All Forum Posts by: Stone Jin

I'm doing that for a property we are rehabbing for rent in Ohio.  I found a local company that manufactures their own window.  My cost was roughly $260 per opening.   He came highly recommended from a big investor in town.

Wanted to check with the community which banks are fairly friendly to investors looking for a HELOC on their primary. Thanks in advance.

Stone

@Account Closed You can poke around the forums for property managers, but after talking to a few local PM firms and investors, I've decided to use my boots on the ground to try to manage.  We will see how that goes.  But from what I gather, with the lease fee/renewal fee/this fee/that fee, the average PM firm will charge about 15% of gross rents annually, this does not include maintenance and upkeep.   The last thought I have would be that the returns on paper <> returns in reality, just make sure you go into it eyes wide open.  Good luck!

@Account Closed  what's your definition of low cost?  I typically wouldn't buy anything that rents for under $1400 partially due to me being out of state.  I just don't have the patience to deal with really low end rentals.  There are lots of investors who do invest in areas where the average house is $20K, they usually are local and very hands on.  Are you local to Northern Ohio?

I invest in Toledo, it really depends on your goals and strategy.  I'm sure you can find deals in any neighborhood, however whether that lines up with your personal strategy, no one knows but you.  Do you have specific questions about Toledo?

Good neighborhoods do not have middle of the street shootouts during the day.  I don't have the stomach to buy in those neighborhoods, the return on paper is always better than the return in reality.

good luck.

If the repaired value of the property is 230K and he is listing his non rehabbed for the same, then clearly that price is not going to work and he's not going to be able to sell it.  He bought it in Jersey in the middle of winter and got a discount, now in the summer buying season he is trying to get a profit, makes sense to me.  I think you should approach this like you would if the seller is not an investor, do your due diligence and make an offer that works for you.  Definitely walk the property and maybe bring a contractor or inspector with you.  Might worth the $50-$100 consulting fee that they may charge.

Hi Jef,

Funny enough I'm closing on a house next week in the same situation.  There is heat and all the rooms have floor vents.  I'm considering adding central air or a couple of the wall units depending on what the AC company tells me is possible.  Currently the house has 4 window units and I just don't want to deal with tenants using window units.  If you buy it at the right price and all your competition has central AC then you should invest in getting the AC.   Also 1956 is not that old.  As long as the roof/windows/mechanicals are in good condition, someone will want to live there. 

@James Cloud I think I understand your question now.  If you were to bring me a deal in Mesa/Apache Junction at about 70% of arv under 200K that needs a light remodel (new floors paint appliances and maybe counters and light fixtures) then I would be interested.  However I do not represent the masses.  Flippers are sending me anything from lots/ mobile homes to very high end homes.  I would say if you are trying to wholesale, make sure that the end flipper can make some money and your ARVs are realistic, that should be your target acquisition.

@Dick Stevens, its in the city, there are people willing to take that risk for a place to sleep at a reasonable price.  I'm sure the local hostel is filled up each night.  Anyways, was just offering up some options to consider.  Personally I think he should wait for better applicants, but who knows what his financial position is.