All Forum Posts by: Craig Parnacott

Thanks Dell Schlabach. That would be very helpful.

I am looking at a home (empty since 2010, foreclosure) in the Akron/Canton, OH area that has a substantial mold issue from a burst pipe. Does anyone know of a reputable remediation company in the area that they have worked with in the past? Thanks.

Will Barnard, I'm a little late but thanks for the welcome, I'm glad to be here.

Dell Schlabach, thanks for the welcome. I'm actually glad you reached out, I read your info alittle while ago and was encouraged by your growth. Even though I'm not in the same arena that you are, I look forward to reading your posts and learning from your experience. Thanks for the offer of helping me find properties, I will be taking you up on that as soon as I can.

Karen Margrave, no worries. I probably didn't mention it either. I currently work full time. On the rehab front, I am capable of doing most of the work myself but worry about the time commitment. Thanks for the info and you are right I need to find the right bank and get this started

Brandon Turner, Thanks for the welcome. I"m glad to be here. I am actually looking at a 4-plex now and I like your suggestion of living in one unit so that I can get the financing with the lower down payment. The part I am having trouble with is what exactly are the "rules" of "owner occupied". How long do I need to live there, what qualifies as living there? Does the bank check up on the person living there? I'm not looking to lie or break rules but need to know the extent of the rule, especially owning my own a home currently. Thanks and good to meet you.

Karen Margrave thanks for the welcome.
To answer your questions:
1. My current goals are to go after existing properties. Development is a goal but a future one. I want to establish a steady cash flow that would allow me to work solely for myself before venturing into development, because of the time commitment I feel something like that would require.
2. I am/was capable of doing basic drawings back in college but haven't done them in a while, but the upside is with my current career path I have the connections and resources to get those things "economically" accomplished when I am ready to pursue them.
3. My impression of the demand in my area for rental properties seams to be high. That could be a normal thing or a product of the economy and how tight credit currently is to get. Either way there seems to be a need.

thanks for your questions and it was great to meet you.

Craig

Sam W. good to meet you. I'm glad to hear there are others in the area, hopefully I can pick up some pointers.

My name is Craig, I am 31 and new to the real estate investment world. I currently work full time as a Construction Project Manager, I have a BS degree in Construction Engineering from the University of Akron and worked for a national home builder while attending college. I have been reading and absorbing as much information as I can for the past year. I have gathered my team of attorney and accountant. I have formed my company, "The Park Avenue Group, LLC", to deed my properties too. My current biggest problem in the finance end of things, I have a small stash of cash to use, approx. $10K to start. I am looking at small 4-6 unit properties to get started and would like to transition into commercial properties in the future. Any advice or information people can provide will be much appreciated. Thank you.