All Forum Posts by: Jeremy Davis

I will 1st state i didm not read ever reply so i apologize if i go over information for a 2nd time.

The Areas you want to buy these notes in have good and bad parts of town like any big city. 1st and foremost i would call a local real estate agent and offer them a small free to conduct a CMA for you and that will give you an idea how much the property is really work. Some agents do them for free other agents charge 100-350$ and it really depends on the agent.

Also head to the country auditors page and look up if the taxes are paid that will fill in weather you will have to pay any back taxes. easy enough to find is you have the address of the buildings.

And as stating before foreclosing in ohio is a slow process look to having you money tied up for a year! but you may also be able to contact the current owner and reworking the deal with them for a new payment plan and end up making money. If you go this route I recommend you find a real estate agent in the area to work up the contract. As if they are there for more then 5 years or pay for more then 20% you would be back into a foreclosure process.

hope this helps.

I would be interested in coming and seeing how everything is going. Could be a great group as one of the other local ones is "core" and it has a meeting fee. I think instead of going and renting a space we could see if someone would " hold" a space we could use knowing that we will being people to eat/drink.

@Martin Zawarski awesome point I forgot to mention! most people don't understand that 1% is 33% of our income!

My advice would find a agent who you like and start working with them for all of your buy and sell. but do not pay the 6% commission that most people will ask for instead call and talk to a realtor who will take a flat fee ( yes this is legal in ohio ) and pay him/her to work the paper work for you. you could even work in a full cma into the deal so you have grounds to stand on when the house is ready to sell. just my thoughts and how i would approach it and be a little less worried about things turning bad.

@DL Martin no its not that they work harder then us in Ohio nor do we in Ohio work less then agents in other places. But i will use a example here in Ohio, ( although I live and work the columbus area ) when I list a house in say Canal Winchester ( south east side of Columbus ) sales price is about 200,000 so commission is 12k spilt between both agents. When I go up to Upper Arlington ( north side ) and list a house for 1.1 million again we list for 6% or 66k thats split between the agents.

Now what you can try to do is list for a flat rate commission, but you risk working with a less experienced agent that way. I know agents that when they go to list a house they tell them 7% commission and when you try to negotiate with them they say no I'm worth the 7% if you want to go with a agent thats not as good with me thats fine but i am 7% and they get most of the listings.

Anther thought is you can try a "net listing" basically you tell that agent you want to walk away with $1,000,000.00 and anything he gets about that price he keeps. so if you list and sell your house for $1,100,000.00 he would earn 100k but if it sold for $1,000,001.00 he would earn a dollar

now I'm not saying many agents will do a flat rate or a new listing but just simple giving you some other options.

@georges arnaout, I guess i get to be the 1st person to chin in and defend the real estate agent.

As a agent and a investor myself, MOST ( yes i said most not all ) will not try to cheat you out money! yes we do get paid more but having a higher selling price but we will never get repeat business if we screw over every client we ever get it would kill us in the long run! Me personally i love working with investors as i hope to build a relationship with you and you continue to use me as your agent so i will alway fight for you as my client! If you trust me to fight for and i trust that next time come into town to buy a house we work together then of course ill always fight for you needs.

As far as what to ask an agent, I would find a agent you can talk freely with. you just was to have great communication with them on any topic! and when they send you a video of the house you should be able to tell them " no i don't like that house for reasons A,B,C, and D and explain to them why and you want them to understand. That agent should want to work for you and work to make you a happy client!

just my 2 cents on the topic.

Jeremy

well what does the property appraise at? Is there a way to pay it down faster then 10 years? If one of the three apartments is empty will you still have the money to make your payment. Yes until you pay down your loan you won't make money but will you make it in the long run when you retire.

there are actually a lot of good places to buy rental properties in the columbus area. As a agent i see them all the time but personally i do not like rentals I would rather flip. As far a linden and hilltop, yea it is block by block up in that area but I would stay away from them all together! you can actually go down to Groveport area and make a good return and have a far less headache! I am not a fan of any section 8 housing! As stated above yes you will always get your rent check every month from the government but then you will also have to repair your house every time a tenet moves out as to the fact that they don't have to fix or repair any damages. I would much rather spend my money where I know that the building will be in acceptable shape when i get it back in my possession and only have to spend a few days cleaning/painting/ and having new carpet installed if it needs replace.

Besides groveport, obetz is anther good place normally and galloway a lot of the southern suburbs! the north side is more expensive but still has a markets but the return is not as high obviously. this is just my two cents and what i see and work with on a daily....

Hey welcome! you should take a lot of time and read everything you can! this is a awesome group of guys with a lot of knowledge!

@Jim Herbst yea it has already started off being a big help! I have talked with a few investors working in the area and am hoping to make some deals! enjoy making everyone happy and money!