All Forum Posts by: Chase Clemens

@Tristan Colborg I just reached out to True Meter Solutions for more information, I appreciate the suggestion. Do you happen to know the name of the other company who is installing the submeters?

@Tristan Colborg I got a similar answer from Guardian. I reached out to the City of Cincinnati via email for clarification and received some vague answers. Basically they said anything after the main meter is the home owners responsibility and that I would need to file permits as per the permitting requirements. 

Even if I were to have a licensed plumber install a second water heater and water meter, I’m not sure how I would go about charging the tenant unless I personally went and read the meter each month. Also would have to figure how to pipe it up to only the second floor water supply, which may be difficult without opening up a bunch of walls!

Let me know if you end up figuring anything out! I may call the City for more clarification but as of now I’ve got my hands full with a new promotion and a few projects!

Best,

Chase

@Chris Fischesser I would be interested in that mastermind group. Shoot me a DM and we can discuss details!

@Adriane Boggs I also just bought my first multi-family over in Mt.Washington! Maybe we can meet-up some night! I'm about a week or two away from getting ready to market the property for a tenant. Shoot me a DM and we can iron out details if you're interested!

@Chris Fischesser Another great meet-up in Cincinnati is the Creative Real Estate Entrepreneurs Association, which is the second Tuesday of each month at the Outback Steak House off 5 Mile Rd. The next meeting is a week from today on October 8th at 6PM! It's a free event and would love to see you there! 

@Emily Scovil I'm hoping to see you at the REIAGC Wholesaling Focus group tomorrow night!!! Also, I'll have to check out Joe's meet-up here in the next month or two. Thanks for the suggestion!

@Remington Lyman that’s definitely an added benefit to submetering. I appreciate you taking the time to give me some feedback - Cheers!

I’ll have to call the city to see if I can have a licensed plumber install them on my behalf, since I have personal connections to a few plumbers who will do the work for little to nothing!

@Brandon Sturgill Thanks for the advice! I'll give Guardian a call in the morning for some more info. I'd just like to have an idea and understanding of the requirements in the case I deem it necessary.

@Ryan Evans You bring up a good point - it may not be a good investment to spend $2000-4000 submetering water if it only saves me $50/mo in utilities. Either way, I need to get the numbers to make an educated decision. Cheers!

@Aaron Klein I agree with you, having a clear plan of action with THOROUGH RISK ANALYSIS is critical! 

I was just able to purchase my first duplex with little to no money down. Its a fixed rate a 5.25% amortized over 30 years. It's a "loan assistance" program where the loan provider will bring a 5% down payment to the table on my behalf, with the stipulation that if I sell or refinance the loan within the first 7 years that I have to repay this 5% down payment to them. However, I don't see this as a big issue because it is near downtown Cincinnati and I don't plan on selling anytime soon. I am also going to be living in the property as a house hack to reduce my monthly expenses! I have the money to deploy for the 5% down payment in the bank, but I would prefer to hold onto my cash for the time being so I can have it available to start up my Wholesaling business as soon as possible.

The only check I wrote during the deal is the $1000 earnest deposit when we signed the purchase agreement (which I got back) and then a few hundred bucks for an inspection since this is my first deal and I want to verify the condition of the home. I've done my homework, set my criteria, and connected with an agent that kicks butt, so we were able to find a "unicorn" in my market (found a duplex under $200K in a market where you see generally high 2s and low 3s) which helps hedge my bet. We also negotiated that the seller professionally clean the house as well as paint all interior walls. Not a bad bonus!

This first deal has gotten me some hungry to continue learning and developing myself and my business and I look forward to continuing to post and connecting with the Bigger Pockets community!

Hey BP Nation,

I am a young investor who has been hunting for my first property to househack in the Cincinnati area, and I am happy to report that I have a duplex under contract!! I am very excited to get started and start getting invaluable firsthand experience self-managing my property. 

My questions today is in regards to submetering water in my duplex. Currently there is only one water heater and one water meter. From what I have seen looking at other duplexes who have split utilities, I always see a second water meter and water heater. Does anyone have experience submetering their water in Ohio? Any recommendations on where I should start? Any help is appreciated in advance!