All Forum Posts by: Tommy DeSalvo

Hey Guys, Sinuses have me really out of it today, I was hoping to feel better by lunch, but that's a big no go. If anyone wants my ticket for tonights meetup, it's up for the taking.

Welcome to BP! This is a great community to network and learn from. Definitely follow the advice listed above, and read through all the starting guides. Picking a strategy is the best starting point. Figure it out and learn everything you can. I'm a big fan of buy and hold, and if you're saving up, it wouldn't be hard, even without good credit, to acquire an FHA loan for a 2- 3- or 4-plex.

Ask questions. Never stop learning.

I'm also looking into the norwood and kenwoodish area. One area that might be worth a look is the brewery district. I know a handful of younger investors are buying there and it's on a slow path to rejuvenation. 

While I would agree with @Jeff Brower about getting a 4plex (I just bought one to owner occupy, so I'm kind of biased) I would have to stay that it really depends on YOUR end goals. Don't do what other people are doing just because you think it'll work. It has to work for you.

In your case, you want privacy and to not have your stuff around tenants. I think the slow flip might be a great idea. Or even the buy a SFH, fix, and rent. Moving into the next fix'er upper and repeating. If you want a portfolio of SFH, or if you want some SFH and some you can sell.

If you want to keep your living expenses down, a duplex might actually be better suited for you. In general the other tenant will cover most if not all of the mortgage payment, each side is generally larger than a 1BR and it has a higher chance of having a largeish yard/shed/garage. Depends on if you think it'll be worth it for a year. But again, consider your end goals and how you want to get there. 

I would have to agree that it's a Seller's market. In Cincinnati there is very little available in the multi family arena. Off market deals are your best bet, but barring that, it's just a waiting game. 

When I first bought my 4plex it was cashflowing about $50/unit/month. I've made some improvements and it's now at about $75 with my goal to be at $100/unit/month within a year.

Hello Sir! I'm a current investor in the cincy area, about to add real estate agent to that, and I would enjoy being able to network with you. It's hard to find great builders in the area. Welcome to BP! Everyone is super helpful, just post around. If you haven't already, set up your keyword alerts. Those will help keep you informed of any posts that might interest you.

Yeah. FHA can be used to purchase up to a 4-plex. Now, having said that, not all banks will finance up to a 4-plex. In my experience, hunting for a bank to finance my 4-plex, most of the smaller banks only want SFH and duplexes for their portfolios. Most of the larger banks were ok with 4-plexes.

Hey everyone! Due to a family scheduling conflict, I can no longer make it to the meeting tonight. Sorry for the short notice. 

@Joe Fairless I'm not sure how to give up the ticket. 

@Ben Meade- I actually just bought it off of Amazon, not the prime day sale, HA. I bought a new copy, so it wasn't the cheapest option possible, but I figured I might as well. The cost difference wasn't that large between new and used. 

@Jay J.-Awesome! Great to see you posting. :) I'll have some pictures up soon. No worries.