Hello from Chicago & Cincinnati

Hello my name is Larry I am from Chicago and own property in Cincinnati, OH. I am planning on relocating there and would like to start by getting my seven unit bldg. up and running and proceeding from there. I am here as a novice reading, learning, etc. Please any and all info. or advice is appreciated!

Edited: 06/26/2010 at 05:21AM

Steve Hillen

Title Representative · Ocala, FL

11 posts
50 influence

Jun 17 '08, 11:28 AM

Welcome fellow newbie. :D Best of luck with your up and coming move!!

Edited: 06/26/2010 at 05:21AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

Donor Pro

11,044 posts
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Jun 17 '08, 06:56 PM

Welcome aboard, Larry! You say that you want to get your 7-unit building up and running. What do you mean by that? I'm assuming that you currently own it, but is the building occupied? Are there problems that you're referring to?

Tell us a little more about the property and we'll do our best to help out!

See you around BiggerPockets!

Edited: 06/26/2010 at 05:21AM

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Ryan Steele

Real Estate Investor · Chicago, Illinois

957 posts
3 awards
50 influence

Jun 17 '08, 07:23 PM

Larry,

Welcome from a fellow Chicagoan. Congrats on the 7 unit. I too would like to know more about it.

Why would you move from Chicago to Cincy, just curious...

Where in Chicago are ya?

:welcome:

Edited: 06/26/2010 at 05:21AM

Account Closed

691 posts
2 awards
50 influence

Jun 18 '08, 12:20 AM

Maybe he is a Ken Griffey Jr, fan! :D Welcome to Bigger Pockets!

Edited: 06/26/2010 at 05:21AM

Ryan Steele

Real Estate Investor · Chicago, Illinois

957 posts
3 awards
50 influence

Jun 18 '08, 12:25 AM

Well Griffey said he would accept a trade to the Tampa Bay Rays.... so he isn't long for Cincy!

Edited: 06/26/2010 at 05:21AM

Account Closed

691 posts
2 awards
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Jun 18 '08, 02:17 AM

I hope not. I was living in Seattle when he come up with the Mariners and they won theri division in 95. That was quite entertaining. We hated to see him go. :beer:

Edited: 06/26/2010 at 05:21AM

Larry Galloway

Real Estate Investor · Cincinnati, OH

3 posts
50 influence

Jun 18 '08, 02:52 AM

Originally posted by "biggerpo"

Welcome aboard, Larry! You say that you want to get your 7-unit building up and running. What do you mean by that? I'm assuming that you currently own it, but is the building occupied? Are there problems that you're referring to?

Tell us a little more about the property and we'll do our best to help out!

See you around BiggerPockets!

By up and running I mean rehabbed and rented, maybe rehabbed is too strong a word, there is lead paint in one unit and I want to update the other units. No major repairs at all 25-45 day project at most the bldg. is not occupied but is not in disrepair. It is a seven unit brick bldg. with six 1br's & one 2br. I wanted to use hard money but would like to hear some scenarious from the forum members as to the best way to go about this. And the move to Cincinnati would only be for getting in on some of the opportunities there in rehab & development home is always Chicago and I stay on the southside Beverly area. Please any advice or info. is Welcome!

Thanks

Edited: 06/26/2010 at 05:21AM

Ryan Steele

Real Estate Investor · Chicago, Illinois

957 posts
3 awards
50 influence

Jun 20 '08, 10:18 AM

Larry,

So you would leave Chicago because you don't think there are opportunities to invest here? or you just think there are more plentiful opportunity for you in Cincy?

Edited: 06/26/2010 at 05:22AM

Larry Galloway

Real Estate Investor · Cincinnati, OH

3 posts
50 influence

Jun 20 '08, 08:33 PM

Originally posted by "4rmgt"

Larry,

So you would leave Chicago because you don't think there are opportunities to invest here? or you just think there are more plentiful opportunity for you in Cincy?

My reasoning is that Cincy is like a mini Chicago by comparison dealing with alderman, getting permits, etc. Cincy is like the jv and home is definately the Varsity. I am not moving permanantly just to fix up my property and take advantage of the opportunities in Over the Rhine. I would be wiling to take advantage of any and all opps in Chicago I just wanted to get more experience, connections, capitol, etc. Its only 3.5 hours drive so I will be back & forth alot.

Thanks

Edited: 06/26/2010 at 05:22AM

Adrian G.

Real Estate Investor · Chicago, Illinois

Pro Basic

290 posts
3 awards
50 influence

Jun 25 '08, 09:36 AM

Welcome to the site Larry, stay in Chicago....

Edited: 06/26/2010 at 05:24AM

Matt DuSold

Real Estate Investor

Pro Basic

334 posts
4 awards
50 influence

Jun 25 '08, 09:50 AM

Welcome Larry! Love to see more Chicago people jump on the site!

Edited: 06/26/2010 at 05:24AM

Account Closed

87 posts
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Jun 28 '08, 12:46 AM

June 28, 2008

Greetings Larry!

I am in the central Ohio area. The Ohio market is great for the investment buyer. Ohio and Michigan are in the top number of foreclosed properties available. I know of a vast amount of bank owned and auctioned properties if you are interested.

I have rented property in one day's time by listing on free websites such as rentlinx.com, forrentbyowner.com and backpage.com.

Since you have one bedroom apartments, have you considered making it a senior citizen building? There are tax abatements available in the larger cities for the investment of a senior community.

Please review my profile on this site and let me know if I can be of service to you.

Regards,

Edited: 06/26/2010 at 05:25AM

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Hello from Chicago &amp; Cincinnati

Hello from Chicago & Cincinnati