My first 4plex in OH

[Susan Tan]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cincinnati.

Purchase price: $259,000
Cash invested: $65,000

A 100+ year old 4plex in a quiet suburb of Cincinnati, OH built in 1924.

What made you interested in investing in this type of deal?

I want to invest in a different area of Cincy metro area that has a good high school in a class A suburb.

How did you find this deal and how did you negotiate it?

MLS, I asked the seller for $10k discount based on inspection report.

How did you finance this deal?

Conventional bank loan w/ 20% downpayment.

How did you add value to the deal?

I didn't do any repairs or rehab. Eventually I'll need to remove the knob & tube wires, sub-meter the water, and fix the garage doors.

What was the outcome?

Im looking for 2 new tenants! During the purchase-closing process, 2 tenants moved out.

Lessons learned? Challenges?

Loan Depot is super slow; I'd use a smaller bank next time. The title company that did the closing also won't do a quit claim deed so I have to hire a different title company or attorney to prepare this document after closing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked w/ my usual property manager who's also a realtor & real estate investor.

[Dan M.]

Congratulations on your new purchase :)

[Gary David]

Congraulations !!!

How did you get insurance with Knob and Tube wiring That is one of the main questions I am always asked

[Elena S.]

@Susan Tan Congratulations on your investment property! Could you please share the name of your property manager?

[Lee Yoder]

Congrats @Susan Tan! Without know much about this deal, it sounds like you're off to a good start because you got started! The first step is the hardest and you've already taken it. I don't think you'll have any trouble finding tenants, but make sure they're vetted really well so that you can keep them for a long time. Good luck and God bless!

[Susan Tan]

@Gary David: Travelers' Insurance covers the property; I used Liberty Mutual broker where James Encinas is the broker who found that Travelers provides the cheapest rate. I dont think that insurance covers any knob & tube wiring replacement so I'll have to cover that replacement out-of-pocket eventually when doing upgrades to this 4plex in mid-2021.

@Elena S.: See DM!