All Forum Posts by: Charlene McNamara

Contact Peggy Alley at Ruoff Mortgage. I have a 30 yr fixed thru her on a $29,000 mortgage in a Cleveland suburb. Obviously, I can't confirm that she can help you, but she was sooooo easy to work with and would certainly let you know right away if she could service loans for you. I highly recommend her! Pm me if you want her contact info. Apparently, I can't post it here.

I guess I'm misunderstanding something. If you're paying off a $120000 loan (75% of $160k) in 7 years at $1000/Mo for PITI, that's less than 1/2 a percentage interest rate. If you can borrow at that kind of interest, then that's a whole different game!!

Also, my earlier point was that you were not including pm, maintenance or capex either and you might be responsible for water. So those would dig into your cash flow even more.

Just pointing out what I'm seeing, like I said, I must be misunderstanding some of your numbers.

Might also want to run numbers again, too. I'm not seeing how you're calculating $2k cash flow if collecting about $600/Mo X 4 and paying $1k PITI. There's no mention of pm, maintenance, capex, and in OH, you might also be responsible for water.

We're running similar numbers at our family residence, a 3300 sq ft Victorian in a beautiful, small, gold rush, tourist town in CA....walking distance to the historic downtown which enables us to rent out a tiny studio apartment on the first floor via Airbnb for 3-4 times the rate of a long term renter.

Also, converted one of the master bedrooms with a private exterior entrance into another small studio by simply closing off an interior door, renting that out, too.

Leaving our family with a high end, private 2500 sq ft house with 4 beds/2 ba, family room, dining, living, garage, etc. While we cash flow about $1300 after all expenses including PITI, maintenance and capex, utilities, etc.

Purchase price $390k in 2014. Current market value $660000. We'll sell when our kids leave and/or we retire since this is our dream  home, keep gains tax free all while cash flowing $1300/Mo. for 4 years and counting. Not sure we'd ever choose to not house hack in some fashion or another.

We also have W2 income, plus a handful of other SFR rentals, just sharing details of this house hack.

Do the park residents really think the owner should have a personal relationship with them? This is getting weird. I'm a super small time investor. I live out of the area and have hired a property manager to handle the day to day business of my OOS rental because I have other work to do, because I don't live in the area, because I'm busy raising my family. I'm pretty sure that's why the shop down the street also hired a manager to sell their tee shirts. Does that mean I don't care about my renter? Of course not!! But I pay my property manager to handle it so I would be really upset and feel totally threatened if a random renter who I didn't know came knocking on my door.

Yes, this is a business. Does that mean we are evil for for running a business? Just as some people are tired of feeling their landlord doesn't care, others are tired of being made out to be evil simply for running a business. It goes both ways....let's carry on talking about RE investing and keep the personal conversations elsewhere. MHPark residents- your park owner is just a guy running a business, no he doesn't have the bandwidth to deal with each resident personally, that's why he hired a management company. Talk to the management company and if you're not feeling things are right or legal, then take legal action. Your dirty laundry and petty complaints should be handled elsewhere. I don't know the first thing about Mr. Spears or his company and am not defending any actions, just seems that maybe a reminder of how businesses run was in order.

Looking to invest in an Opportunity Zone Fund. I'm not looking to create my own Fund. Has anything more been fleshed out in the program? I'm still not finding much information online. We're selling a property this year and I'd like to invest the gains in an OZone Fund as opposed to doing a 1031 exchange. Anyone have insights that might be helpful for us?

@Hilario Ruiz

So in the numbers you shared above, your PITI is actually more than just Principal Interest Taxes and Insurance (PITI)?

I don't know about Airbnb in Akron. However, do know that with student housing, people often choose to rent rooms individually because they can make a lot more money. It'd be easier to get 7 people to agree to $400/Mo, than it would be to get one person to agree to $2800/Mo. Of course, it's definitely a lot more work, too!

@Lisa Kattenhorn We do this often with one tenant. He submits a receipt/invoice for the work he's done when he pays rent, having deducted that amount from the rent. He's lived there for 5 years and I know and trust him. I definitely wouldn't do this for every tenant.

@Benigno Cunanan. I recently purchased a SFR and was dealing with the same scenario...feeling panic at having purchased foolishly. As it turned out the PM acknowledged that he always estimates low so as to not disappoint an investor in case he can't rent it at optimal numbers. So a little extra digging was very helpful. He estimated rents of apx $700, but I ended up renting it for $875. For a $39k purchase, I'm getting 2.2% and cash flowing nicely!