Olentangy Schools Re-Districting
$100 Rebate to Plant a Tree in City of Columbus, $50 Rebate Franklin County
Buyers, Get an Assumable Mortgage Loan
Category Archives: All
All of the posts on this site.
Buyers, Get an Agent
Most homes for sale are listed on the MLS with a seller’s real estate agent. Most of those are listed under a contract called an “Exculsive Right to Sell,” with the seller’s agent and buyer’s agent commissions already agreed upon. That means that a buyer’s agent is already paid for if you buy the house, whether you have an agent or not. The seller pays for it from his proceeds. Make an agent earn that commission by working for you!
So where does the money go if you don’t have an agent? In that case, the seller’s agent usually is entitled to both sides of the commission.
Buy Linden
Click here to see available houses in Linden.
Are you a renter in Linden? This is for you. There is a good chance you are paying more in rent than you would pay monthly for a loan to buy a house.
When you own a house, you save money, and improve your neighborhood, while building equity. Equity is the amount of money your home is worth more than the amount of money remaining on your loan. Equity increases as you pay your loan.
The first step is to talk to a lender and fill out an application. It is worth the try!
These Lenders Want to Hear from You:
American Mortgage Service Company
American Eagle Mortgage in Columbus
- Ask about a 203K loan, which allows the buyer to borrow money to complete required maintenance.
Both of these lenders’ offices are close to Linden.
Below is a spreadsheet of the typical costs of operating a rental house in Linden. It shows that you are already paying enough … but you need to take credit for what you are paying by buying a house! If you either have minimum credit or can pay a 20% down payment, there is a chance you can own a home by just moving to another block or even by offering to buy the house you already live in.
Approximate With 20% Down Payment
5% Down Payment with Good Credit
Realtor® Registered Trademark Alt Code
Quick tip for Realtors®, you can quickly type the registered trademark “circle R” by holding the ALT button and typing 0174. This works on PCs.
ALT + 0174 = ®
ALT + 0153 = ™
ALT + 0169 = ©
Money
¥ = ALT + 0165
€ = ALT + 0128
£ = ALT + 0163
¢ = ALT + 0162
Math
¹ = ALT + 0185
² = ALT + 0178
³ = ALT + 0179
· = ALT + 250
° = ALT + 0176
¼, ½, ¾ = ALT + 0188, 0189, 0190 respectively.
√ = ALT + 251
π = ALT + 227
https://www.keynotesupport.com/internet/special-characters-greek-letters-symbols.shtml
Foreign Languages
ñ = ALT + 0241
? = ALT + 063
¿ = ALT + 168
Just search “alt code … ” for more.
Buyers, Get an Assumable Mortgage Loan
You should ask your lender about an assumable loan. This means that if you sell your house in the future, you can pass the loan to a qualified buyer. Typically, FHA loans are assumable.
The market conditions are great to buy a house right now. Interest rates have risen a little, but can still rise a lot more. If you have an assumable loan, you have the option to offer a qualified buyer today’s market conditions by giving them your low-rate mortgage along with your house.
An assumable loan can make your home easier to sell with more buyers and at a higher price in the future.
More information here:
http://www.bankrate.com/finance/mortgages/assumable-mortgage.aspx
Open Houses!
Not doing anything Saturday? Sunday? Try these easy searches to see a list of all the open houses coming up this weekend:
Open Houses Franklin County All
Ventures Update April 2017
695 Riverview Drive
As I branch out into other sectors of the real estate industry, I first want to take an honest look at my first major investment.
The following P&L is for 1Q 2017. See the adjustments below that convert the Net Income to a realistic monthly cash flow. It shows my vision for the property, and hence my enthusiasm since I purchased. I can finally show it on a P&L.
Adjustments to Net Income:
+$2500: taxes. This Q’erly P&L includes an entire half year payment.
-$1500: principle payments are not cash flow, just equity.
-$1000: one quarter of insurance paid at once in July.
-$525: 27 rent payments instead of the 28 shown.
= -$525: total adjustments to Net Income.
= $3,945 of actual realistic cash flow for the quarter.
= $1,315 of cash flow per month.
With $102,280 of total cash invested, that is a ~12.8% annual return. That is not a “home run,” that is a “single.”
So why am I happy with this “single”? In the sense that I want to do better in the future, I am not happy with it, but here are some mitigating factors:
- I have been absent for much of the ownership of the property, and have solved many of the problems with cash, not with my own time. It has truly been passive.
- I learned to hire a good manager. Much of that $102,280 cash is bumbling around with poor management. I have learned from my professional manager, Panzera Realty, about landlording and management since hiring them in Nov 2015.
- The property continues to improve. The condition is better every year
- We continue to cut expenses and raise rents with the market. This year we will sub-meter the water, and new units will rent without wall air conditioning units included. Even with these changes combined, we expect the same rent from the new tenants.
- My original goal was to learn.
- 9% matches the market.
- We are well positioned for an economic downturn with a quality property at reasonable rental rates.
Columbus, Ohio Occupation
Real Estate Agent
I love it so far. It puts you on the inside. A must for full-time real estate career. New website! …
https://nathanruffing.com/realestate/
Uber Driver
Fun. More than pays for gas, but a waste of time. I drive a couple times a month still. I hope I always do. I do enjoy it.
Handyman
I will probably always do some handyman work. I enjoy it.
Kineomen
The holding company in North Carolina is positioning to invest in some sector of the real estate industry. Probably non-performing mortgage loans (NPLs).
Click here for info on NPLs. More details in a future post.
Simple-Kneads Gluten-Free Bread
We have a shareholder meeting at the end of this month. There is investment opportunity currently. Your only commitment is to sign an NDA. I do recommend.
Vino de Coco
I still plan on going there in person as soon as possible.
The Stock Market
I’m still out of the stock market.
$100 Rebate to Plant a Tree in City of Columbus, $50 Rebate Franklin County
Get a cash rebate to plant a tree:
http://www.communitybackyards.org/participate
The Franklin Soil and Water Conservation District will rebate you on the purchase of a rain barrel, compost bin, “native plants or trees,” or soil testing. City of Columbus and New Albany residents can receive $100 on the purchase of trees. The link above has the details!
Useful Real Estate Links
Central Ohio Real Estate Entrepreneurs is the local Columbus real estate investor club.
Franklin County
Franklin County Auditor has property owner information.
Franklin County Sheriff Sales has foreclosure auction information.
Columbus Development Commission
Franklin County Sex Offenders Search
Delaware County
Loan Programs
OHFA 1st Time Home Buyer Down Payment Assistance Mortgage Tax Credit Etc.
Ohio
Ohio Construction Industry Licensing Board
Under 4101 of the Ohio Administrative Code, there is “Ohio Building Code,” “Ohio Plumbing Code,” “Residential Code of Ohio,” and within the building code and residential code there are electrical and plumbing sections, but not one place for electrical and plumbing codes. If getting inspected, best to talk to inspector.
National
National Association of Realtors® Economist Outlook
NETR Online has the link to all public records websites around the US
The Hot Market
Part 1
You have probably heard that the real estate market is hot. I set up my first showing for buyers at 1648 Gardenstone Drive in Worthington. It went on the market Monday, we set up the showing Tuesday, we received notification Wednesday before the showing that there were 60 showings scheduled for Thursday, so be respectful to the sellers’ home. Sure enough, it was practically a revolving door of buyer groups at the house.
The home is listed for $199,900. It is certainly a difficult market for buyers, but there is a reason for that. Interest rates are still low and the economy is good.
“It is always a good time to buy a house that you want to live in.”
Part 2
We looked at a house today, Tuesday, that went on the market yesterday, Monday. I arrived at the house, checked my e-mail while waiting for my buyers to arrive and I had a new e-mail saying the house had already gone into contract. Disappointing. We weren’t alone either. There was another group arriving also who didn’t know yet that the house was in contract.
Part 3
A house went on the market Thursday before Easter for $225K. I looked at it with buyers Saturday. They liked it so we put in an offer over asking price on Sunday, Easter Day. They had 9 total offers and accepted one at around $237K with the buyer willing to pay cash over appraisal if necessary.