All Forum Posts by: Steven Gesis

Folks

I am in contract now and these are the details. 

Purchase price: 81K

side by side duplex , built 1953, each unit is a 2/1

one unit rents for 680, second one is getting vacant soon and could rent for around 700 PM

The home needs no work and has been kept in good condition.

Location: Fulton Pkwy,Brooklyn, OH 44144 close to Cleveland zoo.

Any feedback on this duplex purchase.

Negatives: no basement or garage

Positives: decent location, no crime and in good condition.

Thanks

In the works of a 203k loan in Lakewood, OH (west Cleveland) - having a heck of a time finding a contractor. 

Have to be proven 203k loan contractors. 

Needing recommendations. 

I am the host of "The TurnKey Investing Podcast" on TurnKey-Reviews.com and we are looking for podcast guests!  Our podcast is about learning from others experiences buying turn key or out of state properties, the good and the bad.  Guests are not required to use the provider name or their last name, it is more about the process and experience and how others can learn from it.  

Questions we ask are:

How did you get started in Real Estate Investing?

Why did you choose to buy TurnKey Properties?

How many TurnKey Properties do you own and for how long?

How did you find a market to invest in?

How did you find a TurnKey Provider to work with?

What made you decide to work with that provider?

How has your experience been so far with your TurnKey Properties?

Looking back, what would you have done differently?

To be a guest, please email [email protected]

 Haha Steven! that is a great question! AND something I have been running into. the values are 32K 29K and 22K (about 83K and we are looking to pull out 30K-50K) 

Many lenders have 75K min per property and or 500K min per loan.

Any suggestions?

I just bought 3 turnkey rental houses (for cash) in Ohio. I need to find out if anyone out in Columbus, Cleveland, Akron, Youngstown, or Canton know of any portfolio lenders in the area that can lend about 60% LTV on these 3 cash-flowing homes. 

Any assistance would be appreciated!

ADAM

From Denver, Colorado

Thank you, @Steven Gesis!  Does your turnkey company operate only in Cleveland?

Hi BP community,

My business partner and I are new real estate investors located in Orange County, California, and we are very excited to introduce ourselves to the BP community.

Let me start with introductions. My name is Garrett, and I am an attorney with a national law firm here in Orange County. My business partner, Mark, has a Ph.D. in physical chemistry and develops materials for next-generation satellites.

Our goal is to build long-term wealth by properly assessing, purchasing, and renting single- and multi-family housing that appeals to professionals, families, and students. We have adopted the “buy and hold” strategy of real estate investing. For our first few purchases, we are particularly interested in two markets: (1) Central California, with an emphasis on the Fresno/Clovis area; and (2) out-of-state turnkey investing, particularly in Tennessee and/or Texas. For those first few purchases, we want to be particularly cautious and slow to execute, while enjoying the learning experience and developing our partnership. Soon thereafter, though, we would like to grow rapidly and acquire apartments and commercial property, both here in California and out of state.

While we feel sufficiently prepared to make our first investment, we are still soaking up the knowledge generously provided by this community and through local REI clubs. We are greatly appreciative of the time you all put in to educate newcomers like us.

We meet, on a near daily basis, with local investors, attorneys, brokers/agents, mortgage officers, and other professionals. We would be more than happy to meet with those of you local to Orange County that are interested in collaborating. We are particularly interested in meeting with local investors who have long-term experience in out-of-state turnkey investing and those with multi-family and apartment experience.

We look forward to connecting and working with you as we begin our journey. Thank you in advance for your comments and well wishes.

Hey BP,

I found the "perfect" deal. The numbers are great, location is spot on, and the home is exactly what I've been wanting and searching for.

I have potential partners, but NEED to know if I can still apply for an FHA 203K loan with a co-signer. I won't be able to qualify due to the DTI ratio and this would surely help the deal.

A conventional loan is obviously still plausible, but would love to take advantage of an FHA loan! 

Thank you!

-Zach

I've come to the conclusion that Buy and Hold is not for me and I'd rather invest my money into a syndication and let someone else do the heavy lifting.  I just want to receive a paycheck! 

Can anyone recommend any syndications with a good track record and what kind of returns you are receiving?

I also need a syndication that can allocate larger sums of capital, 6-7 figures.  Some of the syndications I've contacted couldn't handle that. 

Thanks!

Wouldn't it make sense to create your Buyers list first? That way if you have a property ready to get rid off or sell, you'll know who to call.(no, not ghost busters). But, if anyone has any other ideas or ways to share, please, your feedback is always appreciated.