All Forum Posts by: Tyler Walker

thanks Brian and Matt

Hi All,

I am in need of a Central Ohio mortgage broker (Columbus area). I will have a couple of land contracts to re-fi soon and also want to re-fi my personal residence. i thought I would ask here for any great brokers who seem to get the job done with as little pain and time as possible.  Just need someone who always seems to get the job done. I am going to my community bank as well (where our personal and investment accounts are held), but I always want multiple options. I try to do investments with private money or owner finance as a first choice though. Thanks for your input.

@Ben Peyton

I have an owner with two properties now and another that I may have negotiated into it.

Two to 5 years is based on favorable terms from the seller. If I can get low enough (or no interest) from the seller, no need to refi for a few years. In the middle of that type transaction now. If interest rate or something else is bad with seller finance terms, then yes, earlier may be a better option.

Tyler

I am doing a long version of that at this point. I am seeking out owner finance opportunities and then plan to refi in 2-5 years.  I will be working toward the brrr strategy in future deals. 

So, I came across a nice deal on a condo. My plan is to add it to our rental fleet (wow, that sounds big - but the fleet is really small so far).

3bd, 1.5 bath with basement and back yard (property is included and is not part of any condo ownership). Front is two parking spaces.

Quick numbers: $35k price with no owner financing available, $1000 in repairs (mostly paint and a couple light fixtures), $60/yr in condo fees (only for mowing a field where there are no condos). All maint in owner responsibility, inside and outside. Insurance $500/yr and taxes are $800/yr. I estimate ARV at $60k, but others have sold higher in past years. Rent would bring in $800. The area is in a suburb and is decent.

The dollars look good - but wanted to throw it out here in forum land for comments. I have not done a condo yet. I do have the owner getting a copy of the HOA rules, but there are renters in other units, which was my main concern.

My next step is to find a private lender that does longer hold properties rather than an HML that wants a 12 month deal.

Thanks,

Tyler

For us, it is knowing we are in charge of our own destiny for wealth building and retirement income.  The days of SS and 401k savings to have a great retirement are gone. We are happy to be back in the business (had three units back in the early 2000s). Working on three deals right now and having fun doing it.

Hi David,

Welcome to the group.

Tyler

@Brian Gibbons

Thanks. One of the FAQs states if there is an existing mortgage, the lender must be notified. Not sure why this would be if the seller keeps the title name.

Hi Everyone,

I have a motivated seller with two properties (a duplex and a condo) in Columbus / Central Ohio area. Units have renters, but he wants to retire and be out of the game. He is willing to do a Sub2 the existing mortgages for most of the $$$ - but I am worried about the Due On Sale clause. Both mortgages are through huntington Bank. Does anyone have experience with DOS clauses with loans from Huntington bank. We don't want to trigger a problem. The other option is a Lease option - but then he still has the properties in his name and has to deal with payments, taxes, etc (and he wants to relax).

Thanks,

Tyler

I have a few of those here. A couple did not have a separate owner address (it was the same as the house, like yours) - but the tax mailing address was different (and not a bank or escrow looking address, like it is sometimes). I still sent a letter to the house hoping it would be picked up at some point - but then moved on because of time. 

Tyler

Walker Enterprises