All Forum Posts by: Tyler Weaver

@Kevin Joiner Welcome to Cincinnati.  I think you would be able to find a loan if you have history/a signed offer from a company the bank finds creditworthy.  It might take a bit of searching though. The other side of the equation is, you will probably need a bit of time to learn the market, figure out where you want to live and be a landlord, and execute.  That will most likely take some time. 

@Ben Gammon That looks like a great property! 

$550 is probably a bit low if you are looking for upgrades like actual cash value. Might be able to find it for about that price though.  

If you are renovating it while vacant, insurance for vacant properties is around 50-100% more.

Have you tried valley central bank?  I am not sure they do lending in NKY.  But the rest of your criteria seems like something they would want to work with.

I do enjoy the  cashflow and speculate model or rent and speculate. What @Eric Sztanyo posted is what I meant with the neighborhood has things going for it. 

I would hope to be closer to 15k than 30k per unit in this type of neighborhood. 

Have you walked that neighborhood?  It has been a few years since I have been on that part of woodburn. While geographically close to Xavier I did not get the feeling a property would market well to students. It is possible though. 30k/door seems at best high for that neighborhood. 

I do not own anything in Evanston so I do not have first hand experience. There are a few positive  things going on in the area that should be good for the market. I would check the crime maps etc. Cincinnati can be extremely block by block in nature. 

If you want to talk about this property or cinci in general I would be happy to take a call or meet for coffee if you are coming into town sometime. 

If the question was, can I make 8k a month within 2 years or I will die then yes there are plenty of ways to make that happen.  If your job is stable, and you like your job then I don't think this is the position you are in. In which case I would suggest you start off a bit slower, maybe saving up along side of your investment.  

The quickest way to get to 8k monthly cashflow  would be to invest 480k with a 20% cash on cash return in a turnkey property. Or 320k at 30% cash on cash.  If you are putting away enough cash each year from your job where that is a realistic picture within a reasonable amount of time, go for it!  However, if that is not reasonable I would focus on repositioning. 

Repositioning meaning buying a property that needs some work.  I like the idea of a neighborhood that went from c to b but the property in question is a c property. Over the course of the year or two, you change the property to a b property and raise the rents.  Hopefully cashflowing in the meantime.  Raising the value of the building substantially more than the amount of cash that was put into it. That is just one strategy for repositioning.

While you have a job, I would focus on getting some numbers on the board.  Create a track record for investing where you have shown that you can do it. If your goal is to be in complexes, I would stick to properties that are above 4 units. Get a commercial loan on it, and season it for a few years. That way when you come back looking for a loan on a much bigger deal, you have a positive record. 

@Mario F. The sellers agent in that case has 2 reasons to show you the property. To sell the property they have listed, and to find another client to be a buyers agent for. 

Now on trying to predict the downturn. Yes there has been growth recently, and that could indicate a bubble.  So how do you protect against that?  By getting into property at a discount, force appreciating it, and earning a large enough cash flow or having large enough reserves that you will not have to sell for 5-10 years if the pricing goes bad.  Trying to project when it will happen is going to be very challenging because the powers that be, not just political forces, are very good at keeping the plates spinning when they want to. 

But if you are talking about a total economic collapse of the US, well I am not sure what strategy is best for that. Probably one found on a hoarder/prepper forum. The factors that make long term buy and hold with a 30 year fixed note are also the factors that make the debt not so insurmountable. If the government were to stop spending more than it is taking in, the debt as a percentage of GDP goes down as the GDP goes up by the profit motive of the market. 

There are so many factors that would go into projecting such an event, it makes pointing to a couple economic indicators and saying we are due for X to seem like a silly exercise.  But the guy who was right will definitely proclaim genius. 

TLDR: To hedge against downturn, buy right and learn skills. Have access to cash for when it comes if you want  to get into the game big then.  

I second this. While I do not own a multi in Pleasant Ridge or Norwood they are both on my radar as places I am actively looking for deals in. 

I believe the way Pleasant Ridge is planned is inherently good for investing and living in a multi family. There are not streets that are just full of small multi family properties. Every street in Pleasant Ridge has a multi family or two sprinkled in with SFR's. Even the highly desirable streets.

Disclaimer: I live in Pleasant Ridge.

Jill Sherman | Advantage Insurance Network, LLC

I can message you her phone number if you cant find it. 

She is easy to work with, and works with several insurance companies.  I have procrastinated on insurance until the day of closing once and she was able to get coverage setup by the time closing happened that day. 

I have both fixed and ARM products in my portfolio. For me to choose an ARM I met thse criteria. Lower interest rate, lower closing costs, forced apreciation during the locked in period. Refinancing is likely in the short term on the loans I took ARMs on.