All Forum Posts by: Timur Salikov

The ideal situation is you list the house as “rent to own” Get 10% down and give them option to buy in 2-4 years for a pre determined price. All the maintenance will be on them. For every payment they make on time, $150 goes towards the principal of they choose to buy. Hopefully you can make that work. 

I’d say it’s a horrible idea in practice and would advise try another strategy. Who is gonna fight with the contractor if they installed something wrong and you have to start over? Your property manager? Highly unlikely. What if your original contractor wants more money or they will just stop showing up? Do you have to capital to completely start over? I have a crew that I hire regularly that knows I come by and check daily, and they still make a ton of mistakes. I can only imagine the quality of someone was only checking in once in a while. The odds are bad, most investors only try to flip one house in their life and give up.

Websites like Zillow are not always accurate and can easily be manipulated to tell you what whatever score they want. I trusted only Zillow before and got some scammer who used my property as a brothel / casino.

Not trusting you enough to provide SSN number is a red flag.

Don't do it. There a lots of posts here on BP about someone buying in the hood and having an awful time. You want to deal with tenants that have something to lose, like an average credit score. Jugs save up a little more and get something in a blue collar / middle class area. Unless you are an expert, properties in the hood will just drain your bank account and I presume you are trying to make a profit. Also, you can get deals with decent neighborhoods, you just have to hustle and find something off market. Knock on some doors, tell everyone you want a multi family in X area.

Hello, for title I'd use Ivy Point Title. As far as neighborhoods, there a lots of great ones to choose from and would depend on what you wanted. If you wanted lots of potential rent growth and appreciation, and don't mind competition from other investors, I would look at East Walnut Hills, Northside, Norwood, Madisonville maybe Camp Washington. If you want a stable and predictable "boring" market I'd look at East Price Hill, Westwood, Delhi. Id advise you to look at properties close to hospitals, as you can do some value add and they have strong demand from nurses. Another idea would be to look at large houses in Clifton Heights to rent to students. I've seen landlords being able to charge really high rents because students can pool money together living in separate rooms. Oh and don't forget northern Kentucky has some really nice up and coming areas and is developing fast. Let me know if you have any more question. 

"Install new LVP throughout $4000" For a 3000 square foot house? Just the materials are gonna cost more then that. Also, have you thought about the tax implications of selling that house after 6 months? That can be potentially taxes at 37%. Not trying to knock your deal or anything, just trying to warn you construction always take more time and money then planned.

You would probably have to buy furniture and rent it mid-term for a few years.  
This is why most investors only do one flip and give up. The contractors you hired are too expensive, they are for home owners and not investors. The crew investors use you would never find them on Yelp and only main guy speaks English. 

That rehab budget seems kinda light. Unless the house is already in very good condition and you are just painting walls and changing out light fixtures. Two units, so 15k each. 7.5k labor and 7.5k materials? Without knowing more details, I would guess to rehab it properly would be more around 60k and after taxes and fees you would be lucky to break even. Also remodeling remotely is a huge risk, you would need boots on the ground to inspect every step and release the funds only when finished. 

Ive had great results with SW Westhighland White. Used to paint walls pure white which was a mistake.

https://www.sherwin-williams.com/en-us/color/color-family/wh...

Here is what my units look like with it:

https://www.zillow.com/homedetails/3215-W-8th-St-APT-3-Cinci...

@Jared Timothy Chapman
Yes, I've been located in Cincinnati Ohio for the past 3 years. Was able to purchase 10 units and and remodel 6 so far. I'd be happy to help you out with any info you might need. Also, I unfortunately attempted to remodel a property I own out of state and got burned doing so, I've learned things the hard way. DM me and I can share any wisdom I've accumulated over the years.