All Forum Posts by: Anton Rachitskiy

Hi,

I'm trying to extract cash from the house in Cleveland, OH (valued at $330k, if I can get at 75% that would be great). The house is currently used as AirBnB and has no financing on it. However I was denied by conventional mortgage, since I could not show enough cash reserves. What are my options ? I'm self employed, not much income last year per taxes and no cash reserves. 

Thanks,

Anton

Hello fellow Clevelanders,

I've just acquired a property on a West side  and looking for an architect to make an attic as a separate unit - space is tight and staircase will have to be moved for sure. Anybody have any suggestions on a good architect that is able to assist asap ? 

Thanks,

Anton

Thanks @Ryan Arth , I'll contact him.

@Sergio Picciuto great, will talk today.

I am looking at some 2-4 unit mfrs in North Collinwood, however my current pm would charge more than 13% on these properties, can anybody recommend any good PM that would be able to manage these properties at decent rate ?

Thanks,

Anton

Hello Matthew,

I'm just starting up, looking for my first houses, mostly around CWRU and east of it until Soms center (Cleveland, Shaker, Mayfield Heights, South Euclid...). 

Anton

@Matt Motil @James Wise thanks for your inputs, yes, I was considering that as well, though PMI scared me a little bit, but I guess it's not that much anyway. Do you think it's wiser to look for multi family house for up the FHA's limits (I believe it's 271.5k here in Cleveland).

And with other cash on hand, you believe it's better to just look at houses that can be purchased with loan with 25% down ? Is it hard to get loan without house being the primary residence ? Or better to make cash offers for cheap multi/single families, rehab them, rent and refinance for future purchases ? 

My main goal is to build up a good portfolio in the time of 2 years, given that my monthly cash income from primary business that I can invest will be the same or will grow. 

Hello fellow BP members,

It's my first post here, but was reading forums for quite a while. 

I have rough strategy defined for me, but it's still hard to see what my exact strategy should be, if you can advise I'll greatly appreciate it.

Background:

• Never bought a house
• 798 credit score
• Good tax report only starting from 2015 (was living in different country for quite a few years)
• Self-employed, therefore no W2
• Have $50k in cash right now
• Can (and want) to invest around $20k on a monthly basis
• Living in Cleveland, OH
• Stay at home wife and a small kid

Goals:

• Have long term investment
• Spend as less time as possible on each unit (use property management services and contractors)
• Do the most investment in the following 2 years (will be moving out of country after 2 years)

Ideas:

• Get single family home via cash (or loan since it's going to be a primary residence ?) in area where a lot of renters live, fix it up over summer and live ourselves there - rent it out after 2 years when we relocate 
• Build up a portfolio of multi or single family homes - what would be the best way to acquire them ? Loans or cash on foreclosed ones - use BRRR method ? Should I be looking at more expensive houses in better neighborhoods or just focus on multiple houses in average neighborhoods ( I don't want to try my luck in scary neighborhoods)

I know it's very vague, but that's exactly my state of mind right now ... just not sure what path I should follow and I really love having a well defined path, especially when it comes to managing money.

Thank You for the help