All Forum Posts by: Jeff Long

Unfortunately, every area has spammers who want to jump in and take advantage of people. That's the downside of real estate investing and these forums. I know that @Michael K Gallagher is legit and not a part of the people who give Columbus or Ohio a bad name. I've known him for several years since we're in a private mastermind together. He's a solid guy and an experienced realtor and investor. I also sold a property through him last year and he was top-knotch. 

I have 17 doors all with SFHs and am looking to do a cash-out refi on one of them. What reputable lenders are available for the type of property below with a 15 or 30 year fixed? I'm looking for a lender that I can build a relationship with and do more of these as I grow bigger.

- Purchased October 2022 - 2/1 in Dayton, OH. 956 sq ft

- Purchase price: $49,000

- I estimate it will appraise at $60,000-$70,000 (new bathroom and other updates)

- It's a cash flowing furnished medium term rental

Please message me to continue the conversation.

I'm new and want to make sure I'm calculating this correctly. I've searched the forums, used the BRRRR calculator, watched BP Youtube videos but haven't found the answer.

- How does my HELOC factor into my calculations below?

- Do you use a HELOC to buy for cash and then repay the HELOC back quickly or as slowly as possible?

- What am I missing in this scenario and is this a good investment?

I'm using a HELOC to buy this outright. My interest rate is 5.5%

Purchase price: $17,800 (plus $2500 realtor and inspections) - 3 bed 2 bath, 2 story house, 2 car garage. There aren't many 2 car garages in the area that are this usable (some are mostly unusable).

Initial Repairs: $7-10k (mainly new paint, carpet, lower cabinets in the kitchen, glass block in basement and upstairs bathroom, updating bathroom)

Expected Rent: $700/mo (probably doing Section 8)

Expenses = $310/mo (based on items below).

10% Property Management: $70/mo

10% repairs/maintenance: $70/mo

RE Taxes: $35/mo

Insurance: $57/mo

10% Cap X: $70/mo

I've used different real estate calculators but since they ask for the information differently I seem to be getting different numbers for my cash on cash returns and cash flow. Any help and guidance would be great!

I've lived in Dayton for 14 years and considering buying my first property here in Dayton or elsewhere in Ohio. Let me know if you need any 'boots on the ground' or have any questions about the area. I'd be happy to help. 

That property is near Highway 35 which makes it super simple to get to the University of Dayton, downtown Dayton, the hospital, Wright State University and Wright Patterson Airforce Base, all within a few minutes. So it's centrally located, although that area would probably be a C class (depending on the exact street/location).