ft.) ?

If so, does your crew have their own shop to cut and polish it? What grade/price point are you looking at?

Have you heard anything yet? I'm curious as to see what comes of this. @Jim Pintchuk

Best of luck,

Tom

Welcome to the site Sandy Pinali ! Best wishes in your future endeavors!

Welcome @Devin Harants,

    It sounds like you're in a good position to start investing with the experience of being an agent, and renovating your residence. If you haven't already, I always suggest listening to the BP podcasts, they're packed with information for all types of investing.

Which field of investing are you thinking of getting into? (Wholesaling, SFR, MFR, flips, etc.)

Hi @Shane Cooper,

Welcome to the site, it's nice to see another local on here. Assuming your information is accurate, being in Lakewood (especially with its rising popularity) is a great advantage to have on other investors who aren't familiar with the streets there. Cleveland suburbs can be great rental investments. If you're not already familiar with it, I'd look more into the "house hacking" technique for your area. The podcasts are one of my favorite educational pieces that BP offers, so those may interest you as well. I hope to see you around the forums, and maybe even a local REI meeting.

Happy investing,

Tom Kuhen

David Panzera Thank you for the recommendation! Matt Motil I figured as much, I just wasn't sure if that was something that people have heard of before. All of the numbers are laid out in spreadsheets and calculators, so that isn't an issue, same situation with credit and those types of things. Thanks for the input.

Hello all,

As I've been posting like crazy to cram in as much information I can this past week, I'm at the point where I'd like to start talking to private lenders who lend in the Cleveland, Ohio market. I would prefer for them to be local, but they don't need to be. I'm not sure if it's traditional, but I'd love to walk the property with them to show them exactly what would get done, and the reasoning for all of the numbers in the budget that I've put together. The property is not under contract, but I've seen it twice, and after viewing the house a second time, there were a few hidden gems. I've taken pictures of the inside and out, which look closer than the ones listed on the MLS.

Structuring the deal is flexible and I'm open to suggestions. I'd be willing to do a joint venture (JV), and be project manager while they lend the total cost, then split profits 50/50. We could also do a loan based on points and percentages. There is a bit of a time crunch, about 3 days (Tuesday) until I can take action on the house, but even if this property doesn't work out, I'd like to be connected for future properties that I will come across.

     Please reach out if you are interested in getting more details, or know someone who does private lending (it would be under 100k) (preferably local, but I'm willing to connect with any lender)

    I can be reached via private message on here at anytime, and then we can talk preferably by phone, but also e-mail. I typically wouldn't advertise like this, but I'm getting close to a deadline, and would love to get my foot in the door.

Thank you so much in advance,

Tom Kuhen

Keywords: Cleveland, Ohio, Joint Venture, JV, 100% Financing, Private Lender, HUD, Help

@Nicole W. I'm just looking for the general length it may take. What I was told, it goes something like this:

1. Submit offer with pre-approval / proof of funds letter

2. If offer is accepted, you have 48 hours to submit the wet-ink paperwork to the regional office (PA is the one for me), along with the EMD stated in the contract ($1,000) If you choose not to take the property, you are not bound to anything, so you could walk away without penalty

3. You have about 7 days to do inspections, get bids, etc. and should the contract allow for contingencies, this is your time to get out, but risk losing EMD (This is where I may be wrong)

4. Cash closing around 30 days

I've heard stories of closing times taking months since Sage has taken over. So if any of that information is incorrect, I'd appreciate some insight, so I can present more accurate numbers to a lender.

Thank you,

Tom Kuhen

Hi @Roger Burzanko,

   Welcome to the site! There are countless topics, and forums at your disposal here, it can be a bit overwhelming. One of the biggest things that helped me was the podcast episodes that BP offers. It took about 4 months for me to get through them all, but each one contains valuable information. Even if the episode may not pertain to what you're leaning toward, it could get some gears turning now for another route you may go down later in your career. Don't be afraid to reach out on here, people from all around the area, and even the country are willing to help out however possible. Good luck starting out, and I hope to see you around.

Happy investing,

Tom Kuhen

Hi Kiran Alisam , Congratulations on your purchase! I'm assuming you bought in Cleveland, Ohio, if so which suburb/ neighborhood? Regardless of the area, it will be difficult for you to get any prices without knowing the current condition of the house. Is there water/ fire damage? Is the foundation splitting? Is it stripped to the studs? The list goes on. Pictures are helpful, but if you can't provide those, you'll at least have to describe the work that needs to be done to even start to get an idea for estimates. I could go on asking a million questions, the more information you can provide, the more accurate price ranges you'll get. It'll also be helpful to provide an example/ prices of what you want your end product to look like. Hope to hear back, Tom Kuhen