All Forum Posts by: Deron Barnes

The rents are on the higher side of the range and so is the asking price. Unless the property was recently renovated and is in the best part of vailsburg, I wouldn’t pursue that deal.

Originally posted by @Yinna Wang:

I was looking there to invest a year ago but was told by some realtors/investors that there is rent control capping the amount you’d be able to charge. So it would mainly be buying for appreciation at least until someone changes the rental laws. Does anyone know more about it?

Rent control only applies to apartment buildings with more than 4 units. If you invest in residential properties you can charge market rent.

William P. Have you bought properties at the auction before? If so can I pick your brain regarding the process? I understand the general concept of how the process work but I need more in depth information.

@Melissa N. Thanks for the information. Can you tell me what neighborhoods are currently working for you in Ohio and why? Thanks again

Hello BP,

I am considering investing in Cincinnati, Ohio. I am from New Jersey, so I am not familiar with the area. I see some really cheap multifamily properties for sale in Cincinnati with pretty good return. Can someone who is familiar with the area shed some light on streets below:

Queen City Ave, Cincinnati, OH 45238

W 8th Cincinnati, OH 45205

Are these good areas to invest in? What are the pros and cons of investing in these areas? 

Thanks BP!

@Nicole Oribhabor The North Newark area is decent and close to the light rail. You should be able to find a property for your price range on the north # streets but you may have to do some work. The Ironbound section is also good and close to the train station but it is very pricey there.

I hope this helps.

Thanks @Glenn Gerisch 

Hello BP,

I am currently preparing to bid on tax liens and I know paying the subsequent taxes is crucial to getting the max return in the long run. It is my understanding after winning the initial tax certificate, the tax certificate holder has first preference to buying the subsequent taxes. However, in do so the holder must submit an affidavit along with the payment for the tax collector to sign and mail back to the certificate holder.

My question is, does anyone has a sample affidavit used to pay subsequent taxes and if so how do you fill it out? Please reply to post or inbox me sample.

Thanks,

DB

Hello BP, 

I am currently considering whether to continue investing in residential multi-family or invest in a multi unit apartment (5-10 units). Ideally, I would like to invest in a 5-10 units apartment. I currently owned a 3 family outright with no mortgage under a LLC but I have learned that banks do not like giving a line of credit to businesses that own residential property. I need help deciding whether I should pursue a second residential multi-family via FHA loan which I am already approved for or go after an apartment building. To pursue an apartment building, I estimated I would need about $125K in down payment and misc expenses, which would put me in the $500-600K price range. I currently have $25K cash but I would need to take about $100K in equity out of my current property. Which would be difficult given banks do not like giving loans to businesses with with residential properties. What do you guys suggest?

Any and all help/input would be greatly appreciated.