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Updated 3 months ago, 09/23/2024

User Stats

1,080
Posts
630
Votes
Sam McCormack
Agent
  • Real Estate Agent
  • Cincinnati, OH
630
Votes |
1,080
Posts

OFFICIALLY, a Real Estate Investor

Sam McCormack
Agent
  • Real Estate Agent
  • Cincinnati, OH
Posted

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

User Stats

939
Posts
790
Votes
Michael K Gallagher
Agent
  • Real Estate Agent
  • Columbus OH
790
Votes |
939
Posts
Michael K Gallagher
Agent
  • Real Estate Agent
  • Columbus OH
Replied

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.

User Stats

4,224
Posts
2,248
Votes
Wale Lawal
Agent
  • Real Estate Broker
  • Houston | Dallas | Austin, TX
2,248
Votes |
4,224
Posts
Wale Lawal
Agent
  • Real Estate Broker
  • Houston | Dallas | Austin, TX
Replied

@Sam McCormack

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!

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User Stats

153
Posts
130
Votes
Replied

Congratulations you are gonna do great keep up the hustle

User Stats

1,487
Posts
1,010
Votes
Benjamin Aaker
Professional Services
Pro Member
  • Rental Property Investor
  • Brandon, SD
1,010
Votes |
1,487
Posts
Benjamin Aaker
Professional Services
Pro Member
  • Rental Property Investor
  • Brandon, SD
Replied
Congratulations! Sounds like you took your time to learn before jumping in. That'll actually put you ahead of the game.
  • Benjamin Aaker
  • User Stats

    112
    Posts
    74
    Votes
    Replied

    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.

    User Stats

    1,080
    Posts
    630
    Votes
    Sam McCormack
    Agent
    • Real Estate Agent
    • Cincinnati, OH
    630
    Votes |
    1,080
    Posts
    Sam McCormack
    Agent
    • Real Estate Agent
    • Cincinnati, OH
    Replied
    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

    User Stats

    112
    Posts
    74
    Votes
    Replied
    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.

    User Stats

    1,127
    Posts
    1,441
    Votes
    Samuel Diouf
    Agent
    Pro Member
    • Real Estate Agent
    • Columbus & Cleveland, OH
    1,441
    Votes |
    1,127
    Posts
    Samuel Diouf
    Agent
    Pro Member
    • Real Estate Agent
    • Columbus & Cleveland, OH
    Replied

    Let's go!!

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    Reafco - Samuel Diouf
    5.0 stars
    2 Reviews

    User Stats

    809
    Posts
    923
    Votes
    Alfath Ahmed
    Agent
    Pro Member
    • Real Estate Agent
    • Columbus, OH
    923
    Votes |
    809
    Posts
    Alfath Ahmed
    Agent
    Pro Member
    • Real Estate Agent
    • Columbus, OH
    Replied
    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!!