All Forum Posts by: Jerad Miller

Multiple listing service. Find a good real estate agent in the area. They will have access to the mls. Network with other investors and people in the business as much as possible. 

Update.

Before I even headed out the door to my bank meeting this morning I got a phone call from the loan officer. She said since the property is a mix of commercial and residential they don't have the ability to loan against it. So I am back at square one! Any help would be appreciated. Don't want this deal to slip away. 

Thanks,

Jerad

@Account Closed I just sent you a pm. If the bank falls through I will definitely be in contact with you. Thanks!

@Marty Johnston I will definitely keep you all posted. I'm going back to see the property at 11 am tomorrow. Then I have a meeting with a local First Merit branch commercial loan officer. She is working on getting more info on the property between now and then. In the mean time I will be preparing my spreadsheets and data analysis to show the bank that the property will be profitable. 

@Brian Person thank you for the input. I would love to connect with you as well as your lender. Never hurts to have a back up plan and I always have projects in the pipeline! 

@Stephanie P. thanks for chiming in. It looks like the units are in decent shape. The residential home is what is in need of repair. Mostly just updating. Not going to go crazy as it will just be a rental property. The storage units are all block not steel construction so that's a plus. With minimal painting and minor repairs they should look new. Also did I mention, there is room to double the amount of units in the property! This has me excited. We could go from 48 to 96 very easily. 

@Ralph C. After doing a little digging I found out that crepd llc owns the property which is a subsidiary of First Merit bank. I guess I could try calling a local First Merit branch and see what they have to say. 

Thank you all for your quick response. 

@Marty Johnston I would not be occupying any of the rental properties. I have a SFR that myself and my fiancé purchased four years ago this april at the age of 22 that I am very proud to own and can't see myself moving. The next time I move I want to build a custom home on at least 15-20 acres. Ive always wanted a farm for some reason and I have already started (I have two chickens already lol). I will shoot you a pm when i get more of the property details lined out this week and do some comparisons. I want to check into market rental rates and see what the actual potential for income is.

@Ralph C. Seller financing won't be obtainable due to being bank owned. 

@Daniel Hanson Thank you for your detailed input. I will be documenting all of the things you mentioned to get a better idea of potential income. Im going to start a spreadsheet when I'm done posting this to get all my ducks in a row before i apply for financing. The one thing i am super excited about is the last thing you posted. The property is on a main road that is a state route with heavy traffic. If I had to guess probably over 10k cars a day. 

Hello BP Community,

I was out all day today with my father in law searching for our first deal. Originally we were looking for a multi family today. Looked at three properties, all to us were overpriced and needed to much work to be profitable. We are in the northeast Ohio area, and were looking throughout Lakewood for those who are familiar with the area. We didn't like anything we saw today however we were talking with our realtor and came across a property that seems very lucrative. It is located about 15 mins from my home. It is a storage unit facility with 48 units, A SFR for a rental and also a small Apartment that is a separate dwelling from the SFR that could also be rented out. The property definitely needs some work but nothing that can't be fixed. My issue is with financing. The property has been on the market for a long time (over 500 days). The only reason I can see that it wouldn't sell is with the repairs needed and it being a commercial property that financing is going to be tough to obtain. List price is 188k. We could put down 20% or even 25% if need be. Im just wondering where to start and how to approach funding this deal. Any help would be greatly appreciated. Thanks!

James,

Thanks for your quick response. Do you know what the typical guidelines will be for financing an investment property? As far as credit score, down payment, etc.? 

Hello BP community,

I'm looking for a good lender for a multi family property in Northeast Ohio. I have a couple fourplexes that I'm looking at but want to know the best way to obtain financing. One is around 100k and the other at 200k. whats the best way to go? This will be my first investment property. 

Hello, 

I am currently in the process of looking for my first flip. I wanted to submit an offer on a property about three weeks ago but it was under Fannie Maes first look status and we had to wait 21 days to make an offer. Well that expired today and my agent started to submit the offer and she emailed me about taking a "Framework Home Ownership Course". It asked her if we had completed it or not and it is $75.00. I guess the previous question was if I currently own any real estate (which I do). My question is that since I'm not taking this course will that negatively affect the way my offer is looked at? Does anyone have experience with this? Thanks!