All Forum Posts by: Matt Turbitt

Have you talked to union savings or first federal community bank yet? Ffcb especially has some investor friendly products that will bridge a commercial loan across as many houses as you want. I know a guy who has I think 40 with them. Also there's a bank south of Columbus that's extremely investor friendly... If I remember correctly it's called savings bank or something along those lines. IF that helps at all

who is the lender you are currently working with because it kind of sounds like you are using one of the big guys who have no flex or creativity(Wells Fargo, boa,usbank, chase, quicken, Huntington) need less to say go talk to someone local and smaller if you haven't already.

You would have to go 203k or 203b and you'd be funding the repair escrow for the utilities and the violations. Before you close you'll have to have a licensed and insured contractor come and quote every issue and escrow for 110% of that amount. Once you close you have (I believe it's 6 months) to resolve all the issues and then hud will come Back out and inspect to confirm.

It depends on your purpose and market but yes, as previously stated check out the vinyl plank options. They are water proof, cost effective, easy to install, and won't shift like the hardwoods.

first off please stop talking to quicken. there is no situation on earth where they are the best lender. on investment real estate your most likely going to be in that 25-30% down window. but honestly the best thing for you to do is to start calling local lenders and asking the questions. Ask them how they can make this deal work. I'd call 10 of them for starters, skipping over the quickens, Wells fargo, chase, us bank, BoA, Huntingtons of the world.

what is the goal of it? personal home, rental? ground floor, 2nd floor, etc? gluing hardwoods down is the best option and controls noise, movement, water penetration far better then nail and floating options. the trade off is it takes 3x longer to install. so it really just matters what you goal is and what your willing to do or spend to get there.

Originally posted by @Joel Bowen:

@Matt Turbitt im 34 years old. Are you other guys able to view the .jpeg document above or is it just Mark?

 They should view on pc but you can't expand documents or pictures on mobile so that could be why. You are young enough with enough other avenues that I would invest 6% with the highest risk option they offer. It's a 401k so even the highest yield/risky play isn't all that risky. 

How old are you?

you can claim sales tax exempt in ohio but it's not really for things like flipping. It would be more for if you were a floor installer for example. You'd buy the materials for 2$sqft and sell them to the customer for 3$. You wouldn't pay sales tax on the 2 but would charge it to your customer on the 3 and collect sales tax on behalf of the state. 

The 3 most common reasons to be exempt are being a nonprofit,  reselling the item, or if it's a consumable used during the manufacturing process. The idea is that the end user pays the sales tax. 

As for purchases I use a Lowes card for the day to day misc things. And use the HD pro desk anytime I'm spending over $2500 such as at the start of a new house.

Easiest way is to just build water into the rent. A rate of 10-15$/mo is normally fair and keeps you on the positive side of things.