All Forum Posts by: Jon Dittrich

@James Wise I will look in to them! Thank you so much!

I am having some Insurance issues with our duplex. The house is over 100 years old, and has knob and tube electrical. We are in Ohio and it was grandfathered in and is up to code. However, our insurance broker said because it’s a rental, and has knob and tube, they won’t insure it. Is this the general rule across the board? It’s going to cost an extra 5k to replace it all plus the wall repairs. I wondering if I need to bite the bullet and replace it, or find another insurance broker. Any thoughts would be very much appreciated!!

Great to hear. I was just curious about that as there are major changes to partnership tax forms coming in 2019. 

@Pamela Villa I’m thinking I would have been fine starting with a duplex. We were anxious to get started and the single family was the cheapest, most attainable way of getting started. And we’ve definitely learned a lot about property management and the construction process on that property. I’m glad we bought that house, because it got us going....but I definitely feel like if you have the ability to get a duplex first, I would.

Thank you Ben! We may be in need of Property Management in the next couple of months. Do you manage in Old Brooklyn?

Investment Info:

Single-family residence wholesale investment in Cleveland.

Purchase price: $33,000
Cash invested: $7,000

It was a no money down deal because a friend of ours invested all of the cash up front for a fee to be paid on refi. We are funding the rehab costs. Should cash flow $100-$150 a month after refi.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cleveland.

Purchase price: $62,000
Cash invested: $8,000

We bought this duplex from a wholesaler. it was listed at 68,500 and negotiated it down to 62k. We inherited a tenant in the down unit that didnt need any work. The up unit needs about 15k of work that we are currently working on to get it rent ready. It should be ready to go in about 6 weeks and we will cash flow around $200 per door after refinance. We used two private investors for a 6 % fee, balloon payment upon refinance. So, this was a no money down deal. We are splitting rehab costs with our partner, but it should be a perfect BRRRR and we should retrieve all of our capital on refi.

What made you interested in investing in this type of deal?

We started investing with a single family, and wanted to try the "Stack" method for more cashflow. I.E. single family, then duplex, then quad, etc....