Investing in Ohio-Specifically Section 8

[Nicholas Nakamura]

Hello everyone!

New here to the forum and I am currently looking to invest in Ohio for the purpose of providing section 8 housing.  I have about 1

$110K to invest, and I am looking to invest in the next few months.  Any and all guidance is greatly appreciated.  Thank you!  Looking forward to the journey ahead....

[Na Gaines]

New to BP! Beginner,(5/2023) purchased my first investment which was a duplex back home in Chicago IL. As a Rookie I have had a ride. Took a HELOC out for $60k. Used $50 to buy the asset + $30k from savings. Paid $140k(few grand over the 70% rule), quoted $150k to complete the rehab. Didn't get an home inspection because the lender stated they'd take care of the inspections. Assumed they were referring to the home inspections!!! Nope, they meant their inspections. BIG mistake on my part. Started off with termites from the basement to the attic. BUDGET crushed from the start. SOW wasn't as detailed as it should have been. Realtor referred to the GC who was terrible at bookkeeping and communication. GC never pulled any city permits yet charged me (didn't find this out until the job was finished). GC sat on the job waiting for more funds to pay their contractors and tried to strongarm me for more money. Kitchen cabinet handles were placed upside down, cabinet doors were installed backwards, electrical line for thermostat was ran on the inside of the bedroom exposed, trash swept into newly installs vents from the furnace, cracked tub, wall switches were installed sideways in some rooms, wall outlets were installed upside down on some walls, list goes on. Sadly, blew my budget by $100,000. Duplex was not appraised for the amount that the realtor presented. 3 different appraisal short (needed $50k for HELOC) so now I am unable to cash out refi. STRESSED! DEPRESSED! Feeling lost and confidence was completely gone. Paid the realtor to complete the tenant screening and both units were eventually filled. Due to my W2 employment I cant have any bad/negative personal debt. So now I'm faced with the potential of loosing EVERYTHING job, house, car, wife...Finally I stopped focusing on what was wrong and focused on the solutions. In a last ditch effort I sold my personal home and made about $200k from the equity. Paid off HELOC, paid off business credit ($70k) that was personal guaranteed. Confidence gone! Trying to start on the next deal with about $20k from the sale. Lost on where to start. Reside in Charlestown WV (D.M.V.), but my existing LLCs is based in VA and IL. Any suggestions on where I should take my next step in the right direction. Thanks In advance for your time.