Soon-to-be new investor in Akron, OH...

Soon-to-be new investor in Akron, OH...

Member since 2008 · 8 posts · 0 votes

Greetings, ya'll. I've been lurking for a couple of weeks, eagerly reading all the great information on the forums, but today I decided I would actually stop being a lurker...

My husband and I are looking to start investing in multi-families in the Akron, OH area...which is in NE Ohio. He's going to be going to school at Kent University, which is about a 15 minute drive from the properties we are eyeing, and once I get back from my second deployment to Iraq (We are both in the Army - though he is getting out to get his degree and become an officer), I'll be attending to Akron to get my degree. We've found a couple of properties to our liking so far, and using the analysis tool provided by BP, they both seem to be good deals. 2 in particular stand out, both 6 units, one we can easily afford with the 20 % down payment, and the other one, which we can do the 20%...not so easily. We've also started to contact some banks for financing the 80%, and are currently looking to either use Commercial Direct or National City...If anyone has any experience with those and has an opinion , it be much appreciated.

We've been studying up a bit these past few months, and I hope to have the property purchased by the time college starts for him, and before I deploy once more...Here's hoping!

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  • Member since 2008 · 8 posts · 0 votes
    19y

    Hmmm...Can't say that I would be too upset to have someone warn me against buying a money-loosing property. Thanks so much for the advice, James!

  • Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    :welcome:

    John Corey

  • Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
    19y

    Welcome.. I am just North East of you. As you know, do your homework in Akron. There are some very nice area's and some very bad areas. Also if you are looking in the valley, make sure you do a termite inspection. My inlaws live in the valley and everyone in that area has had termite problems.

    Good luck.

  • Member since 2008 · 8 posts · 0 votes
    19y

    To James: Yep! Found him!

    To TC: We plan on taking a grand tour of Akron here in about a week, for a week. I know its not that much time to get use to an area, but it usually doesn't take too long to figure out if an area is really bad or not. And thanks for the advice about the termites...Our main focus area is a 2 mile radius from the University of Akron, so hopefully we won't have to worry about it too much... Would you by chance happen to know of any banks in that area that are good for commerical loans, or know which lawyers to stay away from? We'll be asking his family, who lives around there, soon enough, but I'd love to get your opinion, if possible, as well.

  • Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
    19y

    Sorry, I do not operate in the Akron area. My inlaws strictly bank with their credit union.

    Thanks

  • Real Estate Agent · Memphis, TN · Member since 2008 · 146 posts · 24 votes
    19y

    I am looking for other Ohio investors to network with. I work with a couple of wholesalers in Ohio. Maybe we can help each other.

  • Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
    19y

    Sure, shoot me a PM and tell me what you have in mind.

  • Real Estate Investor · Reading, PA · Member since 2008 · 227 posts · 7 votes
    19y

    Welcome!
    I am from Ohio and Worked at a local hospital as well as attended the University of Akron. My husband graduated from Kent. We lived in Cuyahoga Falls for a few years. We no longer live in the area.

    Fluff stuff aside, this is a great forum and you will learn alot.

    You said that you have the 20% to put down on the property. Has it been appraised already for you to know what 20% of the value would be? Will you make any improvement in the property? If you do, then the appraised value will be even higher. See if the Seller would hold part of the morgage if you don't want to use your own money on this one.

    Just some thoughts.

    Good luck and welcome,

    rdinvestors

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