Closed on my first property last week!

160 Replies

@Tariq Khan Thanks! Enjoy your time in Ohio but pack warm clothes! Maybe we can meet up at a local REI meetup. I've been to NOCREI once but would like to start going more often.

@Chris Christensen thanks! We did a video walkthrough on a couple other properties that didn't work out for one reason or another. Between the photos he sent of this property on a previous walkthrough with another client of his and photos from the property inspection, I felt confident on the condition and knew what work needed to be done. The goal is to raise the rents in the spring of 2020 after we tackle the immediate repair lists from the property inspection, tenant requests, and provide value adds. The biggest expense will be a new roof in the next 2-5 years.

@Justin Wotring

Very nice Justin! I grew up going to Cedar Point. I live in Long Beach now. It would be cool to meet up sometime and chat. I have some property in the metro Detroit area and am looking for other opportunities as well. Please PM me if your interested in chatting more.

Congrats! You bought a out of state multifamily as your first rental, very brave. Sounds like you haven't seen the property in person, that was so awesome.

@Chris Christensen here's some pics of the initial repairs we did. We had to remove all the shrubs in front because they were causing the grading to slope towards the foundation which allowed water to get into the basement. We removed the shrubs and threw down some dirt to help guide rainwater away from the foundation. You can see the the water damage and mold in the basement pics below. We removed a rotted wood storage area and bleached/scrubbed the entire wall and sealed it. Night and day difference!

@Justin Wotring

Congratulations!! I’ve been looking for a deal these past two months but can’t seem to find one. I’m not saying there isn’t any in my area, but maybe my lack of experience isn’t helping. I’ve considered looking elsewhere, in other markets, like you did, but I’m a bit scared. Any tips you can share when choosing a market, or how and why you chose Ohio? Congrats once again!! Way to take action!!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here