All Forum Posts by: Marc Rice

@Carlos Arroyo

Congrats on the success so far. If those 3 are all investment properties, you’d have to refinance or sell to tap into that equity - some commercial lenders would allow you to use “equity in lieu of cash” to put a lien on them as well. If they’re your primary residences then you could do a heloc also.

Investing out of state, you’ll want a strong local team who can guide you through the process. In my opinion there’s not much difference investing 2 hours away vs 25 hours away - you should have your systems in place and treat it as a business so you don’t have to go and constantly check up on them.

If you’re looking for good cash flow and appreciation, Columbus Ohio is a good option. If you want more cash flow and less appreciation, then Cincy, Dayton, and Cleveland are good options.

@Edwin Hidalgo

It all comes down to how you finance it. You can buy cash whenever but using a lender usually takes a bit of planning. If it’s a great deal, hard money lenders work great to fund rehab cost and close quickly. If you go the Fannie Mae conventional route you’ll have to wait a year for an owner occupied or do 20-25% as an investment property.

@Taylor Thompson

Congrats on the early start. House hacks are the best returns in real estate investing but you can only do about 1 per year.

When investing out of state, you’ll want a strong property manager, contractor, lender, and agent to guide you in the out of state waters. You can make a lot of $ in the Midwest markets. Here in Columbus we’ve seen a ton of out of state buyers deploy their capital here because they can buy more and get good cash flow and appreciation.

@Kyle C.

Not familiar with AZ markets. There’s not much difference in 1 hour vs 20 hours away. You should have good systems and a team in place to scale.

@Andrew Fidler

Congrats! My business partner currently lives in Garner. Is STR allowed in Raleigh, I thought it was anymore? Not sure if you can shed light on the local nuances as we've talked about buying a STR there.

@Kris Mead

Ohio has a lot of good options as stated above. Cincy, Cleveland, Dayton, and Toledo will offer the strongest cash flow to purchase ratios, but lack some of the appreciation that really makes a long term buy and hold worth it. Columbus will offer a little less cash flow but longer term appreciation and rent increases due to its rapid job and population growth.

I agree with above - interview local agents and property managers in the markets you’re analyzing to best decide. Good luck!

@Zachary Lindquist

Wildcat HML, LimaOne and Aloha Capital are good options here.

@Samuel H.

List it on the MLS with highest and best. Odds are someone else can pay higher!

@D’Andre Ortiz

First Financial has the best owner occupied products. 3% down on a 1-2 unit or if you do a 1 unit and it’s your first time purchasing you can do 1% down with the down payment assistance grant.

@Elizabeth Martin

You’ll need to do a commercial loan/hard money refinance who evaluates the property based on value/income. I know Lima One is an option for a 30 year fixed commercial refinance, with higher rates and more closing costs. You will not find a Fannie Mae low interest 30yr fixed option here.