All Forum Posts by: John Craven

Hello BP,

I am looking at a 4-plex in Southwest Ohio, which is zoned commercial.  It appears that the county/city where the property is located zones all properties with 4+ units as apartments / commercial.

I was informed by my lender that, despite the fact that it is used and has been used as 4 rental units for many years, that he cannot provide residential financing due to its zoning.

Has anyone had experience with this issue?  Is it possible to receive residential financing on a 4-unit that is zoned commercial?

Thanks in advance!

Shakeb,

I'd also add that you can likely help that cash flow number by having tenants pay utilities.  It is certainly not uncommon in the greater Houston area for tenants to pay their own water/sewer/gas, electricity and their own lawn care.

Many thanks @Yonah Weiss and @Daniel Hyman!

@Michael Plaks - I will send you a PM.

Hello BP Community,

I am a Houston resident and am looking to acquire a few investment properties over the next 6-12 months through my LLC (formed in Ohio). In the short term, I am only focusing on properties located in Ohio.

Would you recommend I use a local, Houston-based, accountant (I have a W-2 job here in Houston)?  Or, in the alternative, is it wiser to use an accountant in the area in which the properties are located?  If the former, I would appreciate any recommendations for a Houston-based accountant.

Any advice would be much appreciated!

@Grant Rothenburger and @Darrin Carey - Thanks for the suggestions!  This will certainly help get the ball rolling.

Appreciate all the helpful responses!

@Sean Tarpenning - Many thanks.  I will send you a message.

@Tommy Spijkers - I do not have any specific neighborhoods at the moment, but I'm doing my research as to which areas I'd like to target and would hope an agent would be able to provide a little hand-holding in that regard as well.

Hello, BP Community. I am looking for recommendations for an investor-friendly agent in the Dayton / Miami Valley area. I am primarily interested in SFH and small MFH (2-4 units), with a price range of $50K-$200K.

Any suggestions or guidance would be much appreciated.