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Updated 3 months ago, 09/23/2024
OFFICIALLY, a Real Estate Investor
After 3.5 years of being interested in real estate, learning, and making it my career, I am officially an "investor". Granted, I have already invested thousands of hours already, and invested by making it my career, I just yesterday closed on my first property. A duplex in Bellevue (Northern Ky). It will be a househack, 2, 1/1 units. Some cosmetic work I am wanting to do first, but fine as it is now.
So after working for/being an agent for 3 years, posting almost 1,000 times, talking to countless investors, making this my full time career, etc. I finally have my first property. Can't wait to continue to help more investors, invest more myself, and everything in between! Let me know how I can help you best!
- Sam McCormack
lets go! way to get it done. the house hack is the best way to go and the fact you are doing it with scalable income is just amazing.
- Michael K Gallagher
- michaelgallagher@teamtruitt.com
- 614-362-2231
Congratulations on becoming an investor and securing your first property in Northern Kentucky. House hacking is a great start, with duplex properties offering flexibility and a comfortable living environment. As an investor and agent, you can share your knowledge and tips for other first-time investors. Share insights on the Northern Kentucky market and share your plans for cosmetic improvements.
Good luck!
- Wale Lawal
- Wale@Networthbuilders.com
- (832) 776-9582
- Podcast Guest on Show #469
Congratulations you are gonna do great keep up the hustle
- Rental Property Investor
- Brandon, SD
- 1,010
- Votes |
- 1,487
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Everyone is so positive. Its nice. But, its a terrible time to start out. Prices here are still at peak and interest rate drop is not all that meaningful. At least in NKY you are not hampered by confiscatory real estate taxes like we are across the river.
Real estate taxes $1200 per month on a $350,000 property(seriously)
In Cincinnati, when you pencil it out, the break even point for a 4 family is about $85,000-$100,000 per door. And, that is in a nice neighborhood where you can get $1100/mo for a 1 bedroom.
Here it is: $50,000 rental income less CapX and Operating Costs @30% (don't forget you own 16-20 appliances that nowadays last maybe 5 years and can't be repaired) . . . =$35000 for debt service and return on downpayment. Best loan here is 15yr amortization 80% loan to value and 7%. You do the math.
Quote from @Gregory Wilson:
Everyone is so positive. Its nice. But, its a terrible time to start out. Prices here are still at peak and interest rate drop is not all that meaningful. At least in NKY you are not hampered by confiscatory real estate taxes like we are across the river.
Real estate taxes $1200 per month on a $350,000 property(seriously)
In Cincinnati, when you pencil it out, the break even point for a 4 family is about $85,000-$100,000 per door. And, that is in a nice neighborhood where you can get $1100/mo for a 1 bedroom.
Here it is: $50,000 rental income less CapX and Operating Costs @30% (don't forget you own 16-20 appliances that nowadays last maybe 5 years and can't be repaired) . . . =$35000 for debt service and return on downpayment. Best loan here is 15yr amortization 80% loan to value and 7%. You do the math.
It's just what you make of it. Stay positive😉
- Sam McCormack
Quote from @Sam McCormack:
Quote from @Gregory Wilson:
Everyone is so positive. Its nice. But, its a terrible time to start out. Prices here are still at peak and interest rate drop is not all that meaningful. At least in NKY you are not hampered by confiscatory real estate taxes like we are across the river.
Real estate taxes $1200 per month on a $350,000 property(seriously)
In Cincinnati, when you pencil it out, the break even point for a 4 family is about $85,000-$100,000 per door. And, that is in a nice neighborhood where you can get $1100/mo for a 1 bedroom.
Here it is: $50,000 rental income less CapX and Operating Costs @30% (don't forget you own 16-20 appliances that nowadays last maybe 5 years and can't be repaired) . . . =$35000 for debt service and return on downpayment. Best loan here is 15yr amortization 80% loan to value and 7%. You do the math.
It's just what you make of it. Stay positive😉
You are right about that. Every condition that is adverse in real estate has a positive side to it. It is not always possible to be on the positive side but often one can. I get contacted every now and then by a person wanting a corporate rental meaning that they are just brokering my space to third parties for mid term stays. The AirBNB market here is over saturated so they are working that space between LTR and overnights but without the AirBNB baggage.
Creative.
Let's go!!
- Samuel Diouf
- samuel@reafco.com
- (614) 662-1652
Quote from @Sam McCormack:
After 3.5 years of being interested in real estate, learning, and making it my career, I am officially an "investor". Granted, I have already invested thousands of hours already, and invested by making it my career, I just yesterday closed on my first property. A duplex in Bellevue (Northern Ky). It will be a househack, 2, 1/1 units. Some cosmetic work I am wanting to do first, but fine as it is now.
So after working for/being an agent for 3 years, posting almost 1,000 times, talking to countless investors, making this my full time career, etc. I finally have my first property. Can't wait to continue to help more investors, invest more myself, and everything in between! Let me know how I can help you best!
Congrats man! Way to go on buying your first property. I would look to stabilize and scale. Buy with hard-money, BRRRRR, and scale to the moon baby!!
- Alfath Ahmed
- alfath@reafco.com
- 614-802-5698