All Forum Posts by: Jonathan Kelly

Hi Brandon,

I'm an agent in the area and an investor. I invest in flips not buy and holds. I usually just use my license for myself and friends/family.  But I do know some all-star agents, but they aren't also buy and hold investors.  If you just need a great agent, let me know and I'll set you up with someone.

Jonathan

Hi @Stephanie Synclair I live in the Youngstown area.  Certain areas are good to invest in while others, not so much.  I love it here and can see a lot of value in investing here (as anywhere) if done right.  The advantage we have is price, things are incredibly cheap here compared with the rest of the country.  Good luck in your search!

Hi @Mat K..  Listen to all the podcasts!  Hours of useful advice from people actually doing it.  Good luck with everything!

Hi @Erin Berlin.  I'm an investor an agent over in the Youngstown area.  Good to have you!

Jonathan

Hi everyone!  

I'll try to keep this as short as possible:

I am a part time agent and investor.  I bought my first flip in Dec of 2015 for 58,000.  I lived in it and fixed it up for a year (put roughly 16,000 into it) and put it on the market at the beginning of the year.  It's had lots of showings and good reviews but no actual offers (probably priced a tad high).  I just got an offer from a couple I met at an open house.  They seem like they are solid and I googled the house they're selling and they can definitely afford mine.  My house is listed for 129,000 but it's probably worth 117-123.  They offered 115,00, and I pay 2500 (net 112,500) in closing costs plus they want to wait until their house sells.  obviously the offer is a bit low and I can negotiate more money but my question is:

Should I sell my house to this couple who are very solid buyers (they're also putting $23,000 cash down payment) contingent on the sale of their house?  If so, would you suggest I put a time restriction on there (say 4 weeks), that let's me have an out? Anyone out there with experience in this area or ideas?

Any help is appreciated!  

Thanks!

Jonathan

@Eddie Starr I can only speak to the first one and I agree with @James C.  I live in Youngstown and am familiar with houses like that one in the picture.  I don't know what exact neighborhood bc i didnt see a street name but don't need to.  All the areas around here with those house are either war zones or C- / D neighborhoods.  Stay as far away from that as possible.  It'll probably cost as much to fix up as it's worth.  

@James Fowler Another suggestion -  You could always rent rooms instead of the entire house.  Maybe your house would rent for say $700 (totally arbitrary number), but if you rented rooms you may be able to get $300-$350 per tenant and make a little more cash (really nice for students).  It's probably more risk, but the extra money is worth the risk to some.  When I was in school I rented a house in a shady neighborhood but it was right next to the university.  The house was probably worth $35k, but had 5 bedrooms and they each rented between $250-$300.  $1300/mo on a $35k house isn't bad...again more risk but worth the reward if you can make it work. 

@James Fowler  I'd say yes, rent.  Those loans are always on time and I have never heard of them denying anyone yet (not saying it doesn't happen but the loan companies aren't very selective).  Technically that's what (part of) the loans are for.  Your risk would be in them dropping out and losing their loans.  It might sound silly but ask for grades every semester for the first year, it should give you a good indication how they're doing.  Also, there is a good possibility they are leaving some cushion in those loans for themselves.  Ask for 6 months at a time, they will find a way to make it work.  Some people don't have co-signers (like me - my credit is fine but if I had to get a co-signer I might not be able to) but are still hard working.  I think it's great you're trying to help people but I would risk too much bc you'll eventually get burned.  For the most part college students are creatures of habit.  They don't want to move and if they can pay rent at every loan disbursement it's one less thing they have to worry about.  Best of luck!

@Archie Antwi  Check Columbus.  Lots of young people moving there right now.  

B