All Forum Posts by: Patrick Drury

@Jennifer Buchholz
Depends on your investing approach. I personally would say use the loan to stay leveraged so that you can buy more properties. If you want to buy with cash, and refi you would be doing delayed financing. Typically, it's about 70-75% LTV of the purchase price regardless of what it appraises for and you can do it right away. There is no seasoning period for delayed financing, although if you wait 6 months you could do a cash-out refi. I am not a lender, so I would reach out to a local lender in your area to ask what they can offer.

@Ross Harter
It comes down to what you are trying to accomplish. Personally, depending on the numbers would say hold on to it as a rental until a better opportunity appears and 1031 it. I am someone who wants to buy as many units as possible, and this is all I do. It comes down to what your goal is, your investing style, and the numbers, of course. 

@Ryan Anderson
I have seen people do it both ways. Honestly, it depends on your investing style. 

@Matt R. 
Just buy more real estate! 

@William Lemmon
I am not sure about Akron, but in Columbus, the Eviction process is moving like a well-oiled machine now. There were a lot of delays during the height of covid, but now it has absolutely no effect. I had to evict a tenant Aug of last year and it was fairly quick. 

@Steven Westlake
You should buy it!

 WOW. I would consider looking elsewhere if that's the case. You would have better luck investing in the united states than there. There is a lot more opportunity in a state here in the US that's landlord-friendly and is growing rapidly like Columbus. In Columbus, there is no rent control. You can raise rents to whatever ever market supports (given they are month-month or if their lease is up). Also, if you can't raise rents to market, it's impossible to make money on those deals if the prices are going up, but rents are unable to correlate along with the prices. It's like buying a property for 2022 prices but renting it with market rent from the 1950s. 

@Jarrod Kohl
Still finding good deals in Columbus OH. I cold call a lot and source deals that way! 

@Marvin Michel
First off I think that the price is way too high. I pulled some rent comps for the area with Rentometer and everything is showing roughly $600 a month. This property is pretty far out from the city to be rented for $900 a month for a 1 bed. In Columbus OH, you could rent a 2 bed/1 bath for 750-900 a month on the high end and Columbus is a lot more desirable than Middle town OH (I honestly didn't know of middle town till now and I have lived in Columbus for my whole life). I think the best-case scenario is you rent it for around $600 a month. Here are those rent comps I mentioned - https://bit.ly/3wXBJ4B. The other problem with this is marketing. Here in Columbus, I used to do quite a bit of leasing for the PM company. Every property we lease is on Zillow, apartments.com, Tulia, and hot pads. There should be a for rent sign in the front yard. If there isn't much traction try the Facebook marketplace. If you make those changes and still no movement then you should be lowering the price every week with no movement. 

@Horacio Gutierrez
I would recommend you have a real estate attorney from your area review the lease once it is completed. Neither you nor I are attorneys, so writing leases and interpreting laws is not something either of us should be doing. You could get in a hang-up where you write that in and that it comes back to bite you when you find out that maybe where you live that's not legal. The last thing you want to do is lease a tenant with expectations based on clauses you put in a lease that may or may not be enforceable.