All Forum Posts by: Tony R. Yagiela

Jeffery,

Where do you hold the meet-up?  I invest in North Canton multi-families.  I wont be able to make it tonight, but if its a weekly event, I will be sure to make next week.  I've been investing in North Canton since 2007.

Hi Herman,

Welcome to BP!  I invest in the North Canton area and am more than happy to answer any questions if you have them.  Just message me and we can go from there.

Tony Yagiela

@Kevin Simmons - I have been an investor for 11 years now and have all my properties in North Canton.  I would recommend Dominic Fonte as the realtor in the area that fits what you describe.  He is an investor himself and has been a realtor in the area for 30+ years.  Jose Medina happened to be the seller agent on most of my acquisitions.  He is a big name in the area and might be a good resource too.  Feel free to PM me if you have any questions about North Canton.  Good Luck!

Tony

Hello my fellow investors!

I have been doing this for 10 years and it finally happened - a tenant(s) trashed my property.

The property is located in North Canton.  Can anyone from the area recommend a cleaning service?  In my opinion, this job might be a little much for a standard cleaning service, but doesnt quite meet the need for a hazard remediation service. 

I would put it on the same playing field as...say...a public restroom at a rural gas station...  or... an OSU Frat house the morning after they beat Michigan.

Any help would be much appreciated!

Thanks,

Tony

Hey there my fellow investors!

I have a unit in North Canton that needs some renovations and I am short of contractors in the area.    The work that needs to be done involves everything from tile work, bathroom fixtures, interior painting and exterior door installations. 

I am on a strict timeline, but whats more important to me right now is to develop some contacts in the North Canton area to avoid this situation in the future. 

I used to do the work myself, but as we all know, that gets pretty demanding after the first few units.

Any recommendations would be much appreciated!

Thanks,

Tony

Thanks for the responses everyone!  I didn't mention price because it looks like he can afford the high end if needed so hes looking for the best options.

I think he is going to go the route of an extended stay for about a month or so until he finds exactly where he wants to be.

Thanks again!

Hello fellow investors!  I, myself, am not moving to Denver but I am trying to help out a colleague of mine that is moving to the Denver area. 

Can any of you in the area give some advise as to what areas, or maybe even a specific apartment and/or condo complex you would recommend for a 26 year old new to the area?  He knows nothing about the area and our company has relocated him to their north Denver office.   

I also don't know much about Denver so I cant give him any advice on trendy areas where you typically see young professionals. 

I am urging him not to sign a lease without seeing the property first, but everything is moving so fast for him that it can be easy to get locked into the wrong part of town.

Any input would be much appreciated!

Thanks,

Tony

Hi Brian!  

Okay....  IF you have zero experience in an investor, this is your first property, and you are not a season contractor who knows exactly what renovations can cost, take your 25K budget and increase it by 50% minimum.  In addition, youll want about annother 50% in cash reserves on top of all that.  So, we are already at 50K.  I admire your ambition and fearlessness, but I think you need much more cushion for unanticipated expenses which is certain to happen. 

Comps:

Without knowing the neighborhood or the variety of different home styles in your area, its hard to say whether or not 225 is an accurate AMV.  Is this home much newer the comps?  Do the other houses have attached garages but yours is detached?  Septic and well versus city utilities?  A lot more than square footage must be considered.

Financing: 

If this is a flip, a traditional bank will want to see 20% down.  Also, the fact that you are an investor may limit the amount of closing costs the seller can pay for you.  As an example, Chase Bank vetoed the seller paying my closing costs on the last rental I purchased because it was an investment. Smaller community banks in the area may be able to offer more competitive terms and conditions if you do your due-diligence.

The bank will also want to see adequate cash reserves for a loan after your down payment and a hard money lender will want to see experience in addition to cash reserves and I've never heard of a hard money lender floating 100% of the project budget.  

The numbers:

With purchase price and renovations total, you want to be at 70% AMV is a good rule of thumb.  

I dont want to discourage you, but I think you are going to have to bring up your cash reserves and pay down debt to bring your credit score up before you move forward.

Houston is a nice area though.  I lived in the Woodlands for a year and loved it down there.  What ever you decide to do, I hope everything works in your favor!

Good Luck!

Tony 

Rohan,

North Canton:  Diebold,Timken, and Walsh University

Akron: Bridgestone/Firestone, Curtiss-Wright, Alro Steel, The University of Akron

Columbus: Im not the best guy to answer this one, but there is a lot with respect to the university and its heavy in the finance and insurance industries. 

Those are just a few big name companies, but in my opinion, the job stability on those 3 cities is positive.

Jean - I would be more than happy to meet up with you and answer any questions you have.  Feel free to reach out to me when you are getting closer to your trip date and we can work something out.