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All Forum Posts by: Nicolas Looman

Nicolas Looman has started 0 posts and replied 38 times.

Post: Looking for cash flow in Ohio

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

I would personally take the time to look at the Akron market. It's 30 minutes south of Cleveland, has a population of 200k, has 3 major hospitals, is a hotel desert and has a ton of opportunity to get higher caps without being in volatile markets. Akron's taxes are inherently cheaper and easier to hop into a b or c neighborhood without the competition of multiple offers.

Post: Are people finding it harder to find deals these days?

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

I am heating up if anything! Once a week I will go through the Cleveland and Akron markets and break down a list into an actual usable pool. Multi family that is already present in the 1 percent rule and high DOM that are within 10k of the 1 percent rule on current rents. I shoot the list over to each active client and they find it really helpful when they know that what they are looking at is at least close to the cashflow at the market price while knowing the rents should be higher than they currently are.

These owner sellers are investors too and they understand that you need to see cashflow from the getgo. If you can show minor cashflow at the beginning of the negotiation then getting the current rents up to market rent is just an added bonus that will get you into the 10 cap mark. 

I have been having the majority of my luck lately in the Akron market over the Cleveland market because of a couple of factors. Taxation is inherently higher in Cleveland than Akron and the market is slower in Akron making it easier to snag up those properties without the competition.

Any of us can't give you true legal advice to which the obvious answer is to contact a real estate attorney. 

Fence encroachment is common and usually does not contain future issues. A written easement is the most secure way in my opinion to do this though in many the easement is just granted by mouth. Fence encroachment is most common in that the contractor didn't read the survey correctly or the survey was inconsistent with the deed work. Encroachment of this nature should not impede your ability to sell in securing lending for your future buyer. 

However you are asking the correct question when it comes to liability damages this is absolutely a lawyer question in that this can be subject to change based off of where the property is located. In most cases the fence liability would still be theirs even if it is technically on your property.

Hope this helps!

Post: Assistance with estimating basement repair costs

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

He's with ohio basement. I just sent you a dm with his number! 

Post: Assistance with estimating basement repair costs

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

Just request to get a contractor in there for an estimate, Ohio basement systems guarantees their work for life. They cost you but you get what you pay for!

David Weirtz: He handles all of my estimates and contract work for anything basement and foundation related in the Cleveland and Akron area. He has the knowledge and will tell you this is the band aid and this is the forever fix. 

@Kevin Sobilo is absolutely right. The majority of the time cracking and deflection is a symptom of external issues happening around the property. Fix the way the water is entering and the rest becomes so much easier to take on.

Hope this helps!

To Quote Erie County (which should apply to the rest of the state of Ohio):

Liens are "Marshaled" (placed in order and paid in order), and paid from the sale proceeds. A "Deficiency Judgment" is granted to the Plaintiff (Lien holder) against the Defendant (Homeowner) if enough money is not generated at the sale. The liens are then canceled.). You are urged to check out liens and check with an attorney if you have questions. We do not have lien information at the Sheriff's Office.
A federal tax lien itself will be extinguished by the Confirmation Entry, but there is a separate right of redemption accorded to the Federal Government by statute, which entitles it to come in and claim real property any time within 120 days after the signed confirmation is filed with the Clerk of Court. If this should occur, the buyer's payment should be returned, however, the Federal Government is not required to pay for any permanent improvements made to such property in the meantime. Once 120 days have passed, the statutory right expires.

The least expensive and sure fire route would be to call up  your favorite title company to get the confirmation that you are looking for. 

Good luck and happy hunting!

Post: Struggles of investing advice and help

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

It sounds like you need to organize your portfolio and utilize a good property manager! That would be the best 1st step. Let's assess what you have and give you the options of what might be the plausible routes to take. 

It might be of interest to utilize a 1031 exchange to maybe divert your assets into something that may be lower risk for you or holding and proper management might be the ticket. High caps often come with volatility and making sure you have the proper team to lean on is so important!

Post: opinion about this offer

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

I sent you a PM! I would love to hear more on how this turned out for you.

Post: Color to paint house to sell faster?

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

Zillow once wrote an article stating that greys and darker statistically will bring more $$$ to the closing table (I believe they said something like 7k more) . My personal opinion agrees as many buyers are looking for a more contemporary feel without having the ability to new build. However, I will never be sure that a company that lost 530 million flipping houses is right. 

Post: New to this

Nicolas LoomanPosted
  • Real Estate Agent
  • Posts 38
  • Votes 35

I just wanted to add with house hacking one thing to stew on. 

Hacking a duplex is the easiest while FHA will let you go up to a quad-plex. However, with rising interest rates the margins in which your profitability dwindles to the mercy of the market. Your numbers might look good enough but freddie and fannie might not agree.

A duplex does not go through a sustainability test while triplex and quad does. 

Quoting A and M mortgage real quick to save some typing:

"with a duplex, you must first prove that you will use one of the units as your primary residence. Similarly, you can only use 75% of the income derived from rent to meet the debt-to-income qualification. You’ll also need to make certain the property is zoned for residential multi-unit use.

Unique to 3-unit and 4-unit dwellings, however, is the self-sufficiency test. Basically, the FHA wants to know that the property you're about to purchase will be self-sustaining. In other words, they want to know that the income brought in from rent will cover the mortgage."

The second thing that might be worth looking into is if your state offers any down payment grants. These grants often have a list of requirements such as being below the average income in your county or not holding any other properties. An example of this in my market (Ohio) there is the OHFA loan which you pay back as a secondary loan or the communities first program which is literally free money for down payment. This sort of thing might be enough of a push to get you to the closing table. Why wouldn't you want your mortgage covered while literally building equity.

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