All Forum Posts by: Mario Mormile

Welcome @Brian Wadley!

@Will Gaston, the cash and refi sounds like best route to go. Negotiating a little harder may help with getting the loan on front end with the discount. Good luck with it!

Hello BP community,

I am looking for a great contractor that works in and around the Greater Cleveland, Ohio area. Someone familiar with managing flips around the 100-150K (ARV) range. Goal of 20 flips this year. Thanks!

@Jason Fleming just as others above stated, start with research. We recently found a nice cash flowing property in a small rural town. It has some deferred maintenance but it is fully occupied and the taxes are incredibly low. I never heard of the place before the owner called me about it.

I would have never looked in this area. It was just not on my radar. A fellow investor recently told me he is done passing on leads/ deals in places he is unfamiliar with. After experiencing this for myself, I agree. Good luck!

Welcome @Evan Ogletree! In your daily commute or down time be sure to start listening to all of the podcasts. This is a great community to learn and grow with others who have done it and are still doing it.

@Martin Neal I agree with @J Scott- finish the first one. When I bought my first property a good friend told me, "Control your project- or someone else will." He was saying to get a handle on the SOW and have all your contracts with the different trades in writing. And be firm. I have learned it is better to lose $1,000 and cut losses with a contractor, than to lose $10,000 and keep him around. 

Another suggestion, let your real estate agent know that your property is nearing the end of the project. Keep us posted! And hang in there...

Thanks @Jay Hinrichs for the list of vetted lenders. @John Geldert they are offering:  7 to 8% , 2 points, 5-year interest only. I am considering them but may be working with a local lender now. Still weighing options

@Victor Eng my first instinct is to say replace. However, I'm not familiar with your area. In a hot market you may not have to. 

Hello BP, 

I am looking for an attorney familiar with HOA foreclosures in Cleveland, Ohio, Cuyahoga County. Any referrals are greatly appreciated. Thanks!

@Anna M. I know it will be an expense, but it may be worth chatting up a few agents in the area. We have a family from Kansas moving into a rental in Ohio on the 1st of January (technically moving trucks will be here on the 10th). An investor/ agent in your area may even be able to see where you can charge more for rent. Just suggestions. Hang in there!