All Forum Posts by: Timothy Lewis

Timothy Lewis has started 6 posts and replied 357 times.

@Brandon Goldsmith @Zeke Liston thanks for the feedback!

0 Votes

Hello BP World,

The purpose of this post is to, hopefully, find other investors that have used the PM company Cap Rate Realty based out of Columbus, Ohio. I am an out of state investor and I'm establishing my "Core 4" in Columbus. CRR came highly recommended from my agent but I can not seem to find many reviews online. I specifically want to know if any investors have used them to complete a rehab and if so how was the quality and budget? Honestly, any feedback provided will be greatly appreciated!

Thanks!!

Tim

0 Votes

Mortgage and HOA fees were left out of the calculation. Like @Duriel Taylor said, the HOA should cover roof. New appliances and HVAC should run you 3-5k depending on quality you choose.

0 Votes

Hey @Christian Bonilla

Great questions. Below you'll find attached forum articles diving deep into those topics:

0 Votes

You should do one of two things:

Wait and save up enough money for your down payment (I'm assuming you're going to get a FHA loan)
Find a partner for the deal to fund part or all of the down payment

0 Votes

Welcome to the BP Family. I'm local to the Miami area. I live in Doral and work just north of Cutler Bay. I'm happy to help

0 Votes

Originally posted by @Marc Rice:

@Jarrett Mel Williams

Partnering will be your best bet if you lack the down payment. If you find the deal and bring money to the table you should be able to partner with someone who will bring the remaining cash. You can even do project management or other activities to make up for your lack of downpayment.

Most lenders will want 20% down on a single family or 25% down on a multi family for non owner occupied investment property.

Columbus is a great market to invest in

I agree!

0 Votes

Originally posted by @Nicole Heasley Beitenman:

It's really about goals. If you want to use the first property to get the second, you're likely more concerned with equity. It's going to be pretty rare that you're able to obtain a turnkey property below market value, so you're going to have to find something that needs rehabbed. I plan to hold my properties for the rest of my life, so if I found a property that broke even for a few years but gave me a huge chunk of equity, I'd jump on it. I'm 29; in 30 years, I won't care that it didn't cash flow for the first 3 years.

I second this

2 Votes

I'm there!

0 Votes

Welcome to BP and to South Florida @James Despopoulos

I'm local to SoFLo and happy to help!

0 Votes

1 2 3 4 5 6 … →

All Forum Posts by: Timothy Lewis

Timothy Lewis has started 6 posts and replied 357 times.

Post: Cap Rate Realty Review

Post: Cap Rate Realty Review

Post: First deal: Selling sister condo in South Florida.

Post: Down-payment on a turnkey investment

Post: I want to buy a duplex.

Post: New member from Miami,Fl

Post: Funding Down Payment

Post: One must b Renovate RRR. In this buyer’s market. Do you agree?

Post: Learn Columbus, Oh. Neighborhoods- series

Post: New to Real Estate and looking to connect in South Florida!