All Forum Posts by: Brook W.

Andrew Dooly have you considered starting with a 2-family? That way you can start building up proof of income from your property right away.

Thanks for the update Walter Hammond. I am very interested in your experience. We have a duplex and a single family, and we plan to buy another in about 6 months. I have my eye on the nicer part of Norwood but I think there's a lot to be said for providing a decent and very affordable place to live. Trend seems to be that most peoples' paychecks aren't keeping up with inflation, so I think there will be more and more demand for safe and decent very affordable housing.

David Beard thanks for the idea... I am definitely re-lining them. It is a nice brick home in Northside and values are going up there. The box gutters look good and it will help the eventual resale value. It also has slate shingles that I have maintained yearly, and I know if I get the box gutters re-lined they will be good for several years to come. If I thought it wouldn't impact the future value I would go with conventional gutters.

Thanks! I like the looks of Golf Manor... If the tenants have gotten away with a lot they might leave anyway, and you'll be looking for new tenants for Bond Hill and not Golf Manor. Big difference...

Walter Hammond I looked at some 4 families in the less-nice area of Clifton, close to Camp Washington. Wouldn't appeal to most UC students, but I was enticed by the 80k asking price. Very similar rents and condition. When I crunched the numbers it wasn't worth it, and even the thought of trying to get financing with the knob and tube electric and dinosaur furnace gave me a headache.

Bond Hill is interesting... I am doing a little in Spring Grove Village and they are similar in that they are close to more desirable neighborhoods, the crime rates are low and they are super affordable, but most people aren't looking there. Both "Winton Place" and Bond Hill have some connotations of dangerousness to some folks, but the crime stats are very low. I would be interested in hearing more about your experience. I drive past those 4-families all the time and wonder if any of them would be worth it.

In the end-- I would crunch the numbers and include boiler and window replacement. Work backwards and see what kind of price you can work with, and then make an offer based on that. Seller education might work well.

Andy O. and Kyle J. thanks so much for the advice. I know how I'll be spending my Monday morning...

I live in a safe, affordable neighborhood with a low crime rate, and own a rental property here too. However, there is a lot of blight and some homes are in desperate need of upkeep. Strange place. There's a gorgeous old brick home in a very prominent corner of the neighborhood and after living here for several years I am confident it would be easy to rent out. It hasn't been lived in for many years, and all the copper is gone and it needs significant work.

Now-- I have a regular job unrelated to real estate and two properties and our own home that keep me fairly busy. I am not in a place where I want to project manage my own flip. But I have worked with some people in financing the rehab of some blighted properties in a nearby neighborhood. It would make a big impact in the neighborhood that I am already very invested in, and I think it would make money in the end.

I set up a meeting with one of the guys I worked with on a rehab project to talk to him about it... How would you go about doing this? The guys I've worked with have held onto the properties they rehab but I am interested in owning this place once it is finished. And I think a combination of improvement loan and private money is very do-able-- we have come up with it before and can do it again.

What would your first steps be? Any tips?

I have to re-line the box gutters in one of my properties. The best quote I got from a reliable contractor was 10k for both box gutters.

I do have the cash to cover this, but those investments are doing quite well right now and I really don't want to take the cash out. If I got a loan for 30k for improvements I would be able to do some other improvement work to help the home be more appealing-- it's in a decent neighborhood so any improvements would be a big help. The house is paid off so there is good cash flow.

I am not experienced in the ways of loans-- have just had 3 run of the mill fixed rate mortgages and haven't worked with refinancing, improvement loans, etc.. I have talked to some folks and the closing costs for improvement loans seem very high, and it will take some time to secure the money. I need to get started on the roof within the month and can't wait six weeks.

What would you do in this situation?

Thank you Joe Delia -- I will probably check it out after a little bit. It looks like there's tons of good information.

Brandon Turner -- LOL about the owner! "I hate that guy." So funny. I will definitely keep that in my back pocket.

I am glad to hear your assessment that this is achievable. The idea of having our own vacation home, even if we have to share it with renters the majority of the year, is super exciting to both of us.