All Forum Posts by: Michael Magno

Commercial doesn't lock rates until a couple of days before closing.  This isn't like conventional lending buying a house. 

I think it would be prudent for you first to identify the market or markets in which you want to invest.  At that point, seek out the help of a local agent who the knowledge and background to help you accomplish your goals. 

Investment Info:

Single-family residence fix & flip investment in Akron.

Purchase price: $57,500
Cash invested: $26,000
Sale price: $122,500

Great single family fix and flip. The property was built as a 3 bedroom home. The previous owners turned it into a 2 bedroom home. I simply converted it back to a 3 bedroom home to maximize ROI for the neighborhood.

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

I enjoy fixing and flipping in neighborhoods that need affordable housing.

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

Straight off of the MLS.

How did you finance this deal?

Purchased with cold hard cash.

How did you add value to the deal?

Gutted the kitchen and bathroom to make them more modern and bring them into the 21st century. All new paint, flooring, lighting, and a few other odds and ends.

What was the outcome?

Sold the property in 2 weeks.

Sent you a message. 

I cannot speak specifically to your market, however if you conform to the rules the lenders have set forth, then it should be fine.  However, I will warn, on "down payment assistance" programs, they typically have a much longer occupancy requirement.  For example we have a program in Ohio that would require you to live in the property for 5 years.  Otherwise you have to pay back the assistance prorated.  I would tread carefully, and make sure you understand all of the potential pitfalls of your strategy.  

Hi Joe- Ohio can be fruitful in many places.  I am an agent in NE Ohio (Cleveland/Akron/Canton) areas and we have clients be successful just about everywhere.  It will depend on your strategy and expectations.  Personally I invest in the Summit county area (Akron and suburbs).  

Welcome to BP! Best place on the Internet to connect with RE Investors! 

Add all the financials together, and use the calculator tool to give you a rough estimate of the returns.  

Just bought a small single family rental in Akron Ohio for $18k. Inherited a tenant paying $600/month.