All Forum Posts by: Marc Rice

@Shannon Green

As @John Underwood said, most lenders have covenants that prevent your 2nd home 10% down from being used as a rental. You may want to talk to some local smaller banks or credit unions to see if they have any portfolio products in house.

@Sabah Mirza

If you’d consider Columbus, Ohio I have a neighborhood map broken down by neighborhood grade for each neighborhood here. I don’t have that for Cleveland as I’m only an agent/investor in Columbus. Make sure to consider the low levels of appreciation and decreasing population in Cleveland for your investment - appreciation is the wealth builder.

@Shane Cloutier are you looking into Columbus at all or only Toledo/Cleveland? I actually grew up in New England so I’m very familiar with the high purchase prices that it’s comprised of, not to mention NH high property tax.

@Arun Dharan

You’ll have to owner occupy the unit to house hack, are you planning on moving from San Fran?

@Sandy Metivier

Best of luck! Cleveland is a great city overall.

@Rafael Ramon

Very busy!

@Jenning Yu

Gotcha, seller financing is a great strategy.

@Rafael Ramon

Looks great! I manage 1bd and studios in Columbus, Ohio.

@Brandon Ribeiro

Do they cash flow? Did you run a worst case scenario? If you needed to sell them could you?

@Cheryl Moore

Nate Busch in Columbus, Ohio is a good real estate investor friendly CPA.

@Bryant Clark

I’d talk with other property managers there and call some of the landlords who own property on that street. Sounds like you’re concerned on getting into a bad neighborhood. $10k down is pretty low risk if it gets good cash flow. I’d be concerned on the tenant qualifications also. And make sure not a lot of additional capex is needed.