All Forum Posts by: Chris Parsons

Food for thought: 

New Realtors Pile Into Hot Housing Market. Most Find It Tough Going. - WSJ

Here in Ohio, all Property Managers must either hold a Brokers license or work under the cognizance of a licensed Broker. All brokers and licensees MUST disclose any Affiliated Business Arrangements (ABA) whereby the licensee, broker or company may gain financially from another company that they refer to the client. Most common for us is with Title Companies. Many brokerages (to include myself) own interest in Title companies which is not illegal. We MUST disclose this to each of our clients so that they know that we have a financial interest held in that particular company. I don't know Illinois law but there may be something similar for this case. I would suggest you reach out to the Board of Realtors (who also govern Leasing Agents/Property Managers). See below link.

State of Illinois | Department of Financial & Professional Regulation (idfpr.com)

@Hank Walter call Gary Weinhauer on that link I posted.

@Hank Walter One of my out-of-state (CA) investors who has 20 duplexes around Akron has consistently used Cleveland mortgage.. Might be worth a phone call for you. https://clevelandmtg.com/about/

@Amy Friend location was 5025 Nighthawk Way

@Amy Friend I haven’t spoke to her in a while but her name is Lenska Bracknell 858-717-0314. Agent/broker and an investor as well. She was outstanding.

@Jonathan Pavkov This one was in CA. I’ve had properties in OR, NC, FL, CA and now I’m in OH.

@Elias Santos At the time I was still active duty in the Marine Corps. I spent 20 years in uniform, towards the second half of my career, every time I moved I would buy a fix and flip as well as a rental wherever I was stationed at. I never bought rentals in California, wish I had!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $138,000

Bought this when wife was temporarily stationed there with the intention of keeping as a rental.

What made you interested in investing in this type of deal?

This was our first true investment property. Wife and I were still active duty USMC at the time and knew that we were going to start buying rentals. This was our first opportunity.

How did you find this deal and how did you negotiate it?

It was new construction so we knew that it would have good longevity for us.

How did you finance this deal?

VA financing

What was the outcome?

We've had it for 15 years now and are going to be selling this year to consolidate to our forever home state of Ohio. We will 1031 this into a local rental.

Lessons learned? Challenges?

We bought in 2006 as virgin investors with no idea that we were just a couple years from the market bust. We weren't necessarily affected by the bust because this was a longgggg-term investment for us so we weren't concerned about resale value at that time.

Investment Info:

Single-family residence fix & flip investment in Oceanside.

Purchase price: $430,000
Cash invested: $110,000
Sale price: $699,000

Bought as a foreclosure, did a complete upgrade on kitchen, baths and flooring.

What made you interested in investing in this type of deal?

This was our second fix & flip.

How did you find this deal and how did you negotiate it?

Used a local realtor.

How did you finance this deal?

VA financing, then used a HELOC for the upgrades.

How did you add value to the deal?

Home was very dated and just needed a complete upgrade throughout to make it an exceptional home.

What was the outcome?

Worked out perfectly. We initially were going to use a realtor who lived in the neighborhood and was an "area specialist" to sell. But when we brought him through he scoffed at the idea that we wanted to sell for $700k telling us that nothing in the neighborhood was worth more than $600k. We then reached out to our investor network and got an investor savvy realtor who successfully sold it to a cash buyer at $699k.

Lessons learned? Challenges?

This one went very smoothly with only minimal delays during renovations.