All Forum Posts by: Jay Mersfelder

Area not the best but with how the area is going down there I'm sure the value will continue to grow.. I just purchased another SFH here in Latonia..I would love to invest in 2,3 or 4plex. I'm 48 just getting stared and have been studying for sometime now..still have lot to learn but bring local know the area well and the value of a deal or not.. I'm sure your other units will get rented soon.. Think SFH are the thing right now with everything that's going on..I enjoyed hearing about your journey its very inspiring

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Hello BP friends need some advice.. just purchased SFH to rent but have to do some improvements first..Little uncertain about do I need LLC or blanket insurance. Whats the pros and cons..plan on using BRRR method will I be able to get Heloc loan on property after repairs with LLC. Just trying to figure with only one rental property and soon to be two after I move out of my primary residence. GOING to do FHA loan and don't want to make a move that might be bad too my goals. Any insight would be helpful.

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Originally posted by @Evan Haag:

Hey Sean,

To Jay's point, there are definitely good and bad areas of Covington. I'm finding that in the desirable areas right now, a high majority (95%+) are homes that are either fixed up and selling at a premium, or priced to be owner occupied, and leave little to no margin for an investor.

There are several areas in Covington that are not as "hot" that deals can be made. However, that is for a reason. Personally, I own about 40 total apartment units across 5 properties in the Covington area, and this is what I've seen as of late.

Studio, 1bd: These are on the market and snatched up immediately be renter demand. When I have a vacancy, I get calls left and right about these. Example: I listed a studio on Facebook marketplace for $550, and had 100 messages within 24 hours.

2bd: I only own 2 of these, and these took a little longer to fill.

3bd to 4bd: I own 1 of these that I just purchased, so I don't have a great feel yet, but I can tell you my perception. Finding a person that is qualified for a $550 studio means its just one person. That's easy. Finding a couple or group that can afford a 3bd or 4bd, your tenant pool will obviously be reduced. That being said, again to Jay's point, there are a handful of properties, even on the MLS right now, that could be bought, fixed up about $10k or $15k, and still be a 1% or maybe even a 1.5% property. But without the fix up, you won't get a qualified tenant that wants it, and be left with many applicants that have 1.5x or 2x the income instead of the ideal 3x.

Just my thoughts, good luck and if you have any questions, shoot me a message!

Hey Evan congrats on your investments sounds like your off to good start. ARE area does bring good cash flowing properties if done right..I'm curious what neighborhoods have you been investing in.?

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Originally posted by @Sean Robinson:

@Jay Mersfelder

Thanks for the insightful information! Yeah, most of what I've been able to find, if not on Zillow, Redfin, local MLS, etc., is what some brokers in the area have been able to share with me.

To provide some more detail, I’m looking at ideally small multi unit properties (2-4 units). From what I’ve been told and have been able to find, most of those types of assets appear to be popular along the River in places like Covington and Dayton.

Are there potentially other areas I should also monitor for small multi family’s?

Yes there are other areas Latonia is really good and also Erlanger..Theres lot of good areas just finding them building fast is key in them areas..I can bring lot of valuable tools to the table if you would like to partner..Have yrs of construction experience and currently work in Cincinnati on lot of the big buildings theredoing restoration on structural repair..I also have one handyman that works for me by the hour..so any upgrades or repairs I can do..Also can save us on property management. Just let me know if what your investment goals are and we can take it from there.

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Originally posted by @Don C.:

@Jay Mersfelder will definitely be in touch

Look forward to hearing from you..Theres lot of value i can bring to partnering with me..I can save tremendously with all repairs and upgrades. I've been into restoration on older commercial masonry buildings in Cincinnati for years.Sense picking up couple properties over last year i have 1handy man on my team also..And can save on property management by keeping it in house.let me know some of your goals here and I can get looking.q

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If your serious about investing in Northern ky content me I'm from Northern ky and currently investing here and could use a partner to be able to get the better deals if your interested contact me.

Originally posted by @Don C.:

Hello, I am from San Diego but visited the Covington area at the end of January to check out a couple of potential opportunities. I think Covington is quite nice - although I am an outsider and certainly not as familiar as a local. I checked out areas off of MLK (south/east of Main St). Home are around 100 yrs old but it still seems to be strong in rents. Headed back in a couple of weeks but would love to connect with anyone in the area to potentially partner on an investment if the right opp could be found.

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Northern ky is hot market its all about area with type of tenants you attract.. if you go with the cheaper area you'll have more problems with renters but great cash flow..better area decent c.f. but better appreciation

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Erlanger,Florence lots of good areas other then covington.just tough to find multi-family outside covington or Newport have to be on them fast..But as I said there's good areas in covington also just be careful. If its on river probably good but will be expensive..what area are you thinking about? I can help you far as if its good spot or not..what price range are you looking for?rents are great right on river there's good value in in latonia far as price vs ROI. I have 2 properties in latonia that have great ROi. BUT but want to find nice duplex out side of covington.. but will be next year before I can do that.. so I'm open to helping you if you like.. just let me know

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@Nicole W.

I'm new to investing so for me think of best to stick to area I know best.. so much easier for me to run the numbers I can just about tell good deal before even running numbers knows the areas values and rates..

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Lot of insight there. Yes deals are hard to come by with out putting in some rehab to bring value up. I've been really interested in brrr method that going to use on a purchase that just bought in latonia..I'm wanting to invest in more desirable areas that are outside covington that are more desirable tenants and better rent rates..

I fully understand how hard it is to find deals on MLS .. I'm currently searching everyday for good investment opportunities but can only do one at time do to financial situation. If you would like I can present any deals that I find in these better areas to you for better analysis. If your interested

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All Forum Posts by: Jay Mersfelder

Jay Mersfelder has started 16 posts and replied 79 times.

Post: Thoughts on Covington, KY?

Post: LLC or not for first renter property

Post: Thoughts on Covington, KY?

Post: Thoughts on Covington, KY?

Post: Thoughts on Covington, KY?

Post: Thoughts on Covington, KY?

Post: Thoughts on Covington, KY?

Post: Thoughts on Covington, KY?

Post: Is it better to invest long distance for price to rent ratio?

Post: Thoughts on Covington, KY?