All Forum Posts by: Jordan Fiore

Welcome Rachel! You are most definitely in the right place. BiggerPockets has immense value and is a great place to network. Do not hesitate to ask questions!

Welcome Jace! Cincinnati is a great city to any beginner investors. House hacking is the smart thing to do. Over the next year or 2, just absorb as much information as possible via webinars and reading these forums. Continue to build a network of people by putting yourself out there in this community. Do not hesitate to reach out for any assistance!   

Welcome Tyler! A lot of lenders have pretty strict guidelines on what they require(2 years W-2, Credit Score, etc.) I would talk to multiple and get their recommendation on how you can go about this. I would make sure you have some cushion in your finances more than you think. Always want to be prepared for a worst case scenario situation. Best of luck with everything!

 Great points here! Another thing to add is figuring out if tenants have been there for a long time and see if there was a recent rent increase. It could put a bad taste in their mouth if there was a rent increase recently and then you give them a rent increase immediately after closing without doing any type of fixes to the property yet. Want to make sure you show the tenants that you give them value and they are more willing/happy to pay a rent increase. Best of luck!

 I guess I just meant relative to what the investor would like rents at. That is a good point though!

Hey Everyone,

Just wanted to do another discussion post that could potentially give guidance to a lot of investors that are purchasing properties here in Cincinnati. It would be great for veteran investors to give their feedback on what they would do in this scenario.

We all know the housing market has been skyrocketing but there are a ton of properties that have longer term tenants that live there that are WELL BELOW market rent. As an investor taking on a property that has all units clearly under market rent, how would you go about this scenario?

Scenario:

You are taking on a 4 unit building with each unit currently rented at $500 but market rent is at $850! All tenants are currently month to month. Tenants have all been there between 3-10 years with a minor $50 rent increase just 6 months ago.

I would love to hear different approaches that one might make to this!

Absolutely! Let us know the sort of situation and numbers you have. Will definitely get some feedback!

This is awesome! Congratulations and continue this great enthusiasm. One by one!

Have multiple contacts for the investor. Property manager, inspector, roofer, electrician, plumber, etc. It is very important that if issues arise, you can get someone to look at the property within 24-48 hours. It's crucial for all major red flags to have expert eyes on it for the investor to make the best decisions. Investors have a full time job and/or running other businesses on the side. It is crucial that you update them in a timely manner and are available for when they are free in their schedule. 

Be active on these forums and offer VALUE. Investors will reach out to you if they want to invest in your area because they see you are knowledgeable and offer VALUE.

Best of luck with everything!