All Forum Posts by: Joshua Janus

Do you have a w2 job, or 2 consecutive years of tax returns as self-employed? If so, you can go with a conventional loan , FHA loan (3.5% down, you need to live in it for a year) or a non owner occupied loan (25% down) and get much lower rates than the hard money route.

*this is not legal advice as I am not an attorney and this is not loan advice as I am not a licensed lender. 

Yes, I would definitely sell the condo. Depending on your flexibility with your dogs and upcoming baby, house hacking a multifamily with an FHA loan but would be great way to utilize the equity that you have in the condo. This would jump start your wealth building process much, much faster than waiting 3 years to rent out the current condo.
Good luck, Josh

Columbus, Ohio would be a great place to find a multifamily property in that price point and would be a hybrid mix of cash flow and appreciation. This is what I am doing early 2022 and know plenty of others in the area that do as well. It's a solid area to take advantage of the population growth, capital investments into the city and the companies that are moving here. 

Something appears to be off with that high of an APR in relation to the interest rate. Do you have a low Fico combined with the lowest down payment possible?
A townhome that cheap should cash flow and shouldn't be too difficult to beat the One Percent Rule. 

-Josh

I would definitely pretend like you make 30-40k, live on that, and dedicate the rest towards the funds required for real estate investing after taxes. It is possible that you can qualify for a loan just with the 70k job offer without full time history, but consult with a lender as I am not one. 
Are you looking to house hack with an FHA loan as an example, or buy a separate property just to rent out or BRRRR? Figuring out your strategy for the first deal as early as possible will allow you to best prepare for it.

Good luck, Josh

Hey @Shaun Inniss! Congrats on this deal that is under contract, and for taking advantage of a low FHA down payment. Have you broken all the numbers down including management fees, insurance capex, maintenance, PMI, etc. to make sure that it will cash flow after you move out with a reasonable vacancy rate for the area? You are also in an area that appreciates well so that is advantage to you.
If you are confident it will cash flow once moved out given the worst case scenario, it is a solid deal in my eyes as you are still benefitting from the other factors of owning investment property which includes loan paydown, tax benefits and appreciation. Cash flow will allow you to get into your next deal quicker so keep that in mind. 

Good luck, Josh

This looks great whether this is your first or tenth project. That's good you found a reliable team to work with. 

In Ohio, you need to first make a legitimate contact to the tenant and provide them a reasonable opportunity to reclaim their belongings. After that, you can throw out or sell the items as you wish.
I would probably stay consistent with this route as there isn't much room for other options after you have already contacted the tenant and received a null response. 

It is going to be tough for you to find a high LTV conventional loan through a bank or credit union with a property in that price range. If the numbers will still work for you, I would suggest looking into the private or hard money route.

I am not a lawyer and you should seek professional legal advice on this.
But from my experience, property tax liens do survive the foreclosure process and take precedence over any other lien in Ohio.