All Forum Posts by: Ashley Cross

The best time to enter the market is as soon as you are ready to enter the market. If you wait for a market crash you may be waiting for years while the interest rates continue to increase or it probably won’t happen and you will miss out on a ton of appreciation. I honestly don’t think a market crash will happen just a slight market correction. House hacking is a great way to start while mitigating your risk. Even if the other unit(s) only cover 50% of the mortgage payment, you’ll be able to save that for the next deal. Not all my purchases in Columbus have been home runs but I don’t regret any of them. What I do regret is not offering the $20-$30k more for the deals that I ended up missing out on but hindsight is 20/20. 

Congrats! 

The city of Columbus has been improving rapidly and still has a lot of room for growth. To be honest, I have had issues in the "better" neighborhoods just like other owners have had in the less desirable neighborhoods. I've also spoken to different landlords that have had great successes in neighborhoods that others have told me were "warzones." I would connect with realtors and property managers for more insight but take everyone's advice with a grain of salt. I've had a property manager deny my property in 2020 because it was in a certain area and they just reached out to me to see if I'd consider them again. Boots on the ground are important.

I agree with @Nicholas Misch FHA loans needs a bit extra umpf (however you spell it) to get the offer accepted. Even without the inspection, which most people waive nowadays so its sort of a standard and not a bonus, you still need to get a good appraisal report. There could be deferred maintenance on the property that wouldn't be an issue with conventional financing but the FHA appraiser would want it fixed. I've financed a lot of deals in Cleveland and it seems like that would be the biggest issue. With all that being said, it can be done with the right strategy and team willing to do what it takes to get the deal to the finish line.

I'm closing on a duplex my realtor brought to me off market next week. I think it all depends on the property. You're more likely to get a distressed home that has some sort of issue off market. But your realtor may not be finding sellers that are willing to sell off market. 

The deal I'm closing on in a couple weeks is a BRRR so the initial ROI is nearly non-existent. Obviously, we'll be in a much better position once we rehab and refinance. Previously, we were able to cashflow well with the initial purchase so we didn't feel rushed to complete the RRR portion of the BRRR. This time around not so much. I feel like before there were deals everywhere now you really have to make a deal. Just curious if there were still investors buying like I am.

This is the highest interest rate I've seen since I've been investing (started Jan 2020) so I'm curious for all the investors that are in contract or recently purchased a property how does your cash flow look? And what ROI are you seeing? My ROI is nearly non-existent with the property prices and interest rates sky high.

I lend all over Ohio and I do quite a bit of lending in Cleveland. It’s a great market because prices are low and rents are relatively high but I’ve been told getting financing on those smaller loans have been tough for my clients. 

Southern Orchards, Franklin Park, Old Towne East, King Lincoln/Mount Vernon, South Linden and looking to get into Franklinton. 

It truly depends on your goals and risk tolerance. I believe its important to be diversified (invest in different markets and different grade neighborhoods) and ensure you cash flow for all of your properties. Cleveland is a great place to cash flow in Ohio but there is also risk associated with those types of property. Before rates went through the roof I would say use debt all the time but given those Cleveland properties are much more affordable it may better to pay cash and refinance when you can get a better rate.