All Forum Posts by: Ian Tvardovskaya

Buy it. If the numbers work, the numbers work. Trust yourself and don't let other people's valuation sway your decision. If it works for you, it works for you. Congrats on your first property!

For low income tenants I always ask for the name and contact information of their case worker if applicable. Tenants are not required to provide it, but 8/10 times they do because they need housing. If they don't pay and the balance builds up I call their case worker. This leverage is usually enough to get them caught back up because the caseworker knows and eviction will kick them out of subsidized programs.

I don't agree with the everyone commenting that you must wait and have money. I had no income, no cash, $60k in student loans, a great credit score, and I bought 3 properties. I started working and have bought another. My advice would be the following: 1) Look into cheaper areas. NJ may be expensive but there are other areas of the country, PA for example, where the barrier of entry will decrease substantially. 2) Reach out to family and friends. They may have personal loans, personal lines of credit, or home equity lines of credit that they would be willing to loan you if you find the right deal an explain how risk is mitigated. With close relationships as long as you pay everything back and it costs them nothing, then they may be willing to help just because of the equity you've built in that relationship. 3) Look into personal loans or personal lines of credit to use as the down payment. With great credit and $50k of annual income you should easily qualify. Combine that with owner financing and you have a very powerful purchasing tool that can get you with literally $0 money out of pocket. 4) Find another investor who wants your FHA loan. It reduces the barrier of entry and is valuable to other investors. I'm working in a deal now where I would bring experience and cash and they would use their FHA loan to purchase a 3-4plex. They get a house, learn the business, house hack, and I get a piece of a great property. Win-win. 5) Stay patient. Being creative means you have to be picky. Wait for the right moment and relentless pursue the deal that works. I called a seller 13 times in 4 days with 13 different offers before he finally said yes.

Hi Kyle, I would speak with the agent first to be respectful of everyone's time. I would also explain why you think the property is $35k to high. In my experience a reasonable explanation builds you're credibility and lowers the chance of the other party being angry.

What is the condition of the unit? Do you have the funds to turn it and get it leased in a time frame that works for your business? If the apartment is in good shape and the business make sense, then don't renew. It will (hopefully) make your and your tenant's life easier. 

If you have the second tenant go through a background check before you allow him to renew, then fair housing will require you do the same for the first tenant. 

I know everyone seems to rate neighborhoods a little different, but I would not consider Whitehall to be a C/D neighborhood.  Whitehall is a big renter community, but it tends to have a tenant base that is leaving the rougher parts of Columbus, rents are a couple hundred higher, and the schools are nicer. 

If trying to stay on the east side, you may want to look at Blacklick.  

Markets go up and down. Doesn't matter if its stocks or real estate. When markets fall those with cash get to buy everything on sale! 

You are not joining the game late, quite the opposite. Focus on learning, networking, and saving. When the markets reverse the person with the most cash wins. The only certainty you can ever have with any financial market is that it will fluctuate. 

@Alexander George as long as you are actually using the triplex as your primary residence then you will be fine. There is no rule that you have to sleep at your primary residence every night.  

Hello, @Trey Aubin welcome to BP! You picked a great community to join. Read, interact, practice valuations, and ask questions. If we can help with anything let us know!