All Forum Posts by: Wayne Mack

would this strategy work for buy and hold on properties that may not need to be rehabbed and have very little necessary repairs? 

Hi Everyone!

I have a question that I feel like I should have the answer to but I would like some insight from you guys.

So, I found (more like fell in my lap) an off market deal in my town via a friend of the family. He is looking to sell his multifamily property that he owns free and clear. He is selling it for a fraction of the price and is offering seller financing with a significant down payment and would prefer a cash deal.

This is a deal I really want to close on; Is it possible to acquire the property in full with hard money and do a cash out refinance to repay the HML?

Or would it be smarter to use the hard money as a down payment and seller finance the rest? Then Cash out refinance?

P.S. the home is cash flowing nicely and is in a C neighborhood. Needs super minor repairs (less than $2,000) all cosmetic

Thanks Guys I appreciate the responses!

Any current Toledo, OH investors that can weigh in?

Thanks for the feedback guys! I really appreciate it

@Kevin Noesner What types of properties do you target in those areas you mentioned? And what are your returns like? Also are these neighborhood grades?

@Brandon Schlichter I was mainly referring to areas to avoid from a safety standpoint as I am not interested in investing in war zones. Any of the war zones that you know of that may not be safe? Like a D Class neighborhood or worse? 

@Travis Tomlinson I will shoot you a direct message

Good Morning Everyone!

I've been researching the Ohio markets to buy and hold small multifamily properties (2-4 units) in B and C neighborhoods. I have come across a few desirable markets for myself such as Cincinnati, Toledo, Cleveland, and Dayton. 

@Ozzy Smith has provided some great information for me about the Dayton market as well as Nicholas and Sean regarding the Cleveland market. 

I am looking to learn about the Columbus, Toledo, and Cincinnati markets.  

What are some areas/zip codes I should avoid and some I should look into? 

I would like to connect with the local players in those markets 

Thanks in advance guys! 

Welcome @Leonard Nisay 

There is no cohort age of knowledge here! You will find everything you're looking for. Make some contacts read the blogs and get rolling!

I share your pain along with @Linval T. in living in an expensive area, the NYC tri state area. For buy and hold investors is can be difficult. So like you I am also looking out of state in areas like Cleveland, Dayton, Toledo, Jacksonville, and Charlotte

Good Luck! 

this is one of the greatest posts I've ever read. Very detailed and helpful to everyone! 

Great job @Clay Manship

Keep up the good work. I enjoyed reading this post

Good Morning @Andrea Coar ! 

I am an investor from north jersey looking for like minded individuals to network with as well. I wouldn't mind hearing about deals either (; 

Look for ward to meeting/speaking/networking with you! Welcome 

 Thanks for the insight Adam! It's nice to see someone from my area/market that had the same dilemma at some point. My concern is and has been not being able to have immediate access to my property. Especially since I don't have any hands on investing experience. How did you start out Adam? If you don't mind me asking 

@James Wise thanks for the link and neighborhood ratings! That will be very useful. Can we further discuss the cleveland market? So I can become a little more familiar. You seem to be very in tune with the market there