All Forum Posts by: Ryan McEnroe

I stumbled across a website that was advertising their LeaseGuarantee service. You pay it like an insurance plan, like $500/yr can get you protection for $5000 in eviction fees or unit damage.

Seems like in my C- / D neighborhood I might be better off.

Thoughts?

I'm buying my first triplex and I definitely want to save all profit for the first year or so to pay for repairs and such. How should I figure out how much is enough?

@Jacob Desch Great question. I'm sure you know all about 203(k) loans but this require only 3.5% down. They can be some effort to obtain and you have to live there for a year like FHA but they're definitely possible. I would also like to know about using hard money for this because it's probably the way I'll go for my next property.

On the county tax website it says "Market value" at $46k and "Assessed value (35%)" at 16k. Would 35% be the equalization ratio? If so what does it mean?

I put in an offer on a house today and I was wondering about the tax rates. The asking price of the house is $155k and the tax assessed value is $16k. The property last sold 5 years ago for $10k. This is really confusing to me because the house seems like it's in 7/10 condition and the cap rate is great for it. Any ideas? This is in Hamilton County, OH

Good evening everyone!

I have been doing some lurking for a little while now but since I'm preapproved and searching for my first multi-family I should probably introduce myself.

My name is Ryan McEnroe. I'm 19 years old and I'm very interested in rental property and flipping but I think flipping should come a little later.  I live in Norwood, OH and I would like to stick to the Greater Cincinnati area for now with the potential to move elsewhere soon.

I'm diving in headfirst here and I know I'll make some mistakes but I hope we can all learn from each other and be the best we can be. I would love to meet any of you so please feel free to message me if you want to grab coffee and chat.

Thanks a lot!

Ryan McEnroe

I tried looking through the directory but I don't think it's the best method. There are really good agents everywhere that might not even be active on BiggerPockets. I concur with the above replies about asking other members.

I solved this, I misread what I saw online which stated that you can get an FHA loan for downsizing a 6 unit property to 4 units with a 203(k) FHA loan. Thanks for the help.

I found a property that looks like a great deal but my work history won't quite qualify me for a conventional loan. Can I qualify for FHA? My agent said it's not possible but I think it is possible.

This hasn't been said yet so build that credit! Student loan payments on time, get a credit card, however you want to do it. Great credit is super important for getting mortgages so unless you're buying properties cash get on it!