Yet another Mike in OH
Howdy all. Been lurking on the site for quite some time now. In the SW Ohio area (Dayton, Cinci, SE Indiana, NKY)
The wife and I are accidental REIs. We bought a distressed property from a friend a couple of years ago when he couldn't deal with his commercial tenant anymore. Long story but I bought the property on the cheap, problem tenant evicted, CAP rate for the mixed use building is running at 18%. It's currently listed and if I get anything close to my asking price, I will be in for 200% ROI for 2 years.
Then we bought a piece of undeveloped land for a homestead, and in 4 months netween contract signing (6 month land contract) and putting our perm financing in place, the property gained 30% in equity value per appraisal... on dirt... in SE Indiana....
A new Honda plant being built up the road a few miles didn't hurt. :mrgreen:
So, we're hooked. I am interested in wholesaling, maybe some strategic retailing, and definately targeted cashflow. We've joined Cincinnati REIA and look forward to getting involved.