All Forum Posts by: Timur Salikov

Hey guys, 

I bought a 4 unit in Cincinnati in 2020. This month my mortgage payment jumped overnight from $2100 to $3000. Called the mortgage company and they said my insurance has gone up somewhat, but its mostly my property taxes. Then I did a Hamilton county auditor property search and saw my property value went from 167k to 320k, to the amount I bought it for a few years ago. So basically Ill be paying 12K a year for property taxes on a 320k building. Does that sound correct? Can anything be done about this? That's basically a 3.75% tax rate for Hamilton County. Whenever I do any google searches I don't see any rates that high. Seems astronomical to me.

For the people reading this in the future, I would say go for a light rehab. Painting, replacing light fixtures, swapping out carpet. See if you can just repaint the cabinets and install new countertop. Rehab costs on anything more complicated can spiral out of control fast. I've done a bunch of rehab in Cincinnati so hit me up if you any questions. 

Thanks for sharing. Its not too bad in the grand scheme of things. You could have been a landlord in LA and have been stuck with non paying tenants for 2+ years. 

If you have a good w2 job and credit you can get a personal loan from SoFi or a bank like that. They go up to 100k. Yeah you will have a payment but if you do it correctly the rents should pay for it.

But thats a common problem investors have. I have units that need to be remodeled but I'm waiting to get the cash together.

Well, I was gonna keep buying in Cincy anyway. My team and rebab guys are down here and I'm all set up aside from a inexpensive maintenance guy I'm still looing for. I was just wondering what data Zillows sees that makes this market much hotter then anything else in the US? To me it feels like most neighborhoods here are dilapidated, cheap with little demand. What I do like are the rents, in most cases they can be doubled from what the previous owner set with their long term tenants. 

What's everyone's thoughts on Cincinnati being named #2 hottest market for2024? Is this accurate? Is the area about to experience a lot of job growth and appreciation?  

https://www.zillow.com/research/2024-hottest-market-33566/

Its basically wholesaling to yourself. The trick is to find properties far under market value and refinance your capital back out so you can keep going. That guy mentions he is not into partnerships and he owns almost everything himself.  

;t=11s

Here is the video
YouTube link

Ok so I ran across this video the other day and it made some lightbulbs go off in my head. 
This guy got up to 900 rental units by the age of 30 starting with nothing. Basically the trick is wholesaling, buying super cheap and pulling your money back out with a loan. This way you can scale fast.

Also I'm gonna catch heat for this, but the good guys are very busy. They are not on BP looking for work.