All Forum Posts by: Eric H.

I'm currently looking to buy a house in the Cleveland area that has some massive cash flow potential but it seems the property taxes just dropped 45% this last year. For the last 10 years or so the property taxes were around $2,500 a year but last year they dropped to about $1,500. This will be my first investment property and I just bought my first primary residenceast year so I'm not quite sure how taxes work yet. Is this a red flag that the taxes could double in the near future? What is a typical reason for such a drastic decrease? My concern is that the property taxes will only be at this level short term and then go back up and ruin the cash flow. Thanks

I am in the process of getting pre approved for an investment property and noticed the paperwork said I need proof of seasoned funds (2 months) in an account for the down payment. I plan on using a HELOC that doesn't get funded until later this week. Does anyone know if that needs to be 2 months old? Do I need to pull the down payment and have it sit in my checking account for 2 months? I reached out to the lender for answers last night but am anxious to get an answer. Any input would be helpful. Thanks!

Anyone know of a turnkey company in Ohio? Thanks for any info!

Stocks and bonds. Specifically low cost index funds.

What if it's a different line of work?

Thanks for the replies everyone. It looks like I'll be in good shape as my wife and I both have high credit scores and continuous w-2 work history over 2 years.

We just secured a HELOC on our primary that we are using as the down payment and we have enough reserve funds in our retirement accounts to qualify.

I'm looking to buy my first property in a couple of months but am also considering a change of jobs. What are the guidelines on job changes and how they will alter my approval odds? Is there a certain amount of time underwriters want you to have a job for in order to approve the loan?

I just found out last week that my mortgage servicing company did not pay my home insurance premium. My insurance agent said they sent them an invoice but haven't heard anything back. I checked my mortgage account and the escrow is set up to pay the insurance and the balance is sufficient to cover the payment however they haven't paid it. I tried calling my mortgage servicing company but am stuck on hold for over an hour each time. I didn't want my home insurance to be terminated so I just paid it myself. Is this common? What options for recourse do I have?

Is that leveraged or all cash?

I'm looking to make my first purchase in the next few months and was curious as to what everyone's minimum criteria is in acquiring new properties in terms of cash flow and cash on cash return.