All Forum Posts by: Steven Gesis

I've reached out to a few realtors and was given a list of turnkey properties. A few caught my eye with the description of for sale $30,000, rents for $800 long term tenants, good payment history, fully rehabbed in 2013... Ok, so what is the catch? 

@Steven Gesis   I will get there in the next year... I did a bunch of stuff in Columbus in the day I rather liked that town..

Has anyone had success with turnkey over 10 years? 

@Steven Gesis  one of the last great old cities I have not frequented.. so I will have to make it there soon.. just waiting for someone to reach out and need my services.

The three best yet least appreciated assets are the Cuyahoga Valley National Park and the Cleveland Metropark system with their hundreds of miles of hiking and biking trails, and Lake Erie... one of the worlds great sources of fresh water, clean, a mecca for fisherman and boating enthusiasts.

Cleveland is the only major city in the country with a national park within its boundaries... no kidding.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&so...

Cleveland ranks 8th in U.S. in growth rate of college millennials! We have seen an influx of young college educated people in Cleveland and the cities surrounding Cleveland. 

Cleveland is home to over 600 bio-medical facilities and over 60 hospitals!  It ranks in the top 10 across the nation for cities with the most healthcare jobs!

The industry has grown by over 60% over the past dozen years making it one of the fastest growing industries in Ohio

Steven Gesis great tips for the 203k process! I as well am looking to go this route as my first 2 properties I have done all the work and found I'm ready to start hiring it out!
I am looking to purchase a 2-4 family for ~$90,000 and put in ~$30,000, being all in at about $120,000. The get market rents up and gross ~$2400/month in rent. This would allow for a nice cash flow situation.
Do you see any big challenges or obstacles with this basic logic?

I'm new to Bigger Pockets and in need of financing advice/direction with regard to purchase of a fixer house, on which I have a purchase and sale agreement. Built in 1890, the home has seen little remodeling and so retains much of its historic charm. It is not derelict, but needs all new electrical and plumbing, interior and exterior repainting, tear-off re-roofing and repairs to the fieldstone foundation. It's in the popular small town of Palouse in eastern Washington. Due to the repair/upgrade work needed, it cannot be financed via a conventional mortgage, or so I've been told. I am well-skilled in plumbing and electrical work, and would like to take care of the home's needs in these areas myself, by permit and to code. Long story short, I can do most of the repair and upgrade work, except for the foundation, on my own, enjoying that kind of work, and saving thousands on the cost of contractors. If I were to get a mortgage in combination with a construction loan, I would be compelled to farm-out all repairs to professionals, greatly increasing the purchase cost. Is there any way to finance this home's purchase and yet retain my freedom to do much of the repairs and upgrades by my own labor? I have looked into hard money lending, but the interest and down payment costs are considerably higher than conventional mortgage financing. Any advice on where to look for purchase financing which affords me the freedom as owner to do most repair work myself? Another problem discovered with hard money lending: so far, I've been told I have to flip the house or rent it out after repairs are made. My intention is to move to this house, and then rent-out the home I presently own and live in. I won't lie about my intentions to make a deal work. This is not a conventional fix-&-flip or buy-&-hold situation. The agreed sales price is $47,500; estimated repairs will bring total investment to around $70,000. Market analysis indicates the ARV of the home to be in the range of $100,000-$125,000. My purchase contract expires in 2 weeks. It has been extended once, already, and perhaps could be extended again. The elderly seller, due to health, is unable/unwilling to do an owner contract. Any realistic options to completing this sale? (I have a good credit profile, with my FICO score in the mid-700's over the past year.)