All Forum Posts by: Alex Brookbank

Nice good luck dude. Message me if you have a multifamily in B or higher area, or it needs work. I'd be interested most likely . @LiDairious H.

Looking to acquire duplex, triplex, or quad in the east side of Cincinnati. Interested in these areas: Norwood, Oakley, Hyde Park, Mt. Lookout, Linwood, Columbia-Tusculum, East Walnut Hills, O'bryonville, East End and their surrounding areas.

I can purchase 1 or 2 assets with traditional financing. Would be interested in a package deal via seller financing.

I am not interested in C- or below areas. Deals with a little 'hair' on them are OKAY.

Open to networking locally too! Message me!

Hello,

Also from Cincinnati here. I can't really give any insight to the majority of your question, but I can tell you the residency requirement for a primary residence is typically 12 months.

@Amos M. Have you thought about renovating one at a time? Increase the rent to 1,700 for one, and fully renovate the other. I did something similar to this for a triplex I recently bought as an OC. All three units' rents were under-market. I renovated the worst conditioned unit first, while keeping rent the same in the other two. Now, I'll get a new tenant at a higher price in that unit and I'll move into and renovate the second worst unit. You could do the same thing.

@Russell Brazil @Katy Fry ... yes exactly.

@Katy Fry the 1% and 2% rules are typically good to follow except when rents are too low ... low cost houses with low rent can misrepresent the 1% rule. There are certain fixed costs for every type of house. The costs of maintaining a 90k house and a 50k house are for the most part in the same range. But the 1% rule for the 90k house would yield $900 in rent versus $500.00 ... a big difference.  

The 1% rule works but there is a FLOOR to how low the rent can go before it becomes impractical.

For example, I would want rents to be at least 850-950/a month for a 55k house. The 1% rule works better when the house is 130k... rent would be 1,300.00, giving you more protection.

@Katy Fry

The credit scoring system is a bit ridiculous in some ways, but it's the name of the game, so you gotta play that game. I'd call your current credit card provider and asked to see if they will increase your limit and by how much. This would help your ratio.

Also sign up for a free Credit Karma account. I have studied the recommendations segment in it ... I find the advise invaluable.

In terms of being a good deal or not, I'm not so sure. The rents are too low to handle any major expenses. For instance, the cashflow from the rent wouldn't be able to cover a new roof, let alone the "make-up" it needs. Download the Zillow app and use the payment calculator to get a better grasp of your mortgage/taxes/interest/insurance payment.

I'd only consider buying this place if you KNOW that you can increase the rent to at least 785.

@Richard Francois

This sounds like it could be a good deal if you have enough capital to rehab and reach market rents. And the thing about a cash buyer not buying if there is an existing mortgage is crazy.

@Kimberly Pierce good luck! Feel free to connect with me. I'm fairly new around here too - and also from Cincy.