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What to Do, What to Do 1, 2, 3 or 4.

By
Home Inspector with Home Inspection and Investor Services, Clayton

We finished a rehab 3 months ago and low and behold it sold (I'm still amazed).  Now we're looking for another that is in equally bad condition to redo over the winter.  Before I get a bunch of offers, my wife is a realtor.  I've looked at both multifamily and single family buildings and I still can't make up my mind.  We've done 19 in the last 7 years, so I'm not a babe in the woods.  I just would like input from others as to the wisdom of buying either single family or multifamily in today's market.

Jack Gilleland

http://www.ohiohomeinspections.biz/

 

Comments (9)

Tamara Perlman
Referral Network Inc. - Truckee, CA

The advantage of multi-family in this market would be that investors might find it more appealing.  But single family probably have a larger buyer pool.  Of the 19, have they all been single family?  It sounds like that is where your niche is.

Aug 31, 2008 04:10 PM
Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Tamara - We've done a good mix of doubles, duplex and single family. 

Aug 31, 2008 04:24 PM
Ruthmarie Hicks
Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

A lot of people around here are looking for SF homes, but they want them in move-in condition.  Just a much bigger pool of buyers and many are coming off the fence. All real estate is local, but that's the way I would go right now.  Condos and coops are also hot (although you have the flip  tax on coops - and they are a NY thing.)  But condos are doing better than houses - at least around here.

Aug 31, 2008 04:30 PM
Not a real person
San Diego, CA

Single-family home in a college area. When I was doing flips in Texas many decades ago, they predicted that college student populations were going to fall. Nope. With apologies to The 5th Dimension, "Up, up and away...." You can always find parents wanting to buy a home for child while child is in college and take advantage of the tax benefits. 4/5/6 years later, you can buy it back from parents after having been destroyed by child and, with apologies to the Beach Boys, you can "do it again."

Sep 01, 2008 06:55 PM
Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Ruthmarie and Russel - Picked up a apt. bldg. yesterday at sale (tax).  Toured it this morning and will start on it right away.  Couldn't pass it up.  Thanks for the input.

Jack

Sep 05, 2008 06:35 AM
Mike (Inspector Mike) Parks
Inspector Mike - Circleville, OH
Inspector Mike

Jack

A 1,2,3 family will keep you under the RCO ( Residential Code of Ohio). A 4 family will fall under the OBC (Ohio Building Code).

Sep 07, 2008 10:28 PM
Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Mike - Its a 3 family. Thanks for the input.

Jack

Sep 08, 2008 06:02 AM
Mike (Inspector Mike) Parks
Inspector Mike - Circleville, OH
Inspector Mike

Jack

The codes are here:  http://ecodes.iccsafe.org/iccf/gateway.dll/?f=templates$fn=default.htm$up=1$3.0$vid=icc%3Aoh

Click on the paper symbol not the words.

Sep 08, 2008 10:52 AM
Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Thanks Mike, 

I visit those on a regular basis.  Also have a whole family (80% tradesmen) that I argue with all the time.  The HVAC nephew and the Electrician nephew are smaller partners with me on this one. 

Thanks again.

Jack

Sep 09, 2008 10:26 AM