All Forum Posts by: Marc Rice

@Sofia Sharkey

That’s awesome! I do short term rentals here in Ohio and it’s a great investment. We haven’t ventured as much into the larger homes as furnishing + vacancy is hard.

What are you grossing a month? Are you living there too?

@Soniel Estime

Congrats! I’ve always heard 203k loans are nightmares with the consultants and draws, let alone getting a contractor to concede to the paperwork.

@Nnamdi Okwerekwu

Engage a local contractor to walk through the property with your agent to give you a real bid.

@Bryan Senker

You could do wallpaper too that is unique to your area. I’d study your market and see what others are doing - maybe consult with an interior designer?

@Adam Parker

Aim for a higher value then on your cash out refinance at 75%. Any difference you’ll have to come up with cash, hard, or private money.

@David Palmer

Yeah local Facebook groups will be your best bet. Also go on Craigslist and respond to any “cash offer in 24-48hrs” type posts and cal/text them to add you to their buyers list. Tell them your buying strategy (or your neighbors I guess?) and you’ll start to see deals coming. Also any “we buy houses signs” call those and have them add you to their list.

@Jeff D.

If you’re doing a standard Fannie/Freddie 2-4 unit then your capex will come out of pocket.

Regarding your “closing costs, prepaid, and escrows” those are also generally out of pocket but you can have your seller pay a few thousand dollars usually towards those costs to offset your cash out of pocket. Most sellers will want to be compensated for that request though by pumping the purchase price by whatever dollar amount you’re requesting them to pay.

Someone please correct me if I’m wrong regarding the taxes and insurance...

@Kellan Martz

Can you elaborate how the “maintenance request” came in and it turned into this? Were these repairs tenant driven or management company driven?

If this was to “stabilize” the asset and handle all outgoing maintenance items that the previous owner had been putting off, then that’s not terrible. Initial maintenance items are generally a higher fixed cost since past owners don’t always match your standards of repairs.

Going forward with your PM, I would be mostly concerned what is the hourly breakdown of labor and make sure it justifies what was done. Second, make sure you’re keeping an eye on what fixes are being requested vs what actually needs fixed.

Small world! Columbus is crazy hot right now. Italian Village has definitely changed immensely since then! Hot market.

@Hobart King

Increase your deductible and it’ll decrease your insurance bill