All Forum Posts by: Jordan Noble

@Lindsay Taylor That's awesome! You really can't go wrong with that strategy because you can use a low down payment, live in it for a year, and then a low down payment on the next one to make your first property a rental.  Good luck and let me know if there's anything I can do to help!

Investment Info:

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

Purchase price: $255,000
Cash invested: $12,750

Purchased a duplex for $255k as a house hack for my first REAL investment (my first purchase i had no idea what i was doing and wasnt interested in investing).

I put 5% down on $255k ($12,750 w/ seller paid closing costs) and moved into the lower/nicer of the units. Both units are 3bd/1bath. I am a big fan of purchasing larger multifamily buildings as a house hacker and wish i had the knowledge i do now and would have gone for something much more expensive.

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

After living in a condo by myself because i was a big bad 22 year old who deserved his own space, i started learning about real estate and traded in my $1200/mo payment for a house hack that gave me a 3-bed unit all to myself for only $300/mo out of pocket.

How did you find this deal and how did you negotiate it?

This deal was on the market back in 2019 right before COVID hit. The realtor I was using at the time actually had no idea about investing and I was basically doing all of the work but to be fair i was new to investing as well.

How did you finance this deal?

5% down conventional loan

How did you add value to the deal?

This was a turnkey duplex

What was the outcome?

Property today is worth $300-$315k

Property is rented out at $2600/mo ($1300/unit) and cashflows about $345/month after all expenses are paid.

Lessons learned? Challenges?

The owner of the property had a brand new AC unit that was set to be installed but he never did. During escrow, i put in the contract that we would not close on the property until it got installed. The day of closing i went over and the installer met me over there to show me that it worked. He turned the AC on and the unit kicked on. Good enough, right? WRONG. The installer didnt do the job correctly and basically ruined a brand new unit. LESSON LEARNED - get this inspected before closing.

@Cody Fresh - i am an investor and an agent in the Cincinnati market. I have primarily implemented the BRRRR strategy up until a few months ago when i transitioned into buying a handful of properties i intend to sell when the rehab is done. Reach out if you want to discuss the best neighborhoods etc to flip in Cincy - would love to chat

House hack! Agreed! Take out as much of that sweet sweet debt as you can and let inflation do its thang

I personally allow pets in my rentals but i am a dog person!  Depending on how long you plan to keep the properties i would suggest laying LVP overtop the hardwoods and preserving them, which you can easily remove when you go to sell down the road... Good learning lesson though.  in the future i would just go straight for the LVP and refinish them at a later date if needed

Get with a great investor friendly agent in that market and they should be able to connect you with a lot of the resources you need (atleast point you in the direction/give you a few referrals). if they dont have any of these connections you should look for a new agent!

Hi Lindsay,

Depending on your strategy, Evanston is a great neighborhood in Cincinnati.  There is a lot of redevelopment and even new builds going on here and it is definitely labeled as an "up and coming neighborhood" outside of Hyde Park, Mt Lookout, etc.  

There are a lot of properties to still be rehabbed here!  What investing strategy are you into?

Hey james - I grew up in florence and man is it booming nowadays.  would love to connect.

Congrats my dude! Welcome to the glamorous world of tenants and toilets!  only kidding ;) Who Dey

Hey Evan,

As an investor and agent in Cincy, i dont see a ton of properties that have an ADU (not saying they aren't out there).

I also have a fiancee who was not willing to house hack (luckily i was able to house hack alone before we moved in together).  Here are a few other investing options for you, not knowing exactly what your investing goals are (i assume rental properties):

1. ADU property

2. Live-in BRRRRR. This will allow you to gain some valuable experience doing a rehab and hopefully get rewarded with a fat chunk of equity in your primary residence. Let's just assume you gain $50k of equity doing a BRRRRR, that would be equivalent to 3 full years of saving $1300/mo doing a house hack AND you would get to live in your own house AND it will be newly remodeled. This is what i did with my fiancee (purchased a property for $155k, did $45k renovation, property appraised at $250k. refinanced all of my cash out to go buy other properties and now had $50k equity which "justified" me having a $1000/mo mortgage payment)

3. Try to do what you can to convince her that the sacrifice is worth the longterm benefits (this is a tough one, i'll admit)

4. Have her purhcase a property in her name for you all to live in and you purchase one in your name for a rental.

I love working with other young investors in cincy.  Reach out if i can help in any way!