All Forum Posts by: Evan P Stegman

Hello BP world. 

I currently own a 3 unit rental property in Cincinnati that I house Hack. Bought the triplex in late 2021 and have fully renovated two of the three units. Currently am working on renovating the 3rd unit. I bought it for 317,000 and make 3750/month in income from the rents. If my math is correct this property will probably appraise for around 450,000 as is which means I can pull out around 100,000k in equity. Now the fun begins, I had a water proofing company come and check out the basement because there is water from time to time. Since the house was built in 1885 it has a stone foundation which are meant to have moisture from time to time to "breathe". The company told me since I wasn't using the space other than storage, it really doesn't make sense to water proof it. He also said if they do water proof it I'd be able to convert the basement into another rental unit. In your opinion does it make sense to pull out some equity and add another unit to the basement or to go on the hunt for another property I can renovate and hold as a rental?

Hello BP,

I'm approaching the 3rd R of the Brrrr method. I'm Very curious what would make more sense, a home equity loan or a cash out refinance? I've always heard of just doing the cash out refinance, but don't really hear anyone talking about just doing a home equity loan. What are the befits of doing a home equity loan over a refinance?  The scary thing is my current rate is at 3.8% and don't want to refinance and change that rate to 6%. let me know if you have any insights about this situation or advice that might help. Thanks have a great day. 

Hello,

I have a client interested in a triple net lease for sale. I'm curious were I can find tools based on the monthly cashflow to determine the price of a specific property. The cashflow is 120k/ year and the listing Price is $2.395 million. How did the Listing agent come up with this number, my client thinks it is way too high and in order to reach that price point it would have to cashflow 180k/year. I would love a formula I could just plug and chugg the numbers, so I can offer him better properties in the future. Also is it based on cap rate in the area as well?

Thanks have a great day!

How do I get access to a costar account?

@William Yeh. I do want to represent him. To my understanding I would have to reach out to different commercial brokers to see what listing they have specifically because loopnet and crexi really doesn't have everything on the market that available.  

Thanks Jack, I have access to the mls but I'm not seeing really any industrial spaces on it. Do you recommend looking at Crexi or loopnet and then just reaching out to the brokers that have similar space to what I want listed?

Hello I am a residential real estate agent in Cincinnati. I recently came across this client looking for industrial commercial real estate in Cincinnati. What is the best way to find/reach-out to brokers who deal with industrial real estate?

What is a credit tenant in industrial real estate?

Hello Everyone,

In October of 2021 I bought my first triplex aiming towards doing the BRRRR Method. It was a Triplex that cost $317,000 in Cincinnati, Ohio more specifically the EastWalnut Hills area. When I purchased the property two of the units were already rented out and one was vacant, those rents equalled $1950/month. Over the next couple months I did a complete renovation of that first Unit myself adding some sweat equity to the house, as well as adding a whole New HVAC System and central air(which previously didn't exist). When I finished the renovation I acquired a killer tenant for the new unit who now pays $1500/month making my total NOI $3,450/ Month. I still Live at Home with my parents and was looking to move into this property when the 2nd unit's lease is up in June. Then when I move in I can renovate this unit while I live in It. The third unit is a single where the tenant pays $750/ month. She has rented this unit for over ten years and is month to month. After I'm done renovating the second unit my plan was to refinance and buy another multifamily property.

Questions:

With High/rising interest rates does it make sense to still refinance since it will allow me to get into another property or is there another alternative I could do?  My current interest rate is %3.75.

If thats the case, what renovations would I be able to do to the long term tenants unit without kicking her out to add more equity to the property?

If you have any other advice I'd love to hear it, Thanks!

Hello, I am approaching closing date on our first rental property and one of our renovations we are going to do is concrete counter tops. Does anyone have advice on the best concrete to use for the job or any-other tips that might help a noobie out going into their first renovation?