All Forum Posts by: David Bermanski

I have family within a mile or two of where you are looking. I agree with that you can do better in that area. I have been going to Cincinnati many times over the past 10 years. Cincinnati is on the rise in general but I wouldn't call Pleasant Ridge very up and coming although it is worth looking there. You can likely find a better deal there. Make sure your numbers work the way the market is now and if the price appreciates that's extra. Thanks for your husband's service .

0 Votes

Originally posted by @Aimee Sowards-Mounts:

In Ohio, the best option I've seen for non-licensed people is to do a double closing. In essence you negotiate terms and price with a seller and then aggressively market for an end buyer. Once you feel you have a legit end buyer, you schedule to close on the property with a 2nd closing right behind it, where the end Buyer is taking title for a permanent basis. If you do not have the cash to buy the home and close with cash, there are many hard money lenders out there with terms that are reasonable. So in essence, you close with your Buyer A and take title, even if only for hours. Then there is a 2nd closing, a day or two later where your end Buyer, Buyer B closes with you. Hard money lenders all have different terms. Typically if you provide them with an actual contract between you and the end buyer you can find many hard money lenders with reasonable terms. Do your due diligence though, on your "end buyer", as often times your fees/rate/terms are based on the end buyer performing in a certain amount of time. If that goes beyond the specified terms then be prepared for a very high interest rate!

Thanks for the advice. So I close with my money, pay the closing costs and then sell to an end buyer the same day? Sounds pretty simple. Is there some way to get out of paying closing costs twice?

0 Votes

Thanks for your help! Have a great day.

0 Votes

Hi everyone on BP,

This is an amazing community and there is a wealth of knowledge here. Thanks everyone for being a part of it. I especially love the podcasts.

I am doing a cash out refi on my owner occupied duplex for the purpose of getting a low rate before they go up and to use the extra cash to buy another property as an investment (I don't have a specific property in mind yet). Fortunately my house has appreciated and I can take out a substantial amount while still staying below 70% LTV to avoid PMI and use it as a down payment on another property. Also my mortgage broker said if the new loan is above $535k then there may be a higher rate. I am still awaiting the exact rates and crunch the numbers but strategically should I try to take out as much cash as I can or leave some in the property? I definitely want to keep the positive cash flow which i can do if if make it a 30 year term (right now I have 17 years left on a 20).

Thanks in advance for your thoughts and comments.

David

0 Votes

All Forum Posts by: David Bermanski

David Bermanski has started 1 posts and replied 14 times.

Post: Duplex Analysis - Cincinnati, OH: 2 property options

Post: Wholesaling in Ohio

Post: Cash out refi question

Post: Cash out refi question