All Forum Posts by: Eric Ramsey

@George Boyd forgot to mention the site for auctions I was looking at is ohioforclosures.com

@George Boyd neither ended up working out. Price got driven up too high. After that I did find two identIcal duplexes near my house which is a campus rental area. Pretty easily I got one under contract for 130k both units are rented with section 8 at 950/unit. An identical unit was next door which I got for 87 and will take about 40k in renovations. Comps for rent for these two especially renoviated are 1000-1200/month. How I’m financing is through a special loan for investors. Put 15% down and receive loan amount and Renovation amount at 9% plus .1% origination for a 15 month loan. Will refinance once I get both rented and with the ARV of both being mid 200s I’ll pull all of my capital out within 6 months. Have two units cash flowing with equity. Then thinking spring time go and find similar deal or something that the math makes sense. What do you think?

Hello all, I’ve been listening to the podcasts, read a few books and browsing the forumns, and studying the areas I’d like to find properties. I’m going to stay local to what I know and do the buy and hold with possibld brrrr strstegy; near a university that is expanding and on the side of town with blue collar workers. So I’ve been looking for deals and two just popped up today so now it’s plunge time. Both are online auction; the first I have the only and highest bid not sure what renovation will cost estimating 30-40k on top of it costing 99k at current bid. Property has 2 apartment units and a storefront. Each apartment will rent between 900-1200 and storefront guessing 1500. The other property (condo) is auction from a deceased person (no relatives) and I’ll need to go through the proper means to store the items in the space and then be able to sell or get rid of. 1bd 1 bath for 35k the unit next door sold for 115k last year and area rents at 750-1200/month(this maybe a flip property) Limited capital for these two. I have about 30k disposable but would like to finance without any of my own money. What are options to finance? What companies have you used? Would you suggest hard money and then refi after repairs? Any advice Is appreciated, Eric