All Forum Posts by: Mitchell Litam

@Brian Ellis I dont think its sheet rock. It is a panel and then connected by a strip to another panel. All panels are connected by a strip that protruds a little bit so it is not flush to the wall. Not sure how to repair that.

@Kevin Sobilo You're right I thought it was stone but its like a larger brick. All the other houses its next too are all brick and most houses are brick which is strange that this one is so different and makeshift.

@Kevin Sobilo It has a stone foundation and cannot move. My realtor told me it was a modular home which was manufactured but is not a mobile home by any means.

@Brian Ellis The rehabbing is basically patching up the walls.....whatever they are made of, There are two fist sized holes. I was thinking about patching them sanding them and possibly just painting over it. It was a weird material not sure much about it. This should not be too bad right?

Hey guys,

I just looked at a property and all the numbers look great!

The property is in OK shape. A little fix here or there with decent room.

The only thing is its a modular home and I have never dealt with this before.

Do modular homes affect the rental value?

It was built in 1988 if that makes a difference.

Any insight on this subject would be highly appreciate.

@Justin R. Thanks for your input.

I am worried. It is clearly a section 8 housing apartment complex right in front of the house. Not sure if people would want to live there.

Hey guys,

I just looked at a 4bed 2 bath and all the numbers work out.

It is however across from a big Section 8 apartment building.

My realator said the best thing to do would be to apply to section 8 housing.

I have tons of questions but mainly these.

How hard is it to apply for section 8 housing?

Its a 4 bed 2 bath house. By house I mean it is like a townhouse that shares a wall with another townhouse. I dont know anyone or have dealt with section 8 at all but do many people get vouchers for houses that big?

The backyard is also a graveyard....soooo not sure what that has to do with anything.

Has anyone had problems with section 8 tenants.

If I do not make it section 8.....would anyone want to live there?

It is walking distance to a great local bar scene. I dont know if that is a good thing or bad thing cause I dont want to attract partiers...

Any advice would be helpful.

@Mike Rosso is this the same meeting that is usually held at the Brew Garden?

@Lisa Rodriguez I was gonna say we usually meet the last Thursday of the month but they must have moved locations haha I havent been in a couple months. Anyways! Welcome!

@Caleb Heimsoth yeah, I apologize. My mind goes at a million miles per minute and I jump around. Well, that answers my question haha. I thought it was somewhere along those lines but wasnt sure. Staying away from that then. 

@Account Closed I bought my Lakewood duplex in 2015 as my first investment property. I bought it with a partner I worked with and have recently refinanced the duplex to buy him out. The market seems to be slowing down and the BP podcasts seem to imply a downturn in the market, but if you are house hacking and not trying to flip or anything does it really matter? The best time to invest in real estate was ten years ago, the second best time is NOW! Even if you dont make positive cash flow, like someone else said you still need a place to live so why not have someone else help you pay for it? The going rate from what I have seen is $1000-$1200 for a 2br/1ba depending on how nice it is. I pay about $300 to live in the top part of my duplex which is a 3br 2 bath and im converting the third floor to a master floor and in the process of demoing the bathroom. $300 to live in Lakewood is a win in my book and if you structure your deal right you can be there too and it seems like a no brainer cause its about $700 to live in one of those studio apartments in Lakewood. I would say to look at a bunch of them before you pull the trigger. Obviously the closer to Rocky River and away from the Cleveland border is much more desirable and I would stay away from Birdtown.

Hope that helped. You can DM if you have any questions. I am still a newb hah

Hey guys,

I was recently talking to my friends husband who has about 20 properties. I was talking to him about how he finances and other questions in terms of the market.

He was very informative and provided me with a lot of information but one thing stood out that I questioned and wanted to get your opinion on the matter.

I told him about my efforts and strategy to BRRRR a house. He was against it and puts 20% down on houses. I told him investors usually have to put around 25% from what I have seen and he told me to lie to the banks and tell them I am living in the house to get a lower rate. I hold myself to a very high standard or integrity. Is there anything wrong with doing this? What are the repercussions if any for getting caught.

There are just so many strategies its hard to pick one between 15/30 year mortgage and paying houses off or refinancing them. My goal is for long term wealth and unearned passive income. What would be the best strategy for this. From what I read in books I have interpreted that it would be 30 year mortgages and reinvesting the income into other houses. Am I correct?

Any and all inputs would be helpful.

@Alex D. glad you thought so. I hope you can use it and make lots of money!