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Old 06-25-2011, 03:00 PM
 
56 posts, read 46,933 times
Reputation: 43

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I had started a thread a few days ago where I was wishing for an alternative movie theater. After reading some of the replies I am seriously looking into it but have come to the conclusion that it can only be done as a group venture. Does anyone know of any real estate/start up investment groups or clubs here in town? I've crunched some numbers and it seems like a feasible project.

Any ideas, leads, etc. would be much appreciated!
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Old 06-25-2011, 05:24 PM
 
149 posts, read 385,924 times
Reputation: 58
Check out REIA, they meet downtown every Wednesday.
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Old 06-26-2011, 07:25 PM
 
56 posts, read 46,933 times
Reputation: 43
Quote:
Originally Posted by AGreekDude View Post
Check out REIA, they meet downtown every Wednesday.
Thank you, GreekDude. I shall check it out.
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Old 06-28-2011, 04:51 PM
 
Location: Pleasant Ridge, Cincinnati, OH
1,040 posts, read 1,124,583 times
Reputation: 301
restorationconsultant sometimes posts on here and would know about real estate investment groups.
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Old 06-29-2011, 04:50 AM
 
Location: Indianapolis and Cincinnati
682 posts, read 1,388,065 times
Reputation: 609
I have no clue about business start up groups. As far as the local real estate market goes it seems like the 'investors' i.e. slumlords are on the run having walked away from most of their 'investments' because they found themselves upside down. Since banks have tightened money, the days of 'get rich quick' are thankfully over.

That in my opinion is agood thing as it has freed up historic property for restoration. The biggest drawback to anything involving property acquisition is the city and all the R&R (red tape and roadblocks) to redevelopment. From city orders, VBML (vacant building maintence liscences), condemn orders and wholesale demolitions by the city , the cost of actually restoring a vacant building are so phohibitively high that many are going across the river to Newport and Covington. Also permits area nightmare here compared to other cities.

If you are looking at a building my best advice is to first check the city code enforcement research site:

CPOP - Code Enforcement Address Search

Type in the address of the property and you can see if there are any orders against it. Because the city doesn't file liens for VBML or often boardups a title search will not show these issues. I know many who bought property, had title work done only to find that they bought a condemned house or building. IF that is the case on any building you might REALLY want, you need to speak to city code enforcement and find out what the proceedure will be on a particular property. Not AT ALL uncommon to spend thousand in legal fees to fight to restore and save a building in this city. This city does not understand historic preservation as an economic development tool.

Banks of course don't like to lend money of property with 'issues' so you may need some serious cash to restore a building.

The only 'saving grace" is that the city has a tax abatment program.

Sad because we have the finest architecture in the country.
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Old 06-29-2011, 12:05 PM
 
56 posts, read 46,933 times
Reputation: 43
Quote:
Originally Posted by restorationconsultant View Post
I have no clue about business start up groups. As far as the local real estate market goes it seems like the 'investors' i.e. slumlords are on the run having walked away from most of their 'investments' because they found themselves upside down. Since banks have tightened money, the days of 'get rich quick' are thankfully over.

That in my opinion is agood thing as it has freed up historic property for restoration. The biggest drawback to anything involving property acquisition is the city and all the R&R (red tape and roadblocks) to redevelopment. From city orders, VBML (vacant building maintence liscences), condemn orders and wholesale demolitions by the city , the cost of actually restoring a vacant building are so phohibitively high that many are going across the river to Newport and Covington. Also permits area nightmare here compared to other cities.

If you are looking at a building my best advice is to first check the city code enforcement research site:

CPOP - Code Enforcement Address Search

Type in the address of the property and you can see if there are any orders against it. Because the city doesn't file liens for VBML or often boardups a title search will not show these issues. I know many who bought property, had title work done only to find that they bought a condemned house or building. IF that is the case on any building you might REALLY want, you need to speak to city code enforcement and find out what the proceedure will be on a particular property. Not AT ALL uncommon to spend thousand in legal fees to fight to restore and save a building in this city. This city does not understand historic preservation as an economic development tool.

Banks of course don't like to lend money of property with 'issues' so you may need some serious cash to restore a building.

The only 'saving grace" is that the city has a tax abatment program.

Sad because we have the finest architecture in the country.
Thank you for that information. I was looking to restore an old church in Norwood and convert it to a theater/arts center but think I will have to abandon the project because I cannot find the money to restore it. Every phone call I make regarding grants, etc. all start with "We no longer offer that grant/program," and I don't have the buckage to finance the rehab myself.

*Le sigh.*
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