All Forum Posts by: Nick Taskani

These are WISE words.  I think I will cut and paste your post, frame it and put it on my desk.  

Mike, do you use equity line of credit on your current homes to purchase other rentals?  

 Carla : no appreciation in Cincy.  Only thing skyrocketing in cinci is skyline chili.  Cash flow not bad but taxes are high in general which cuts into your cash flow.   I would strongly recommend anyone looking in cinci to look at real estate taxes.  It can be ridiculous .   No or little appreciation potential .

I thought about getting my license a couple months ago, but through some research, came upon this information:

1.  Just because you have your RE license DOES NOT mean you can collect commissions.  You have to be employed by a realtor company, like Comey shephard or Sibcy cline or whatever it may be.     You can't just be the guy who has a full time job in another field, get your license, and have all the advantages of a realtor. 

2. Just because you have your RE license DOES NOT give you access to MLS. It's expensive, AND I was told by another source that again you need to be part of a realtor company to get this access.

So for these two reasons, I decided not to pursue it.   Would love to hear what some of the experiences folks on this site have to say about these 2 points.  If I was misled, would love to know now rather than in 5 years.

thanks.

 Don't you think real estate taxes are high in Cincinnati market?   They seem higher than other places around country and its hard to make the numbers cash flow with the taxes. 

thanks for advice. My agent represents both buyer and seller, so should I worry about conflict of interest here?  Would he be best source in this scenario?  

Thanks ! 

I talked to couple agents in the area and they tell me 7-9 % is cap rate generally here, so I used 8...is this too high? 

I'm a newbie, wanted to get some advice from experienced folks on what offer to make.

I've done my analysis on a property, after looking at rental income and expenses, and cap rate of 8% that I'm looking for, I believe the property is worth $295K.    So would you recommend I put an offer for 295 or should I offer 275 and then negotiate up??   I don't want to lowball and turn off seller, but if I start at 295 I may end up paying over 300 after negotiations. 

How do you experienced folks determine where to start with your offers??

thanks in advance for any advice!

thanks

With the slab, how will plumber be able to check anything ?  do they just knock out the concrete slab and create a crawl space?   

I'm looking at a townhouse/rowhouse that is ideal in every way with the exception that it has a partial, not a full basement.   My concern is lack of access to mechanicals, pipes etc.  The home is 18 ft wide, 60 feet long, and the basement is only 15x10.   There is also no crawl space.    Is this a deal breaker ?   I don't have experience with this stuff.  

thanks

Thank you all for the replies.

I've decided to move forward and buy.

my question is about the repairs...the seller is obligated to make all repairs that he agreed to before closing correct?  One clause in my contract says the seller has 30 days AFTER settlement to make repairs.   I'm a little confused about this process, never done it before.  I would think that after closing, I can't count on seller doing anything...

thanks.