All Forum Posts by: Craig Parnacott

@Andria Conyers the name is Advantage Bank, they are in Cambridge, OH. They have been great to work with.

Thanks everyone for the replies.

@Tom Sylvester that looks like a great spreadsheet, is there a functional copy out there that I can use in the future?

@Christopher Dumelle all of the units are currently rented, but that is an obvious question that I forgot to ask. I will def check into the length of the current tenant lease. Thanks.

@Joseph Weisenbloom I have been approved for the financing. I was hooked up with a bank in southern Ohio that will due loans of this size.

Please help with analyzing my first possible deal. Please take a look and let me know what you think, my goal would be to purchase somewhat lower than the ask but I wanted worst case scenario so I used the ask price for the analysis. Thanks for the help and let me know if I am missing any necessary information.

4-unit building all 1 bed 1 bath and all currently rented.

Ask Price: $60K

Downpayment: $15K

Finance: $45k for a term of 30yr

Current rent is $450 per unit (all units currently rented: $1800/month gross)

Owner paid utilities per month: $282.00 (gas, water/sewer, trash, common area electric.)

Taxes: $1635/yearly

Insurance: $706/yearly

Approximate Mortgage payment: $398 includes taxes and insurance

Possible property management: $300/month for the whole building

Can anyone suggest a quality property management company that handles property in the canton/akron, oh area?

If the mortgage is in my name and the bank allows me to deed the home in my LLC's name, how do I handle expenses, taxes, and who do the tenants write the rent checks to? This option has greatly muddied the waters for me?

Dell Schlabach thanks for the info and the contacts. If you wouldn't mind, letting me know how it turns out? Are they doing it turn key (air testing and abatement) or do you have to get a third party to do the air quality testing before and after the abatement? Thanks again for the info. Craig

Dell Schlabach I was curious to know how it worked out with the mold remediation worked out? Thanks

I have come across an investor that wants to retire and head south. He is selling off all of his properties, 34 total all SFH and all currently rented. My questions are these, is it possible to buy all under one loan? and if so would it be a commercial loan? If anyone has done such a transaction and if so please share your experience.