All Forum Posts by: Aaron A.

 Hi Anne - thank you so much for this!  I didn't know about the designation.

 Hi Brian.  Yes I am looking at the Providence area for student rentals.  It fits my investment strategy.

Hi everyone - thanks in advance for any suggestions/referrals.  I am looking for an investor friendly real estate agent in the Providence area.  I will be looking for a multifamily investment property in a couple of different neighborhoods in the downtown Providence area.  Does anyone have any referrals they would mind sharing?  Feel free to post here or send me a direct message.

Thanks everyone!

Looking forward to attending. See everyone there.

I highly recommend Definitive Title - 410.833.3339. Here's why...

I have been working on my first deal for 3 months getting everything together. The title company found an issue with the chain of custody of the deeds for the property. After weeks of searching, none of the 3 previous title companies that did the clearing could find a missing deed from 2000. It turns out that there was some foreclosure fraud on the property (and many others) and many of the people involved went to jail. None of the previous 3 title companies looked back that far when this property changed hands (again 3 times!). The current owner now has to file a total loss claim for the full amount of the property and legal fees with his title company. Although he has a deed in his name for the property, he cannot sell the property until litigation is finished. This was all discovered by a very good title company that clearly goes above and beyond what three others missed. I highly recommend.

Hey @Ned Carey - thanks I will add a picture when I get home.

I am planning to write about my experience after we close and the whole thing is official. I loan is actually conditionally approved so the only thing that could mess it up is the appraisal, but I think I'll be fine because I'm buying for what the seller bought the property for 12 years ago and he financed it as well. I don't know though. This is my first property, investment or otherwise. I will make sure to keep you posted (pun intended).

@Ned Carey when you say nobody is financing rentals and they are therefore dirt cheap, are you referring to loans for investment properties, regardless of the number of units? I just financed a 3 unit using a 30 year fixed rate conventional loan as a non owner occupant. Are you saying these types of properties are cheap right now, or that the rents are very inexpensive right now (or both)?

@Clay Manship - have you tried commerical loans? I don't think that they use the Fannie Mae criteria for underwriting. Even if you are looking at a property with 4 units or less, you can use commercial loans to purchase the property.

I highly recommend Tim Karns. We are about to close on a deal in Baltimore City. He knows his stuff and is always on top of it. All 38 of his reviews on Redfin are 5 stars. Let him know that I sent you. He is super responsive.

443-570-7111

Hi Nicole -

I am having the same issue on a property that I bought. The property was cash flowing well as it was, but is in serious need of a rehab. I argued down 10% from offering and then did the home inspection. An inspection report that is usually 30 pages was 67 pages. To say the least - it needs some work! Luckily it is a multifamily so I can do work on one floor at a time and spread it out. My recommendation for you is to argue your price down further based on the home inspection report - use it in your favor! I was able to negotiate down another 15%.

Keep in mind though - don't make it something that it is not. You really need to get a good estimate for repair. There are contractors out there that will give you a free estimate. Have the seller let you access the property with a contractor to get a good idea of what the repair costs will be before your home inspection contingency runs out. They should be able to get someone out to the building the next day for an estimate. Let them know it is a rental. They do not need to be using the same quality finishings they would use for an owner-occupied building.

Good luck - I hope to hear more about how it goes.