Brand New in Cincinnati - Next Steps?

[Sonnie Irons]

Hello! 

I am a brand new investor who is interested in starting with house hacking. I have a down payment, and am hoping to get a 3 - 4 unit (or an excellent deal on a duplex) and live in one unit while cash flowing on the property as a whole. 

I am a little overwhelmed with next steps and was hoping you all could help me narrow down what I should do. I have a full time job, so I should be able to qualify for a mortgage. Below are the steps I think I should take:

1) Get pre-approved for a mortgage (either FHA or conventional)

2) Find a real estate agent (How do I find a good Investor friendly one in Cincinnati? Anyone have recommendations?) 

3) Start looking at properties (I have been looking on Redfin for about a month, running numbers on places that are interesting to me)

4) Buy!

Eventually I will need a Real Estate Lawyer and a local CPA. Can I wait until I own the property to do that? Or would it be a good idea to have a lawyer look over the lease of any existing tenants I inherit? 

Thank you!

[Jake Walroth]

There are some good HH locations in between Rookwood and XU... lower price point than the other side of 71 in HP/Oakley. East Walnut Hills/Eden Park/Obriensville might be good areas to consider as well- very close to HP/Oakley. 

HH’ing is a pretty bullet proof strategy, particularly for your first investment... you’re going to get a sub 4.5% int rt for 30 years!! And if you’re doing 3/4 unit in any of the neighborhoods you suggested, you’ll do great. Just get an inspection.... all of those neighborhoods will likely be houses around/over 100 yrs old.... Don’t be afraid! Just have inspections and perform your due diligence to the best of your abilities. 

Cheers, 

Jake