All Forum Posts by: D.j. Wischmeyer

Rob, There is one tonight (1st Thursday of every month) at MadtreeTree Brewing. DM me if you are interested and I'll give you my contact info. We don't have a designated place inside so its always and adventure to find where we are sitting :) 

@Justin Dishion

It will be the first Thursday in August (5th). @Zachary Elliott will send out the link here in a week or so. He also created a FB group if you DM your email we can get you added. 

Look forward to meeting you!

UPDATE: At this point I am done with the bank. The loan officer was as helpful as he could be but in the end their uw staff did not budge from their position. No additional explanation either. I have requested a refund of the fee's charged to me for appraisal and will hopefully hear back on that tomorrow. 

The seller of the properties pointed me to a local lender he has used in the past and I have restarted the process with him. Hopefully round 2 of financing goes better that the first. The APR is not as great but it still cash flows positive with conservative numbers.

Anxious to get the first property under my belt. 

Thanks for all the input and guidance!

D.j.

@Brent Coombs, the seller bought 3 duplexes in a row and is selling the first two (to me) and converting the 3rd to a single family for a flip. He does own them and is selling them to me. The appraisal was done by the bank which is why it confuses me that they do not what to use those values. 

Appreciate the input!

Hello BP!! First time buyer here. I have two (1/1) duplexes under contract with a seller here in the burbs of Cincinnati, Ohio. The cash flow on them looks great, the appraisal came back for over the amount I am paying for them (107K each). I plan on putting 25% down to lock in a 3% 30 year rate from a local portfolio lender. Yesterday my bank rep called me and said the underwriter 'thinks' I am overpaying for the properties. What?!?! I don't understand that at all. I have a good relationship with the seller and all the numbers are phenomenal, the appraisal echos what I am thinking. I asked what he thought I should be paying and they said what the seller paid for them which was 20K less. First off does this make any sense at all what am I missing here? Second how do I handle this with the bank? 

Thanks BPeeps!! Appreciate the feedback in advance. 

I am good with any of the three choices. Not sure if pushing to January will have any better results for an in person meeting. Maybe a virtual meeting may be better or we could play it by ear and have Google as a backup?

@Lance Castillo

I'm up in Loveland, still looking for my first property. Would love to join! Will PM you!

Hello all, new investor in the Cincinnati area, Loveland specifically. I am net new in real estate, still have a w2 job in the IT field. Looking to start in the buy and hold arena using the BRRRR method. I have done all the newbie stuff listening to podcasts, reading and talking to my circle. Just joined the local REIA and plan to attend those meeting to network. Long term goal is to create an investment portfolio to supplement what I have built outside of real estate and create a legacy to pass on to my kiddos. I have always built my business through networking/references, look forward to meeting folks on here virtually and hopefully in person at some point!

Have a great day!