First Deal/Renovation Complete

[Craig H.]

BP,

Just completed my first deal/renovation in filling my final vacancy this week. BP podcasts, interaction with members, and attending a BP meetup helped me a lot with the process and accomplish what I set out to do. Got my first house/investment property on my 24th birthday, a 5 unit apartment on the east side of Cincinnati. Got a conventional loan through a local portfolio lender. Closed on December 28th 2015, completed renovations, and had the 4 units rented out in just under 4 months. I am moving into the 5th unit myself. The property is cash flowing with me living there as well, which has been great. The last tenant moving in is great and met all of the qualifications I have in my lease. Over the past year before I got an apartment under contract I was reading and listening to podcasts and that is the way to start, but I've learned more in the 4 months of actually doing it than I did in that year studying. The rehab went relatively smooth and learned a lot during all of that work as well. The unique thing about this property (which helped me in negotiations) is when I was researching the property the City of Cincinnati considers this a 4 unit building, the 5th unit does not have a certificate of occupancy. This is the next item on my list to be taken care of, is to obtain a CO for the 5th unit. Doesn't matter for the time being because I am moving into that unit, but if I want to rent that 5th unit out one day I need that CO to do it legally. Have been in contact with the building department about the process I need to go through to obtain it and from discussions with them it sounds possible to obtain, so I am going to give it a try. My next goals are to connect with more investors in the Cincinnati area and purchase another multi-unit property by the first quarter of 2017. Advice on moving forward to acquire the next property would be greatly appreciated. Attached is a link to check out the before and after photos of the apartment. All the before's are towards the top and after's at the bottom of the album. Renovation Photos.  

[Steve Figueredo]

Excellent job and a great looking first prop. your on the right track keep it going.