All Forum Posts by: Nick Vehr

Good house in a great neighborhood. House would need some foundation repair on the slab in the garage which estimate was 15k. This was a first estimate and I am sure it can get lower. Would be a great rental and rates in the area would be able to be pushed to 1300-1400. 

@Vincent Salviano, I actually was looking at a building right down the street from there. It's a rougher neighborhood, but we stood on the corner at 10am on sunday and saw women pushing babies in strollers, all different classes of people as well as a very active Kroger. I grew up on the west side of Cincinnati and have seen my fare share of things that make me uncomfortable, and this neighborhood did not have any of those feelings. 

I would not be willing to bet my portfolio on it, but I would say the area is "headed for a better direction". 10 years ago, I wouldn't have wanted to stand on that corner for 20 minutes talking with a colleague. Reach out if I can help out. 

I have a weird attraction to the word Ghetto because it is most often used incorrectly. Believe me, I am anything but the grammar police but this is a word that I always gravitate towards in real estate because it means so many different things to different people. Technically speaking, it's "a part of a city, especially a slum area, occupied by a minority group or groups."

I say that not to prove you are wrong, but instead to point out that buying in a "Ghetto" means different things to different people. So, what is it? is it a drug neighborhood,? notorious for murders? maybe just a poor neighboorhood? a neighborhood full of immigrants? or, is it just a bad building in a bad neighborhood? 

I think the only answer is are you equipped to deal with the issues that need to be corrected, in order to make a profit on the building. If the numbers look right based on what I feel I can reasonably handle, then I will buy anywhere. I am also a large fan of stepping outside my comfort zone to learn new things, but it has to be done within reason. 

I currently own TWO houses within a block of eachother that we have stabalized over the last three months from a previous owner. Both units rent for 850 a peice, but there is potential to push rents to 925. One unit is section 8. 

PM for more details.

@Dan Handford, what kind of criteria do you build your list off of? Curious to see as we are getting ready to break into that area.

Sorry for the formatting. Not sure why all formatting was removed, may be the new IOS app.

So I’m sure this has been done before, but I really don’t know how to search for it. I am preparing to offer on a property with a seller that is interested n creative deals. Seems to have owned only one rental which he got stuck with in 07. Very smart guy, and based on the conversations I’ve had with him he could be great to work with. Anyway, numbers and details look like this... Arv: 150k Repairs/cleanout (house is currently rented on month to month, would give notice tonvacate): 15k Owner mentioned he would like to get 120k but that number is negotiable. He would remaIn the owner and contInue to pay the mortgage. I would propose a base price of 90k and I would put up 15k and manage the project from notice to vacate through sale. Upon completion he would receive base sale price (90k) I would receive my actual repair budget, then we would split the remainder. I’ve left out the little things like who pays utilities, insurance etc.. I’m sure this has been done before, any advice/links to advice would be great. Need to make sure I’m doing this correctly and not exposing either of us to unnecessary risk.

@Brian Reynolds, Good to hear. We are just finishing up a little flip in Mt Healthy. If you can get a deal on the house theres lots of money over there. The last one we did close to that area actually got bought up by an investor, which surprised me based on the numbers they were paying. Let us know if there is anything we can help ya with. 

I picked the package up last night and currently a couple chapters in VIA audio book. Great book so far, and I am glad I bought all three. I anticipate "listening to this book" and then re-reading each section with a highlighter in hand, as this is a topic that I have been searching for more information on for quite some time. Glad to see it all in one place. 

Thanks again Biggerpockets for putting out another great book, and a special thanks to @Matt Faircloth for all the work that went into this. 

Awesome, welcome to the group! What’s the plan for the house in Mt. Healthy, will you flip that after the Madison like house or are you planning on renting it? Good Luck let us know if we can help in anyway.