All Forum Posts by: Marc Rice
Marc Rice has started 3 posts and replied 1807 times.
Post: Have you seen what's coming to Columbus?
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
A very diverse economy here! And growing population!
Post: House Hack or Buy & Hold out of state while renting?
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Quote from @Michael Totino:
I am located in Long Island New York where everything is expensive and I am debating the pro's and cons of house hacking a 2 family house or just continuing to rent and purchase out of state rentals. Any input is greatly appreciated!
Househacking should be a very solid low money down option that should outweigh out of state investing in my opinion. Your CoC return on a house hack is only matched to a BRRRR.
Post: How to get started investing in real estate.
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Quote from @Joshua Moses:
Hello everyone, I want to get started in a career of investing in real estate and I'm most interested in the Buy and Hold Strategy. Any advice and tips are greatly appreciated.
I always recommend house hacking in your local area to start, it gets your feet wet, saves on rent, and has some great low money down loan products.
Post: Hello BP. Long time lurker, first time poster
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Quote from @Brendan S.:
Hello everyone,
After lurking for a while I've decided to post and say hello. Now that my husband is done with grad school and earning a bit more I've started to listen to the podcasts and read experiences with more interest now that purchasing an income property is (potentially) possible. We're already condo owners in the Bay Area, which is no small feat. I have family in El Paso and Binghamton and visit frequently so if anyone has advice and or wants to burn brain cells in the East Bay, Bingo or El Chuco, let me know. Cheers.
Brendan
Welcome and best of luck!
Post: Section 8 Investment
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Quote from @Sonia N.:
@Aruna Abdool - unlike all the Columbus Reafco agents here who say it’s great in Columbus (and you’ll see their responses are exactly the same to every single post about Columbus), it’s a really long process to get your Section 8 rent increased. We’ve requested one since October last year and the only response we’ve gotten is “we’re working on it.”
Every since CMHA transferred over to the Canadian facilitation company last summer it has been a lot harder to get things approved. Generally it takes about 3+ months to get a formal hearing back from them. It helps if you repeatedly follow up with them and get a good point of contact there.
Post: Rehab estimator tool
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Try using a different browser maybe? It should work. You can also contact the BP support or forum moderators for help.
Post: Lease option question for Ohio
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Quote from @Joe S.:
I have a property that I am looking to buy in Ohio that I am considering doing a lease option as my exit strategy, is there anything that I need to be aware of to be compliant for Ohio?
So you're going to buy the property? And then lease it out with a tenant who has an option to buy it within a certain amount of time for an agreed upon price?
You'll want to confirm with the lender that that doesn't trigger a due on sale clause due to the lease option tenant now having an "ownership interest" in the property.
I would consult with a title attorney for this.
Post: How I Was Able To Get My Investor Client 26% Cash On Cash Using Seller Financing
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Good stuff!
Post: Attorney for Sub2 transaction in Ohio
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Mostly all transactions are handled by title companies here in Ohio. States like North Carolina/Mass use attorneys primarily.
Post: Commercial, Portfolio, DSCR, or Private Lender
- Real Estate Agent
- Columbus Cleveland Dayton, OH
- Posts 1,875
- Votes 1,835
Quote from @Justin Pumpr:
Hey all,
I'm looking for some advice on which type of lender to use and then looking for referrals for that type of lender in the Columbus area. Some background:
I own a few properties in Columbus and Dayton, OH (a mix of SFR and small MFRs) all of which are financed using traditional Fannie/Freddie lenders. I'm getting close to my 10 loan limit and would also like to work with someone who is more investor friendly and hopefully is less hassle and still has good rates. I currently have a duplex that I'm BRRR-ing and looking to refi in a couple of months. I also want to buy another 20+ units this year, ideally as one building, but it may be split over a couple depending on the deal. I'm looking to cash-out-refi on these too expecting to only get 70% LTV (although if I could get 75% LTV that'd be great). All my properties are cash flow positive and my FICO fluctuates between the high 700s and low 800s.
I'd like to find a lender who can facilitate all my new properties. So my question is, when considering these types of lenders, Commercial, Portfolio, DSCR, or Private which type of lender would be best suited for scaling my portfolio?
Cheers,
Justin
I have plenty of lenders who can go commercial or DSCR. Commercial will probably be better if you're ok with a 25-30yr amortization, 0.5 pts, and 6.75-7% rates (currently). I can send some referrals over.