All Forum Posts by: Deniz Eker

I am about to close on a property contingent upon inspection and according to the disclosures “NW corner of property was regraded to control water”.I have not seen property as I am out of state but will see through video this week during inspection.

This term is new to me as I tend to buy newer properties.

What would be your concerns about this property?How much it would cost me in the long term ?

Is there any other site on BP you would recommend me to post this?

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Originally posted by @Karl B.:

What I did with my first multi-family deal was buy a 4-unit for $79,000.

I put 25% down (roughly $20,000) and got a loan for the rest.

The place was half-vacant and needed some work, much of which I performed myself to keep the rehab cost low.

It's fully-occupied now - I've owned it for 3.5 years and I'm getting almost $2,000 in combined rent per month and my 10 year mortgage (property taxes and insurance baked in) is $874-something per month and so I'm cash flowing well after paying the minor expenses such as the water/sewer bill and the lawn care.

Look for a similar deal (where you buy a property at around $80,000) that has good cash flow.

I'm cash flowing roughly 20K on the property in two year's time which I consider a short amount of time. Plus the loan only has another 6.5 years until it's paid off and I'm cash flowing even more.

You're in a good area - find a good cash flowing property!

was your property rented when you bought it?Did it require minor repairs, how much did you put roughly for repairs etc ?is it a good idea to look for properties that require minor repairs compared to big makeovers?

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@Erin Dorsey Robinson

Thank you .

I have found a lender but still need a property manager URGENTLY .

Thank you for the name of the inspector .

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@Austin Sine

Negative /poor cash flow.At least 12% COC return

The condition of home(thinking about CapEx)

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I am looking for a trustworthy mortgage broker,inspector and property manager in Cleveland,Ohio area.

Looking to build a team for multiple properties.

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Originally posted by @Sara K.:

Hi Michael,

Our first (and only, thus far), investment property was purchased in 2017 for $80k with 20% down (so only financed $64k). As far as I know, this lender is still making these loans. I'd be happy to give you the information of the person we used, we've actually gone through her to purchase 2 primary properties since 2012 as well.

eta: I should add, this is with no other debt beside primary home and 1 car lease, good credit and a good income.

Can I have the name of your lender?I am in same situation for a home in Ohio,have good credit, little debt.

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Originally posted by @Bjorn Ahlblad:

@Deniz Eker C'mon Deniz would you find yourself immigrating to Italy w/o your passport? Does this guy have any picture ID? Can you not find a better applicant? Rent up front is never a good sign. When I immigrated to the US many years ago I made sure my doc's were always under control all the time, and you would do the same.

I understand..I would not post here if I did not have my doubts..A lot of red flags..The worst of all I also have a property manager who is just giving me the facts but no recommendations.I had thought that would be their job as I am new to this.Looks like I am screening the renter by myself..

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Currently waiting for EIN,passport ,work visa /residency copy.he has also requested a criminal background check from Italy.

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All Forum Posts by: Deniz Eker

Deniz Eker has started 22 posts and replied 97 times.

Post: Are you getting new tenants during COVID pandemic?

Post: What would you tell your 19 year old self?

Post: Corner of home regraded due to water leak

Post: What to do with $20k

Post: Looking for inspector,property manager in Cleveland,Ohio

Post: What is the deal factor that immediately turns you off of a deal?

Post: Looking for inspector,property manager in Cleveland,Ohio

Post: Small loan mortgage for Investment Property - Impossible?

Post: Potential renter from abroad,no SSN

Post: Potential renter from abroad,no SSN