All Forum Posts by: Andrew Hargreave

Welcome @Spencer Cornelia, did you just enjoy the fireworks display downtown?  I'm also in Cinci for my w2 job but also have an offer pending on a multifamily here in Cincinnati...we're hoping the seller takes our counteroffer tomorrow.  I'm here through Saturday before driving back to the Chicago area.

Love the area but it's extremely hot at this time. I've been looking at properties for over 2 months, sadly on MLS/Realtor.com and by the time I find one and run the number on it..usually within a few hours of it going on the market, the property has already sold!

My agent found this one that's not listed yet....another agent at her agency represents the seller who mentioned he was thinking about selling...so giant stroke of luck there.

Good luck in your search!

I'm not sure how Chase would handle all that for you. I've had Chase bank accounts for over 20 years. Many personal checking and multiple savings (mine, kids, etc.) and I've also had an LLC business account with them. When I would transfer money (owner draw) from the LLC business account to my personal account, it would take between a few hours to 1 business day to transfer between accounts. Lately, it's same day...in the past was when there was a delay but I think they've upped their game when the transfers stay inside Chase. I love their web and mobile apps. I have a VERY small LLC business account (used to be much bigger 10 years ago when it was my primary income) and the online deposit limit via your phone pictures is $25k per day that they'll accept for a deposit. Not sure if that's standard or due to my type of account with them (Private Client...I have 3 IRA's, a solo-401k, and Rollover 401k so total with them bumps me up into their Private Client level banking).

Their interest is non-existent (I use Ally.com for holding money @ 1.65%) but I've never had a problem with them.  I know people love to hate them but for my accounts, I love the online but also the ability to go to the branch 1 mile away and talk to someone in person.

Hope that helps.

Welcome, Alice!  Come on in..the water's fine!

Welcome Nicholas and congratulations!  Luckily it sounds like your contact wasn't on one of the MFH's I've been trying to lock down over the last few weeks!   I'm not having luck with an agent who can review and get me the info in time to make a bid before it's already sold!   MFH's are selling like hotcakes out there right now!  I'm about ready to bite the expense and go stay in a hotel there a few weeks so I can jump on these as they come up...or find a better agent.

Thanks @Paul Sian, I've been visiting for over a year and it's very nice area.  I've been in the Chicago burbs for over 35 years and Cinci is so laid back compared to Chicago...I worked a few years downtown on Michigan Ave and the hustle-bustle is just insane...I didn't enjoy that environment.  When I'm in Cinci, everyone is friendly and I don't feel crushed.  I also like that you can find reasonable nice housing 10-15 minutes from downtown....in the Chicago area, those two are mutually exclusive!  

I've been doing a little web research on PM's in the area but haven't contacted any yet...recommendations always welcome!

@Wayne Popelka, welcome to the club!  I'm also an Illinois person (Joliet area) that's looking for a multifamily in the Cincinnati area.  However, my full time W2 employer's home office is in downtown Cinci and I'm needing to start going there more often...and it's grossly expensive for them to put me up in a hotel for a week.  I'm looking for a 3 or 4 unit that has a 1BR that I could "live" in while the other 2 or 3 units bring in enough to cover the expenses.  I've only been passively looking but am also starting to look more in earnest over the coming months and hoping to make something happen.

My wife and I bought a turn-key on the South side of Chicago (South Deering area) back in Dec 2016 and it's been good so far with only a few minor issues.

@Kyle Bale, I can't speak for Wayne but just in general, the state of IL is in major financial debt (IL is already in "junk" status) and the only solutions being proposed by most law makers are centered around raising the property taxes..which are already out of control around here.   We have 2 boys left in the house and they'll likely be leaving in the next year and I'm starting my exit strategy to get out of IL....my wife wants somewhere warmer than Chicago LOL...she doesn't consider Cincinnati to be warmer.  

Jason, we're in a similar situation. We have just a single SFH on the South side of Chicago but my W2 employer's HQ is downtown Cinci and I'm travelling there more often so I'm looking for a small multi family that has a 1br unit that I could stay in while travelling and have the other renter(s) covering all the costs. As @Eric Gross mentioned, @Joseph Cornwell is a good contact to have.  He's had a few listings I looked at but didn't jump on soon enough and missed out.  They go fast!

Since i have 600+ co-workers in the Cinci area, I have folks I can ask their opinion on the neighborhoods before investing too much time on building an offer.

Welcome to officially getting out there! My 18yr old son is graduating from a welding school here in IL next month, looks like a great opportunity in that field! Best of luck!  I had him read Rich Dad Poor Dad last year and he's been lurking and learning with plans to invest sometime next year.  I come to Cincinnati every couple of months as my w2 Corp hq is there. I'm looking for a small multi family in the area that I could stay in when I'm there and let the other unit(s) post the mortgage.

Piling on my congrats as well @Ron S.! We're in the far south-west burbs but we decided to use a local turnkey and are in the South Deering neighborhood for the last year. Great experience and they've been a great PM and cash flowing nicely. But I agree, the state of IL is in a bad financial situation and I'm afraid property taxes are going to be the 'go to' solution for Springfield and I just can't stomach giving them more money (primary and 1 SFH investment). We're looking at TK's elsewhere to diversify. My W2 job's HQ is in Cincinnati so I'm looking out that way since I'd be able to visit often. Even considering a triplex that has a 1br or studio unit and then I could stay in there when i travel on a monthly basis and forgo the hotel experience which gets old after a while.

Welcome to the to the official investor status :)

Thanks for the review Jon! I joined Roofstock a few months ago but haven't really dug into their properties as of yet. Just some quick browsing here and there. We've only purchased one SFH investment from a TurnKey provider here in the Chicago area and it went well and we're 1yr in and no problems...still rented and lease renewed. We're not looking to invest in IL anymore at this time so I'm keeping an eye on potential 2nd door. We did the same with our first purchase..used a HELOC on our Primary for the down payment and we're still cash flowing over $300 after everything.

I'm looking at at triplex property in Cincinnati area tomorrow that was just rehabbed.

Good luck with your 1st door!!!!