All Forum Posts by: Kendric Buford

Hi, still new to the forums, please pardon any oddities in my post. I've tried to include relative information, without writing a novel. 

I'm a newer investor looking to get some cashflow. My strategy for the foreseeable future is 'buy and hold' with long-term tenants. I'm fine with doing some minor fixes and improvements to a property: Adding overhead lighting/fans, better flooring, maybe redoing a main bathroom. My current portfolio includes two 3-Bed/2-Bath Single Family's in my home state. I did minor improvements to both of those, but unfortunately had to replace the roof on each (Flat roofs suck, lesson learned). I have $60k-$100k that I'm willing to deploy, and do some learning with. I also have ~$20k that I've resigned for the scripted "mishap" that always comes up after purchase...lol

I've read a number of other threads and I've seen a fair amount of talk about Ohio. While that is pretty far from me, the prices there are far more manageable than my current state and would let me deploy my capital a bit better. I'd love to hear some more savvy investor's thoughts on Ohio, or a similar market. Normally, my preference would be a Duplex for ease of learning, but after looking at the price point in a place like Cleveland, I theoretically could purchase two Single Family's there. Thanks in advance for your time.

Ah great, thank you for the clarity. I really appreciate it

I've been trying to wrap my head around assumable mortgages, but I'm not sure I get it fully. Can someone tell me if this scenario is accurate, or explain it like I'm a child?
Scenario: (using round numbers so I can follow better)
Seller is trying to sell their house for $300,000 but can't. Their Original Purchase Price was $250,000 at 3%. They currently have $50,000 in equity in the property. I offer to buy it by assuming their mortgage. Does that mean I'd take over the remaining loan of $200,000 at 3%, then I'd have to pay the seller $50,000 for their current equity, and an additional $50,000 to cover the difference from the initial amount they wanted to sell for ($300,000)? - Also, I presume this is where my cash and/or a second mortgage would come in, so I can pay the seller.

**To keep things as simple as possible, I didn't mention any closing costs or commission to an agent for this scenario.  

So at the end of all this, if I'm understanding correctly, the Seller would walk away with the $100,000 that they would have from a normal sale, but I get a 3% mortgage rate and the property?

First time posting here, so please bare with me. I'm in a unique position after an unfortunate event, but I'm determined to make the best of it! Currently I have a single family property that I'm renting out long term, which is cash flowing well. I also have a second single family that I'm house hacking. I'm about to pay off my house hack and looking to expand. I like the idea of long term rentals with a property manager; the lower headaches are worth the slight drop in cash flow. I was considering going the single family route and getting 1-2 more properties here, but through various sources, a small 4 unit multi-family looks like a promising way to scale up. I am a little concerned with the leverage for obtaining a multi-family. My secondary worry is that a small multi-family is going to be less desirable for would-be tenants. If anyone has some advice on the subject I'd appreciate it.