All Forum Posts by: Randy Person

We invest in Greene County, Ohio and currently have 24 low income units.  Seven of those units are through Section 8 (Greene Metropolitan Housing).  Greene Met is very reasonable to work with for the most part.  Montgomery Metropolitan Housing has a reputation of being difficult to work with and are slow to pay at times r so I have heard.

One thing to keep in mind is that even with section 8, you still get to set your criteria that tenants need to qualify for your unit.  Critical to that is verifiable income.  In addition to a voucher, we require that the tenant be able to show income at least 1.5 time the monthly rent, as opposed to our regular tenants who must show 3.5 time monthly rent.

After calling in a couple of favors, I am able to put the funds together over the next four weeks and as such we were able to go into contract yesterday with a closing date five weeks out.  Kevin, I actually proposed your solution but the seller need a quicker close so I just made it happen. Thanks for thought.

I have an opportunity to purchase a 3/1 single family in my area. It is off market. Because of another deal I am financing I dont have the cash on hand to do the deal and while I have the equity to do a HELOC, I do not want to apply for the Heloc until my current deals funds. My seller seems amenable to my giving them 20% down which i have and the balance due in 120 - 150 days. Do I do a promissory note for the balance or how can I structure this?

Hi Amanda.  You might consider joining Dayton Real Estate Investors Group on Facebook.  If you were bidder 5999, there was some discussion about your church in that group and you might find someone interested in your project there.

Good Luck

We really like Rentec Direct software.  But the cheapest plan is now $35/month and probably not worth it for 1 unit.  It does include background checks for $15 plus free ACH payments.  Probably need at least 3-5 units before looking at this as an option.

Try this for water and sewer:  http://www.cityofbellbrook.org/upload/common/utili...

Changed link to show 2016 results.

I use Rentec Direct and it's summary page right now is showing me that 4 of my 12 tenants have not paid yet.

So you stole the Drake Dr. drive property! I called on that one about an hour after it hit the MLS and it was gone. Congrats! Those are few and far between these days.

Year = properties. 

Hi Mike

I have closed on four properties (9 units). Have two more years in contract (4 units) and have a six-plex. I want to buy but I am cash poor until I finish the rental rehab on E. Main St. Here in Xenia. Security National has told me I can do a refi cash out as soon as I complete the rehab. No waiting or seasoning. For others reading this this was a cash deal. The cash out will be for 80% of appraisal up to purchase price and rehab investment. So about 12k purchase and 12k rehab. ARV is only $32 to 35k. 2/1 should rent for $600 to $625. I will push for $650 as it will have all new interiors, new Hvac, new kitchen, and new deck/porch on the back. This is in a C to C- neighborhood. Thanks for checking in. Any thing new with you properties.

Randy