All Forum Posts by: Joshua Hively

There is a property in Columbus that I am interested in, but I can’t figure out why the taxes are so high. For example, I am currently in contract on a $280k duplex in the city and the taxes are around $4.5k a year. The place I am interested in is currently on the market for $160k but the taxes are just over $5k a year! There are two buildings/units on one parcel, one efficiency unit and one 2-bed ranch. Other than that, I can’t figure out why the taxes are so high when the value of the house is so low. Thanks for any input. 

BP family!!! My wife and I are getting close to closing on or first rental property, a duplex. The building is coming with tenants on both sides. One side has 3 people on the lease and 4 beds, and the other has one person on the lease and 2 beds. I have met 3 of the 4 or 6. Both leases will last 7 months after the closing, however the rents are far below market. Current 900, market is 1350. My basic understanding was that when you buy the property you buy the leases. Although today while listening to Mike Butler's Landlording on Autopilot it was mentioned that if the tenants agree you could sign new documents. Is it possible that if I can get them to agree, we could possibly get them onto a new lease with a slight price increase? I would most likely try to keep the move out date for April, because at that point I will want to get in to rehab. Thanks for all of the advice!

The title is "Looking for funding...", but the report shows a cash purchase. Are you planning a BRRR?

First Post!!! Awesome and Welcome. I think its a solid idea. Like @Ned Carey said, look into "house hacking". Since you are making this proposal to an investor, first think about reasons he/she may be interested in not owning the property anymore. Being able to solve one of their problems may help you reach your goal. Second, read up on seller financing. With seller financing the two of you can work out terms that work for everyone and the landlord continues receiving steady cash flow, with none of the work. As far as renting out the extra rooms, just be open about how the space is used. Also you could try and find a fellow entrepreneur who would be really into sort of a co working space. Good Luck!!

Hey Parker. I also am new to investing and in Columbus. We are very close to getting our first place for a house hack. The FHA lenders all seem to be pretty similar since the larger companies who they eventually sell the loans to really set the rules. The best thing I can suggest is just getting recommendations. The other thing to keep in mind is that there are also portfolio lenders around who have 5% down products that may be worth exploring, possibly less red tape. Shoot me a message and we can set up a call or get together for coffee and talk more.

Hey Jacob. Thanks for posting. I am following this because I have been considering to a structure a house hack partnership. However in my case I am looking for more of a 50/50 type deal for help with down payment. I am curious to hear peoples thoughts on your idea. I think it is a solid plan. The only thing that comes to mind for me, that you should research would be the "due on sale clause" when the property is transferred to your LLC.

I appreciate the thorough response. It seems like my thoughts about which parts would have actual value and pretty close to yours. We did discuss the idea of a time lapse, but it seems the ratio of labor to value is skewed. I love the ideas about, titles, description and the call to action. Good luck on your upcoming deal and feel free to reach out, I love talking real estate!

@Edo Tinjak I am just getting started investing in long term buy and holds, but do have some friends and family who are flipping and rehabing. I am always interested in getting together for coffee and just talking real estate. Feel free to reach out and we can discuss further.

@Lemont Williams I am surprised that no one commented on this. I am curious if you were able to help her and how?

Well @Sungpil Lee ... How did it go? Any good question you asked or thought of while you were there?