All Forum Posts by: Account Closed

@Pam Gentry Good to know I'm not alone! The thing I would be worried about with current tenants is you're stuck with whatever rent they're paying (unless you raise the rent which they probably won't be too happy about.) If it's vacant you can charge whatever you want, change the lease, or even make any updates to the unit before anyone moves in. 

@Jassem A. You're probably right... I'm guessing it's marked up because it's on the MLS. Zip code is 45036. I don't think the neighborhood is gonna go up or anything.

My husband and I were really looking to do this as an alternative to buying a single family home (to live in), but don't want to get ripped off either.

@Zach Quick Thanks for the reply. Age is 51 yrs and no major updates are needed that I know of. It's got new carpeting, new flooring in bathrooms, new AC, new furnaces, new vinyl in kitchen. The kitchen could be updated but nothing major for a while. What do you mean shape?

Hi all,

I am a new investor looking to buy a multifamily home. I am currently looking at a duplex to live in one unit and rent out the other. Can someone help me with the numbers on this property and possibly an offer? Pls excuse my ignorance...

Asking price $147,900

$830 estimated mortgage with 20% down

Rent has been $650/month but I may be able to get $750 with some (inexpensive) updates to the kitchen. Tenants pay their own utilities.

There are two problems I've suspected just from the showing. One unit seems to have an issue with mold in the crawl basement. The other unit smells heavily of Kilz spray which has been used to cover up previous pet odors, but I'm hoping this can be ventilated.

About the owner: He is 74 yrs old, wanting to retire... The listing has been up for 3 months and expiring in a couple weeks, so he may be motivated but not sure.

Any thoughts or suggestions are appreciated. Thank you in advance!

Hi all,

My husband and I are looking to purchase our first rental property and we set up a meeting with a realtor for tomorrow afternoon. He has over 20 years of experience as a realtor and is an expert in the area we're looking at. He is supposedly "investor-friendly" but I'd still like to know what kind of experience he has. Are there any specific questions I should be asking him? What should I look for/avoid? Also, we saw that he is currently selling several rental properties. I am guessing he might try to sell us one of his listings. Does this mean we should have another agent on our side so we have room for negotiation?

Any advice would help. Thanks in advance!

Hi all,

I am looking to buy a rental property in Cincinnati, specifically in the Clifton area around the university. This would be my first investment in RE and I'd like the help of a real estate agent who specializes in this area and has experience in investing. Any referrals or recommendations on where to look would be appreciated. Thanks in advance!

Thanks @Will Gaston for the reply. What do you think about having the tenants sign a year lease, so they would be responsible for paying throughout the summer (or finding a sublet)? I remember when I was in college we all had to do that.

@Mark Kelley Thanks for the info - renting out to grad students is a great idea, I hadn't even thought of that. I'll keep that in mind.

@Stacey Jones congrats on finding your first home! I learned that you should find a buyer first before assigning the contract. You don't want to be stuck with it or be in a hurry to find someone. Maybe you can go to a local REI meetup so you can start networking and find buyers. Hope this helps and keep us updated!

@Lane Kawaoka ha yes I agree - glad I made that decision.