I've been studying real estate opportunities for a little over a year now. I understand the vocabulary, but I'm looking to dive in. Currently looking for a triplex or small apartment building around the Dayton area in Ohio, preferably closer to Wright Patterson AFB. I am however, open to comparable comps. I am a first time investor and I would be an out of state investor. I know this is a rookie post, but any advice or guidance is greatly appreciated.
@Charlie Cameron , thanks for the mention! @Cameron Silva , I am a Dayton Local Agent and Investor. I help local and out of state investors purchase and sell profitable properties in the Greater Dayton Area. I would love to have the chance to talk to you. I will send you a direct message with my contact information. I look forward to speaking with you soon.
@Cameron Silva I’m working on a 17 units there and it’s a little frustrating how you just are not able to push the rents up.
@Lane Kawaoka Overall, this is a stable rental market with slow rent increases (lots of supply). I've generally pushed rents up about 5% to 7% from last year, but didn't get much increase for a couple years before that. if I do appearance and energy upgrades I get superior rent for the neighborhood.
The precise location of your building will impact your ability to increase rent.
@Darrin Carey , Thanks for reaching out. I know the safe and common advice is to rent where you know. In my case the California market is a little too hot right now. I chose Dayton for a few reasons, I went to school there so I have some familiarity with the area as well as a network to work with. I believe the city officials and local businesses are heavily promoting growth, i.e. G.E. recently established a facility there, coupled with the track record of being an industrious city. Also, the stability of WPAFB is a nice bonus. Some of my assumptions may be just that, assumptions, but I'd love to learn more from you about the REI climate around the Dayton area.
I’ve worked with oos investors in the past on similar type deals. I have a good working knowledge of the area so if you ever want to chat I’d be happy to help anyway that I can. Good luck and happy hunting in Dayton. I believe this to be a great place to invest
@Cameron Silva Those are all good reasons to be in Dayton, and they are among the reasons I stay here. It's also why I didn't stay in California.
If you want to chat sometime, PM me, and we'll set up a call.
On large buildings 50 units an above anything over 3% rent increases per year is crazy. I use 2% in a stable growing market.
Are you going through a turnkey company or just looking at deals on the MLS?
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