Investor · Chicago, IL · Member since 2016 · 20 posts · 15 votes
Subject says it all. I'm looking to purchase a multi-family in the Northern Kentucky area like Covington. If anyone is an agent or has a recommendation, it is much appreciated!
Commercial Real Estate Broker · Ft Mitchell, KY · Member since 2016 · 21 posts · 6 votes
9y
What property sizes are you looking for and what type of properties? If you are looking for 2-4 units or even up to 10 units of older product in Covington you have lots of options.
If looking for 10+ unit projects their is almost no inventory in northern Ky right now and the lack of inventory makes every offering very competitive.
Any decent 20 to 100 unit building will have multiple offers within the first week and we have made full price offers that were not accepted
Investor · Chicago, IL · Member since 2016 · 20 posts · 15 votes
9y
Aaron - thanks. I look forward to our phone call!
Eric - thanks for the info. I'm in the market for residential (2-4 units). Eventually I would like to buy commercial, but first want to start small with 2-4 units rentals. This is for two reasons: 1) I'd like to get a sense of what it is like to be a landlord without going "all in", and 2) Being a younger investor I am thinking a bank would be less apt to lend to me for commercial until I have a proven track record of success. Thanks again -- your advice is appreciated!
Commercial Real Estate Broker · Ft Mitchell, KY · Member since 2016 · 21 posts · 6 votes
9y
Kurt Schuepfer
You are welcome. I agree that starting with SFR or 2-4 units is a great place to start and learn the rental business.
That is how I was taught and am still doing while building up to larger assets.
You also have significantly more supply of properties to choose from and can use the government backed loans initially to get started.