All Forum Posts by: Michael Albaum

Many commercial lenders won't have a seasoning period. I did a 75% cash out refi (on the sales price I paid cash for) 30 days after closing on a commercial MF property. This was with US Bank.

Hey all,

I'm in need of a bat removal company in the Cincinnati area to take care of a bat problem in the attic of one my 6 unit buildings. Does anyone have any recommendations or referrals?

Thanks in advance! 

@Peter Tomeczko Mark brings up some great points!

I’ve both bought and sold real estate to and from family and it’s been great! You just have to ensure everyone is on the same page with regards to expectations. I’d also be sure to write everything down! Even though it’s family, treat it like a traditional business deal...draft and sign a promissory note, record the note as their having the 1st deed to the property so that they can be named as loss payee on the insurance policy, just in case.

Also, something to think about on both ends, buying and selling to family, you should pass the commissions that you would be paying to an agent along to any family member who is buying rom you, or vice versa...automatic 6% discount, as that money would have gone out the door anyhow.

Best of luck!

Michael

Hey Roi, I do a lot of investing in Covington with value add and forced appreciation. There is still a ton of inventory.

send me a message and I’ll send over my PMs contact info.


cheers,

Michael

Hey Sierra, very exciting about the house hack! I do a ton of investing in Covington and across the bridge in Cinci. I would agree with you that Covington is definitely on the rise. There is so much development going on and the down town corridor is really being revitalized. I would say that as long as something comes close to the 1% rule it's worth looking at. And since rents tend to scale with purchase price, you can really look at anything that's within your budget. That being said, rents seem to only scale up to a certain point...i.e. I don't know many $1M properties that rent for $10,000/mo. But I know of a ton of $100,000 properties that rent for $1,000/mo. So your budget and what you can afford is what will dictate where you should be buying in the market. Best of luck and let me know if you have any other questions!

Hi Amelia, send me a PM and I'll be more than happy to recommend the BEST (in my opinion) property manager in the area!

I invest in Cinci, but don’t anything in Mt Auburn, so cant speak to it. However, I also own several properties over the River in Covington and there is loads of potential there! Mainstrausse I think is already overpriced. But if you can find a deal, it’s a super hot market at the moment! Best of luck to you guys!

I got one on an investment SFR I own, free and clear, with US Bank. They operate nationally so may be worth a call. Most lenders won'r take a 2nd position lien with a HELOC, so you may want to entertain a traditional non-cash out refi with a new lender AND get a HELOC as well. Or just start with the current mortgage holder and see if they'll give you a HELOC. But if you own free and clear, US Bank should be able to help you out. Cheers!

Hey Kyle,

Seems like you covered most of your bases here and all your numbers seem reasonable, without knowing anything about the deal. The one expense that I think many new investors overlook is any management new tenant placement fee or lease renewal fee. I always assume worst case scenario so I account for a new tenant being placed into the property each year. This fee will vary from PM to PM, but I've seen common fees between 25-100% of 1 months rent to place a new tenant. Best of luck!

Thanks everyone! Much appreciated!