All Forum Posts by: Jacob Seim

@Tanvir Sattar Madisonville. East side near I-71/Red Bank/Medpace. 

Any recommendations for a leasing agent or property management company that provides apartment leasing services and tenant placement? I'm looking to outsource this process and would love to get referrals or recommendations prior to cold calling anyone I can find through a Google search. 

BP Community and Cincinnati Locals,

My wife, son, and I intend on moving out of our house hacked quadplex and into a 3/2 single family home here in the next few months. We intend on living in the home 5-8 years until our son is older and we move to a larger home in a great school district. A business decision will be made at that point whether to rent this house or sell and invest in a larger multi-family property.

We're trying to determine whether to after a fixer-upper/value add home (HomeStyle Renovation Loan) or simply get on base with a house that fits our list of needs (Conventional Loan) and then go after another rental. Tons of pros and cons either way.

What approach did you take when buying your first primary residence (w/ family in mind)? Did it work out well or what would have done differently?

Thank you!

My wife and I contribute heavily to our company provided 401k's. The language is vague but I'm assuming our routine contributions over time would constitute towards the "repayment over 3-years." We'd obviously want to weight our continued  401k contributions to the one account the distribution was taken out to cover the total repayment dollar amount. 

I wouldn't normally consider this option but my wife was furloughed most of the year and we'd like to buy a second rental property.

Your strategy is spot on in my opinion.

I'm currently 6-months into house hacking my first property in Madisonville. So far so good. This area is flip central and changing rapidly. Very exciting. I went with the FHA 3.5% down strategy as others have mentioned as well.

I'd suggest practicing running the numbers now through this winter. The BiggerPockets calculator is extremely helpful. I personally viewed the Pro Membership as a small expense to avoid making a larger and more costly calculation error. I'm strategizing my next purchase for Spring 2021 as well.

My thoughts/answers to your questions:

1.) I bought right when the world was shutting down due to COVID and you might be in a similar situation with this next waive. My initial offer was on March 21st and I closed on May 15th. I would reach out to a lender 90+ days before your target closing date for a pre-approval. I'd also get onboard with a realtor 90+ days before to talk strategy. More time is better than rushing in my opinion. Don't make a bad purchase because you feel you need to buy before your lease ends. Be flexible and think ahead in case your search runs longer (i.e. AirBnB, month-to-month lease, etc.). I'm accounting for 15 days for a pre-approval, 30 days for searching, and 45 days for closing on my next purchase. 

2. Haven't used any contractors or handymen yet since the property is a full reno.

3. Talk wants versus needs so you can at least cover the list of needs. Then have a plan for how long your partner would be willing to house hack. I got my wife onboard with a 3 month old baby by explaining the financial benefits, having a clear need list (i.e. 1,2,3 bed, side-by-side vs over/under duplex, garage, etc.), and having a target move out date. 

Good luck! Let me know if you have any further questions. 

Also interested in this for Spring 2021. Curious if anyone out there has used this loan before?

It all comes down to the numbers and if they work for you. 

I'd suggest working with a realtor or someone familiar with the city. It's very block-by-block. A not-so-great area could be one block from a great area and vice versus. 

Hello Community,

I'm under contract for a quadplex (first property) in Cincinnati, Ohio. Three units are currently rented under 1-year leases and I plan to live in the fourth. I requested and received the signed lease agreements from the seller for all tenants as part of my due diligence. I'm comfortable with the lease agreement and it's language. 

Since I have the leases, do I need estoppel agreements or are they overkill?

Thank you!

@Craig H. Thanks for clarifying. 

Thank you @Slocomb Reed. I'm actually looking at duplex's in Cincinnati and wasn't aware that water and trash were included in the taxes. Appreciate the tips and insight.