All Forum Posts by: Craig H.

Originally posted by @Account Closed:

Originally posted by @Craig H.:

Originally posted by @Account Closed:

Originally posted by @Craig H.:

I'm currently house hacking a 5 unit apartment building on the east side of Cincinnati.  What are features you're looking for in a property and community?

Hi Craig! I wasn't aware the house hacking strategy worked on properties over four units. Did your 5 unit house hack require a commercial loan, or were you able to get a low down payment residential loan for it? I'm looking to use a VA Loan, so preferably a "move in ready" 4plex in a family friendly area that is at most ~20 minutes from downtown where I'll be working.

Interesting situation on mine.  During the due diligence process I found out that the 5th unit didn't have a certificate of occupancy, so legally I couldn't rent that apartment.  It is the exact same layout as the other 4 apartments and has 2 egress points in it so I'm not sure what the hold up is on the CO for it, but that enabled me to not get a commercial loan, because the City of Cincinnati considers it a residential building.  House hacking so far has been going great.  I recommend it as a great way to get started in investing.  You're on site everyday and learning about the property and learning different skills that can help you in future properties.     

 What a curious, interesting thing! I'm very happy for you that it is going well thus far and you're enjoying the process. How has the experience of being a landlord been so far?

So far so good!  Living in the building with my tenants has not been an issue at all thus far.  It is key to set up proper expectations with tenants, even more so because you will be living in the building. 

Originally posted by @Account Closed:

Originally posted by @Craig H.:

I'm currently house hacking a 5 unit apartment building on the east side of Cincinnati.  What are features you're looking for in a property and community?

Hi Craig! I wasn't aware the house hacking strategy worked on properties over four units. Did your 5 unit house hack require a commercial loan, or were you able to get a low down payment residential loan for it? I'm looking to use a VA Loan, so preferably a "move in ready" 4plex in a family friendly area that is at most ~20 minutes from downtown where I'll be working.

Interesting situation on mine.  During the due diligence process I found out that the 5th unit didn't have a certificate of occupancy, so legally I couldn't rent that apartment.  It is the exact same layout as the other 4 apartments and has 2 egress points in it so I'm not sure what the hold up is on the CO for it, but that enabled me to not get a commercial loan, because the City of Cincinnati considers it a residential building.  House hacking so far has been going great.  I recommend it as a great way to get started in investing.  You're on site everyday and learning about the property and learning different skills that can help you in future properties.     

I'm currently house hacking a 5 unit apartment building on the east side of Cincinnati.  What are features you're looking for in a property and community?

Spectrum Utilities is another company you can look into for this. 

Amy Miller at Huesman-Schmid.  She was great and very responsive.  Their quote was substantially lower than the rest when I was shopping around on my 5 unit. 

@Corey Mason congrats on obtaining your license and your first property.  I closed on my first property December of last year.  BP helped me a lot before purchasing and even more so after.  I'm sure you have noticed yourself because you already have a property, but people can read and listen to podcasts, but you learn much more actually diving into the business.  Hope your first property is going well.   Best of luck on your goals of owning your own brokerage.  What areas of town are you looking to invest in?

Originally posted by @Sandra Bean:

Relocating to Cincinnati, Ohio. Can anyone point me in direction of where the good multifamily properties are located for purchase. Plan to live in it. Have looked at university areas and more high end areas for good rentals. 

 What are you looking for in an area to live?  

Originally posted by @Todd Kalsey:

@Craig James

Craig:  Appreciate the feedback.  Mt. Washington is a great area...slipped my mind!

            Any thoughts on Deer Park? (B-)  Was thinking solid working class neighborhood, some younger professionals with starter homes.  

 Todd about all I know about the Deer Park area is where it is.  Other than that I am not of help for that area.  For that area ask @JoeCornwell

@Todd Kalsey 

Todd your grades for those areas, imo, are spot on.  One other area you may want to consider that has a lower barrier to entry, but is nearby to surrounding great areas, would be Mt. Washington.  Mt.  Washington is close by to Mt. Lookout and Hyde Park.  Getting started a location like this may be a great start for you.  Another area to maybe consider is Madisonville/Madison Place.     

Tina D. Best of luck in your search. For that area I recommend locating and off market deal. Sounds like you live in the area. Start some streets that you like and target those specific properties. Also, have you thought about surrounding areas that may be the next Oakley? Just a thought... May get more for your money and in the long term if everything goes well it sets you up for that slam dunk property in Hyde Park or Oakley. One other thing I noticed from your post to be cautious of is just because a property is in a strong rental area does not mean you will have positive cash flow. Still has to be managed correctly and maintenance done correctly. I think every investor would love to own a rental in that area, but many of us have to start in neighboring communities and there's nothing wrong with that, we all have to start somewhere. Let me know if you need assistance with anything. I enjoy that area a lot myself if you would like to connect.