All Forum Posts by: James Maradits

There are plenty of "Non-QM" loan products out there available for residential properties. In my experience, most just want to see your credit, bank account/net worth, and that the DSCR of the property will more than cover the loan amount. Expect to pay 1-2% higher interest rate than a traditional bank loan, but it's probably your most viable option without getting overly creative.

@Eric Veronica may be able to help with this.

@Jon Dittrich

Congrats on the deal! Nothing better than pulling off the full BRRR!

I've always owned a used (10-20 year old) pick up truck as either a secondary or primary vehicle. 

My first, a 1995 4 cylinder Ford Ranger got 25-30 mpg on average which is on par or better than most sedans.  My car insurance policy is actually *almost* the same price to have two vehicles due to multi-car discounts.  I can't really think of a good reason not to have it.  I'm an avid DIY'er and most of my hobbies and interests out side of real estate benefit from having the truck as well, if that makes a difference.  I'm planning on selling both my car and current truck to buy a newer (~5-10 year old) 4 cylinder Tacoma to use as my primary vehicle.

I've bought 4 houses under 30k, all of which turned out to be good deals for me.

The best was purchased for $11,500 and resold in 8 months for $90k after putting in about $30k in rehab.

Sorry about you experience, we have all been there.

If you’re unwilling or unable to figure out how to do this on your own, you can at least figure out material cost and work backwards.  You can find a basic tub and surround at any of the big box stores for $300-500, or a premium quality one for $500-1,000.  Taking that into consideration, and perhaps $200 for misc trim, hardware, fixtures, you’re at $1,000 (give or take) in materials.  For labor in my region I’d expect $50 an hour or less for a somewhat reliable handyman who’d do work similar quality to the work you had done, or $100 ish an hour for a true specialist to do a great job.

My favorite local meet up is hosted by @Ryan Arth and @Ron Szmik the last Thursday of each month at the Melt on Rockside Rd.  Great, informal way to chat with local investors over a beer.

https://www.corelogic.com/solutions/property-tax-s...

It's an escrow service.  The property owner has a mortgage and core logic handles their property taxes through escrow and tacks it onto their monthly payment.

You should be able to get at least $1000 for your up unit as a 2 bed in that part of Lakewood if it is in good shape and somewhat updated.  I've seen 2/1 duplex units renting for as much as $1200 when nicely updated in the Northern/Western parts of Lakewood.  You may be better off focusing on cleaning up that unit if it needs it to maximize the potential there, then later finishing the attic if you want to use that as rentable space as well.

Grant if you'd like please PM me the details of the property and I look it over to see if anything obvious appears to be off.