All Forum Posts by: Luke Soroka

Hi All,

Looking for recommendations on banks/mortgage brokers to reach out to for for a conventional loan on a single family investment property.

Thanks in advance

I just purchased my first property (duplex) in a C/C- neighborhood.  Both sides are rented with long term month to month tenants.  Both sides need pretty minor fix ups which will be completed by a contractor.  I also have quotes to update the kitchen on one side and the kitchen and bathroom floor on the other side.  If those are done, I plan to increase rent.  My question is, what should be the expected payback period on those upgrades?  The tenants are not paying a lot in rent and I want to try to strike the balance between making my money back in a reasonable timeframe and not increasing rent to the point where they can't pay.

Thanks all for the responses!  I'm humbled by the willingness to help and share info and knowledge.

Curious as to what investors mindset is at the moment with what is going on in the world?  Wait and see, or are you continuing to look for and secure deals?

My name is Luke and I am new to REI. I have been educating myself on the BP forums and listening to as many podcasts as I can.

I am reaching out to try to hopefully build a network of people that can help me navigate the process. I am not interested in getting rich quick. I want to start small and learn the industry before expanding. I am perfectly fine with small wins and building slowly. I should also mention I am local to Columbus.

My thoughts on initial strategy:

Long term holds, single family or small multi family

Not interested in rehabs/flips

Want a Property Manager (I work full time and am busy with kids activities)

Don't want to get into a bad deal by any means, but i want to get my feet wet and learn the process and hope to cash flow a bit

Looking for referrals on:

Investor friendly realtors that have the patience to deal with someone new to REI

Property Managers

Lenders

Who am I forgetting?

Thanks in advance!