All Forum Posts by: Andrew Cheek

Very insightful thanks all! Has anyone had much luck with owner holds? I've floated that option to a few owners via my realtor but haven't received much response. These are good properties though perhaps owner hold is meant for more distressed owners?

-Andrew

Hey all! Here is the situation I would love any tips from people who have more knowledge around loan structure than I do:

I purchased a Duplex last month at 112k. The VA loan gives veterans 400k plus for home purchases so I have a lot left over. In the loan contract it reads: Must be an "owner occupant", "must intend to move in within 60 days", must not apply for a VA loan if knowingly will be moving within 12 months". KNOWINGLY being the key word here.

So, none of this sounds like set in stone, you will lose your home if you violate these terms clauses. I would like to buy another duplex as soon as possible so I can increase my total unit count. 

What do you all think about using VA again, would they flag me? Would it work? Would they even notice? Thank you! -Andrew

I have just purchased a Duplex in Bridgetown, what are the thoughts of my fellow Cincinnatians on this area? Thanks,

@Michele B. Said it very well, "make sure it cash flows". I like to think of RE investing as units within a portfolio. So if you have 2 units, whether its a duplex or 2 SFH, it doesn't matter it's still 2 units. I would be careful about spending all your cash on a few SFH's when you can leverage that base into more units. Work out your own excel spreadsheet that's what I do.

I will look at 10+ properties at once and figure out what each should CF at the appropriate tax, vacancy, maintenance, and utilities multiples. I am very new also only have 1 duplex but it feels great to get started!! I'm in Cincinnati if you have any local market questions. (Check out OTR, booming)

-Andrew

@Anthony Wick Great example that is literally what I am doing now! I am getting into my first property in Cincinnati and am currently working with a Realtor to find the right one. I am considering going with a VA loan. The only thing is USAA is telling me there is a 2.5% funding fee for this type of loan. Not sure I like all that money not going toward the principle.

Considering FHA but a but concerned about the property requirement/code changes they may disqualify more affordable older housing. Any comments are greatly appreciated thank you!

-Andrew

Fantastic story thank you so much for sharing. I have been in "analysis paralysis" for about a year and this house hack has really helped get me into the right mindset. Super smart to do fairly simple updating yourself!! Simple meaning things other than knocking down walls and gutting the bathrooms:). Again congrats to you and please keep us updated on your future success stories. Take care,

-Andrew

Hello all, I am new to bigger pockets it's great to meet everyone. I have been actively looking for profitable deals here in the greater Cincinnati area. My interests are raising capital for acquiring commercial property, maybe wholesaling, and repositioning. 

What are everyone's thoughts on the real estate market as it stands today in our city? Thanks!

Great thread, Paul your advice is very welcome. It is great to read the thoughts and experience of actual investors. I am also new to real estate investing but not Cincinnati. Would like to either acquire 4-5 multi family's over 2-3 years or Master Lease a 20+ unit apartment building.

Has anyone ever constructed a "Master Lease" of seller carry deal? Thanks all,