All Forum Posts by: James Derry

Thank you both for your input.  I will continue to look into the area and make sure I do my homework first. 

I have recently come into an opportunity to acquire some property in a couple areas in Ohio. These are single family homes in Canton and Dayton for a buy and hold LTR.  Does anyone local have some current feedback on these areas?  How is the rental activity there? Should I focus on a smaller sized home with 2bed or try for the larger homes? 
This is an out of state investment so if there are recommendations for a PM, I would would appreciate that too.  

Hi Jason, it's possible.  The credit score is not a deal breaker.  There are many other factors involved and the main one is the deal you have.  I live in SC and would be happy to connect with you in case you need help with anything in low country. 

Great to meet you Javonnis. I'd love to connect and see what your goals are for your journey.  What markets you're looking into, etc  

I enjoy speaking with people at all stages of real estate to see if we can inspire each other in our methods and thinking. 

Hi Kinju, It is unfortunate that this happened to your property.  For the smell, I had some luck using "Natures Miracle" urine/ spot and stain remover.  I have also used a wood bleach, but that was geared more towards hardwood floors.  
As for the AC, was it diagnosed to be completely broken? Did you have a technician you trust look at it?
while the windows AC should be fine, If you already have the central air, personally I would try to keep it.  I totally understand the issue of a money pit though. 

Hi Ryan, I just moved out of Massachusetts in 2022.  I still have many active contacts there if you are looking to stay local.  Let me know what your needs are.  I have qualified realtors, GCs, PMLs, inspectors, etc.  You name it, I likely have someone trustworthy. 

Welcome. 

Where are you looking? 

Hi Logan, great information provided and it is helpful to know where you stand. Going for a "House hack" for a quad plex is always an appealing strategy.  
There are so many thoughts or scenarios that play in my head with this. Too many to write here. But I added a few thoughts below. 
Have you reached out to a lender to see what your terms might be?  If you can cover mortgage with the other 3 units then it could be worth it. 
To properly qualify for the "live in" scenario you typically need to be a resident for at least 12 months, which looks like you are doing. So that box is checked. 
It sounds like you may be looking to rent for 700-800 if you don't do this which is much higher than if you continued with this strategy. You could get some serious savings if you choose this and you have no issues.   
Don't shy away from the days on the market just yet.  You really need to be thorough in your due diligence though. It could be a good strategy to come in at a lower offer, but you need to run the numbers and assess your rehab cost, and other various expenses. (Insurances, management costs, etc)
You are just barely hitting the 1% rule for rent once they increase to $475.  Trying to get those up would definitely benefit you.  I saw a good strategy in doing this if you'd like to talk more, message me we can connect.  It would be good to seek someone local about the rent laws for this state.  There could be restrictions on how much rent can increase but it varies.  Since you would be buying the property you should have the option to honor the existing lease or change it based on what your market rates.  More research will be needed on this though. 
Good luck in your endeavor if you go that route.  

Thank you for reinforcing my initial thoughts.