All Forum Posts by: Nicholas Elliott

@Bryan C.Thanks!  I'll be sure to give you a call.

@Ben LeybovichThat would probably be useful, huh?

I'm looking for a multi-family property as an owner-occupant.  

Hey Everyone,

I'm looking for a real estate agent in the Cincinnati area that has worked with investors in the past or is an investor themselves.  I'm hoping to make my first deal within the next few months so I would really like to work with someone that could make the process as smooth as possible.  Also hoping to develop a good working relationship for future deals so I'm not in this same situation a year from now.

Any recommendations would be great!  Thanks!

Thanks for all the input.  I went back and forth with the seller but the deal ultimately fell through.  The seller wanted an earlier closing date that I couldn't meet if I want to use the grant funds.  Oh well...back to the drawing board.  I'm checking out a couple properties this week that could be promising.  

@Andy Mink Thanks for sharing your story.  I'm hoping to be in a similar situation.  Sounds like it has played out well for you.

Thanks again for the input...best of luck to all

 @Brian Croll 

Nice work!  Sounds like a good plan.  Good luck with the rehab.

Congrats!  I'm hoping to close on my first deal in the next couple of months.  Care to share the numbers?

Thanks for all the input!

@Aaron Hall Loss of rent will result in me having to contribute a small amount monthly but this would mostly go towards building a fund for vacancies, repairs, cap ex, etc. PITI would be completely covered. Vacancy rate was listed as 10% on the property listing...not sure how accurate that has been. Tenants are a mix of transient and long term family...no section 8. Still doing some research on comparable sales in the area and average rents. Both seem to be average at this point. Thanks for your reply! Going through your questions definitely helps me think more about the big picture.

@Bob E. Still doing my due diligence on the neighborhood. It's only about 10 minutes from where I currently live but not the same neighborhood and not an area I frequent. However, I know many coworkers that live in the area. Found the deal on the MLS through my realtor. I also think it's a tad expensive...we're still working through that. Thanks for the reply!

@Brandon Sturgill All numbers came from the listing except for the 10% I estimated for property management.  Thanks for the reply!

@William Hochstedler Utilities are separate but the current owner pays them so that's why they're so high.  This seems to be the norm in this area.  Something I would consider changing if I end up buying the property.  Thanks for the reply!

I don't think the property needs much work as of right now...however, that might change after an inspection.  The basement/foundation is what I'm most concerned about.

Hey everyone. I'm thinking about pulling the trigger on a 4-family in the Cincinnati area as my first REI deal and was hoping to run it past a few of the more experienced investors here on BP. I would be purchasing it as an owner-occupant and also taking advantage of the Neighborhood LIFT $15k grant that is currently available in the area. The building is 124 years old with a stone foundation. I visited the building on a rainy day and noticed water was seeping through the basement walls in multiple spots. I've lived in places with leaky basements before that didn't seem to be an issue but it did throw up a red flag. Does anyone have any experience with this or recommendations? The rest of the building looked great with no signs of foundation settling (not an expert but I was impressed by the condition of the units). Anyways, here are the numbers:

LP: $150,000

Rents: $30,300

Taxes: $4,280

Insurance: $1,100

Utilities: $5,080

Vacancy (10%): $3,030

Repairs (8%): $2,424

Prop Mgmt (10%): $3,030

Mortgage: $7,980 (3.5% down plus $15k from grant money)

PMI: $1,500

Net: $1,876

I think I've been very conservative with my numbers but want to be sure I reserve enough in case something goes wrong with such an old building. I have not been through the eligibility review for the grant program so the alternative would be 20% down and no PMI. I plan to manage it myself for the first 5 years (have to remain owner-occupant for 5 years for the grant program) so the 10% set aside for prop mgmt could actually go towards cap ex.

Let me know if you need more info or if I need to clarify anything.

Thanks!

Congrats @Kyle H. !

I'm also a newbie investor looking to get started in the Cincinnati area.  I'm ready to dive in as soon as possible and hoping to take advantage of the new Neighborhood LIFT program.  I like your plan of acquiring the single family as well.  Definitely something I've considered.

Do you mind sharing what areas your units are in?  I'm always interested to hear where people are having success in the area. 

Just finished "Think and Grow Rich" and "Investing in Duplexes, Triplexes, and Quads" (Larry Loftis). Although both are books that you never really "finish" reading. I love picking up either book and reading a random chapter or two.

"How to Win Friends and Influence People" is in the mail and will be my next read...looking forward to it.