All Forum Posts by: Daniel Parrella

Also late to this thread, but it looks like it has become active again.  I'm looking at one very similar (duplex and single) in Cleveland, and I noticed a Cleveland guy on here.  Did anyone here have a suggestion on specific lenders to use that were able to get this done?  

Also noticed a few people kick around the possibility of commercial loans.  Is that harder to obtain?  What hurdles are there to getting a commercial loan?

Thanks for all the good info so far!

Hello!  As I'm searching for my next deal in Cleveland, OH, I've come across a couple where there are two separate houses on the same lot.  

Whatever I end up with, I would like to BRRR, both I've seen would qualify. The question I have though, is does anyone foresee problems getting your money back out of that style property? I had a conventional lender once tell me those are always difficult to lend on for them, and wondered if that was the same across the board for most lenders. Will I have trouble refinancing something like that? Or should it be pretty cut and dry?

Any input or a link to some good lenders that could help would be much appreciated!

Thanks folks.  The input is definitely appreciated. 

Thanks Rich that makes sense.  That's something I would definitely be more proactive about in the future. 

Hello everyone! So I'm working my way through my first deal (which I'll make a post about in the near future, discussing all of my mistakes and successes.... Mostly mistakes 😂), and one thing we've decided to try is Section 8. What I've found is that our local housing authority, does an inspection and then determines how much they will give for the unit in rent. What we've also found, is that the rent they offered is quite a bit lower than what we could get for the unit with a non section 8 tenant. They also will not allow the tenant to supplement the rent out of their own pocket. Does anyone have any experience in similar situations? Is that amount negotiable? Any input is welcome, thank you all for reading!

Fantastic opinion everyone, I really appreciate you taking the time to respond.  It seems like there is a somewhat general consensus of, at least give it a shot and see if it's for you.  I think that's probably what we'll do.  You guys rock.

How about lawyers and CPA's, did any of you have them involved from the get-go?  In what capacity?

Thanks for all the input! I am in Indy, but I do however have a partner within about 15 minutes of the property. I'll definitely have to discuss it more with him to insure he's ready for the problems being a PM could present.

Good advice Jason, I like the idea of at least trying it once.  If I suck at it, I'll be doing the same thing!

Cool, I'll get to googling.

Good advice Caleb.  It does seem like it's important to come up with systems, the hard part is figuring them out.  Do you have any third party systems you'd recommend for collecting rent, or screening tenants?