All Forum Posts by: Christina Carey

@Brandon Moryl Most private lenders we deal with expect 10-12%.

In my opinion, unless you're giving a % of ownership on title - and I wouldn't if they are only a passive investor - I would go as far as saying that it would be unethical to not give your lender a first position mortgage (and record it). Look at it like this, if you got hit by a bus tomorrow, who would know that your lender has a vested interest if nothing were recorded?

@Timothy Trushaw Jr if this property is a leal 5-unit, you will not be able to refinance using FHA. Their limit is 1-4 units. Anything over that is considered commercial.

Also, I don't think you'll find any hard money lender that is willing to loan on an owner-occupied property.

@Darrin Carey - can you please chime in here?

That is a terrible deal for you, but I'm sure it's great for your agent.

PM me and I can send you a local guy who has programs specific for rental properties, that will likely cut your premium by a third or more - depends on square footage of the properties.

@John Tilstra Hello. My husband and I are heavily invested in the Dayton market (thanks for the plug @Mayank S.). He handles the rentals, and I manage the rehab projects.

I can tell you that the 2% rule is really more of a guideline. The farther down the alphabet you go in terms of property class, that % rule is generally higher. Because I also hold a Broker's license in Ohio, I cannot legally comment on what specific neighborhoods are good vs. bad, but my husband @Darrin Carey should be able to shed some light on that part. In the end, just like any other city, where in Dayton you choose to invest will come down to your tolerance for risk, vs. the return you want.

We can also meet with your brother-in-law and talk about the pros & cons of the areas in and around Dayton, maybe he can bring you in by phone at the same time, depending on the time difference.

My property manager (she manages about 100 units +/- for other people, and has been in the business a looong time) would be happy to talk with him/you as well - especially about the various programs for low-income tenants, the nuances of GDPM (aka Section 8), and what level of rents you can expect from various neighborhoods, whether SFR or multifamily. Feel free to send either of us a PM, and I can give you her number, and also that of another property manager (400+ units) that we trust. You can get a good overall perspective from each of them. My husband's and my contact info are in our signatures in each post. Best of luck going forward.

If you're in the MLS, that's 90% of the battle. As long as you're priced right, it should sell (still put it on Zillow though - it matters, trust me). Good luck!

Zillow - most buyers are on ZIllow

Also, I beleive you might be able to list as a FSBO on Realtor.com now. I've heard it's been coming, but not sure when.

Definitely don't wait too long. Not sure what the price point is, and your holding costs (property taxes, insurance, interest if funds were borrowed, etc.), but remember that every day you hold the deed is $$ out of your pocket.

@Ken Faler Well hello, stranger - haven't seen you in a while. Welcome to BP!

@Adam Akalin Welcome to BP. Looks like you are on the opposite side of town from us. I'm a broker, my husband, @Darrin Carey, deals with the rentals, and together we do several fix & flips and the occasional wholesale deal when we have too many things going on at one time. We have a local networking group that meets in Beavercreek near Fairfield Commons Mall once a month - investors of all experience levels, as well as contractors, agents, attorneys attend. You are welcome to join us - the next one is February 8th.

@Jack Gray There is a networking group that meets in the Tampa/St. Pete area that usually sees about 75 people every Monday evening. Some of the greatest minds in real estate. Last time we were there was about 15 months ago, and they were meeting at the Hibachi Buffet at 7610 49th St. North, Pinellas Park, FL. I'd call the restaurant first to make sure they are still meeting there, but it really is every Monday without fail.