All Forum Posts by: Account Closed

Interesting situation on mine.  During the due diligence process I found out that the 5th unit didn't have a certificate of occupancy, so legally I couldn't rent that apartment.  It is the exact same layout as the other 4 apartments and has 2 egress points in it so I'm not sure what the hold up is on the CO for it, but that enabled me to not get a commercial loan, because the City of Cincinnati considers it a residential building.  House hacking so far has been going great.  I recommend it as a great way to get started in investing.  You're on site everyday and learning about the property and learning different skills that can help you in future properties.     

Hey @Account Closed, I sent you a message!!

I'm currently house hacking a 5 unit apartment building on the east side of Cincinnati.  What are features you're looking for in a property and community?

Just getting started and need advise pronto. I need help with funding and information about buy and hold. I live in Memphis TN. Is there anyone out there can help me!!!!!!

@Account Closed

This is the Multi-Family 4 Plex that I mentioned to you above, located in downtown Memphis near the Foote Holmes projects, and less than a mile from the Fed-Ex Forum.... 306 S. Lauderdale Memphis TN 38126... I am contemplating keeping this one for my personal portfolio or  selling it as a Turnkey Multi-Unit Property... Perfect example of the title of your forum post... I hope you enjoy the videos...

306 S Lauderdale-Before Rehab

306 S Lauderdale- After Rehab

@Account Closed

I will attempt to answer the questions to the best of my abilities...

1) Do you believe only very seasoned RE investors could/should invest in opportunities like this, in "questionable" areas that may soon undergo revitalization? YES I do believe very seasoned investors could/should invest in these opportunities or questionable areas that will/may be going through revitalization because they are more likely to the:

Resolve- To keep going when everything around that particular investment fails, because they have experienced failure before/or a bad investment before. Always plan for the best but be prepared for the WORST - Beginners are not prepared for the Worst!!

Skill Set- To not buy because of the numbers but buy because of the vision they see of the future with the possibility of providing housing for a family and seeing a profit in the end, even if the end is 20 years down the road....Beginners don't have people in place they can trust which comes with time in the business.

Be Prepared- If you have your priorities and finances in order, the process will be far less of an uphill battle, a lot of beginners are not prepared to step into questionable areas that may soon be revitalize like the Foote Holmes areas of Memphis they may feel its too dangerous even though the projects are soon to be demolished they don't have the money to pull it off if they do they will be scared to loose it all.. 

Here is the difference I am not scared because I Believe in Myself and my Team!!

Also, 2) Personally, what allows you to be comfortable investing in these types of areas if/when many investors may be uncomfortable doing so? LOL!!! Very good Question!! I was born and raised in these types of areas that many investors are uncomfortable investing in and many investors will tell other investors not to invest in because they will fail. I attended an HBCU-Lemoyne-Owen College in the middle of for lack of better words the hood/ghetto 1997-2001 right across the street from the projects Lemoyne Owen Gardens. I guess you can say I am a product of the inner city and I don't mind living, investing, and giving back to the inner city to revitalize my community her in Memphis Tn. At the Same time make a VERY NICE Profit, ROI, CAP Rate, etc etc etc..

I hope I answered your questions, let me know if you have any more questions or concerns... Keep your head in the game REI is a marathon not a sprint you are doing great by asking questions and learning..

Kind Regards,

Derrick