All Forum Posts by: Rachelle Wilson

Investment Info:

Single-family residence buy & hold investment in Covington.

Purchase price: $4,500
Cash invested: $190,000

SF 3/2 new build. LTR

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

Found a large lot that I could divide into 2 parcels. At that time, properties that were on the market were so dilapidated they would have been a near tear down anyway. This vacant property was priced right. However, by the time I started construction, supply costs had gone up due to Covid.

How did you finance this deal?

Cash, then did a cash out refi.

Lessons learned? Challenges?

This was the first time building from ground up on a vacant lot. I did have a coach who lead me through the process. No significant challenges other than finding the right crew to do their job in a timely manner and correctly.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed Real Estate professional.

 The River cities in NKY would be Ludlow, Covington, Newport, Bellevue and Dayton. Check out https://linknky.com/. They cover articles related to new businesses/developments in the NKY River Cities. 

Jordan Fiore is correct. The greater Cincinnati area is a hidden gem. The NKY and OH River Cities have incredible potential. I work with an investor who was originally investing in Miami, but has bought 7 investment properties in NKY in the past year. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $4,500
Cash invested: $100,000

Building a SF home. Still under construction. I plan to rent as Air BnB.

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

After looking at homes that needed rehabbed, I decided building on an infill lot may be a better long term investment.

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

I found the lot on the NKY MLS.

How did you finance this deal?

As of now I have been paying cash. I am in the process of getting a HELOC incase I need to pull extra money out. After the build is complete, I plan to refinance to pull my cash out and repeat on another vacant lot I have already purchased.

Lessons learned? Challenges?

This is my first development from ground up. My general contractor has allowed me to actively participate so I can learn the step by step process of developing a raw piece of land.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed Real Estate professional in KY/OH.

Good evening! I have a Real Estate business servicing the Greater Cinci area. MFs are hard to find here. The market is still pretty hot and if they do get listed, they are snatched up within a day or two....especially if they are in the river cities. We are having a lot of business growth around the Covington, Newport, Bellevue and Dayton KY areas. 

I looked into both Shipping Container options and a pre-fab Tiny Home option. I have decided to go regular stick built. I have teamed up with a builder friend to help with financing as well as building. He has made it more affordable than the other 2 options. The homes are still a small footprint and plan to be completed within the next 3 months. Check out https://www.mightysmallhomes.com/. This who I would have gone with if I had not teamed up with a builder friend.

Due to zoning restrictions, I am unable to put a mobile home on the lots. I have looked into Tiny Homes, and that is still an option. I am doing a cost comparison on both Tiny Home Builds and Shipping Containers. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $9,000

I have purchased 2 vacant lots in Covington and have started the process of development. These will be Buy and Hold projects. I am looking into alternative housing options such as Shipping Container Homes. This type of structure will be new to the area, so I anticipate various hurdles along the way.

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

Lack of low income housing in our area.

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

I have a Real Estate business. It was posted on our MLS and negotiated it with the seller's agent. The seller is an investor who had recently purchase 89 deeds in the area. Some of them he sells off, others he flips, some he holds.

How did you finance this deal?

Cash deal

How did you add value to the deal?

I am building a SF on each lot. Because the home values in the area are around $100K, I will need to be a bit creative with my budget.