All Forum Posts by: Randy Person

I live about 20 miles from that area.  Unfortunately there is a lot of disinvestment in that area and similar properties can be had for $25,000 or less but they are in C- or D neighborhoods.  As always location is key.  I hope your property is in one of the better neighborhoods.

You don't sat whether you currently own a home and what equity you might have in it. This seems idea for a HELOC on you personal home to do the deal and rehab. Rent, Refi and pay off the HELOC.

That may be true in Franklin County but not here in Greene County.  We just have to make sure we follow state law.

Great advice Brian.  One of the owners told me exactly that. She stated the first year she has a renter she schedules quarterly visits to change out filters, and check under sinks for leaks or moisture problems, and check smoke detectors, ect..  She stated that after the first she only checks once or twice year and just drops off the furnace filters.

We just asked a similar question of Security National Bank in Springfield about doing an 80/10/10 loan on a six-plex with the current owner carrying back a second note for 10% of the loan. We were told they would allow that if the cash flow covered both loans. Terms offered were 20% down (10/10) on a 5 year ARM at 4.75% with a 20 year term.

Heh Mike! Good to see you on here.  Now you are on the list of people I can bounce ideas off on.  Dave Elliot from XPD just joined today also.  He has two rental also.

Sorry, didn't mean to imply that you shouldn't and I assumed that you would choose the midwest were the rents and property costs still make some sense.  I just meant how did you come to decide on Dayton,Oh.  Family ties, drove through here once,or saw a post on BP ect...   I really hope it works out for you.

Why Dayton, if you are from Las Vegas?  Where is the property?  I live about 15 miles away in Xenia and spent the last three months analyzing many many properties in the east Dayton area (Eastern Hills & Belmont).  Good luck with your venture.

For now yes.  We want to get a handle on all aspects of this business and maximize cash flow.  As unit numbers grow we may rethink that strategy.

My younger son joined Bigger Pockets a couple of months ago as we had decided to start investing in RE. He and I have formed an LLC for the partnership. We are going to use a buy and hold strategy investing in sub 50K properties in stable "C" neighborhoods in my home town where I happen to be the Chief of Police. During the past week we have been able to put five properties in contract and expecting a sixth in the next couple of days. This is for 2 triplexes, 2 duplexes, and 2 single family homes. We are currently do the numbers on a six-plex that is a B property in a B neighborhood. Once we have a stable base of income producing properties in my home town we plan to expand probably to the Columbus, Ohio area where both of my sons live.