Just bought a 18 unit for $12,581.36 in Ohio

Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes

Well sort of. I have to pay back taxes of $20k and about $1k in back water. And, yes it needs a full rehab but if I did my numbers right after all is said and done I'll be sitting pretty. I close this week so once I do I thought I would keep a this updated regarding the experience including all numbers so the BP community can benefit from my experience. Let me know your questions!

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Jean BolgerPro Member

Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes

10y

No need for onsite management in Ohio, so don't worry about that. I bought a 29 unit in Columbus that was 50% vacant and in a C neighborhood. It's taken 2.5 years but it's starting to do pretty well-- however I certainly did NOT have the experience necessary going in, lol.

I agree that the prospects hinge pretty heavily on the city and neighborhood, but at that price it's probably worth a shot either way and I like the bold approach. I'll look forward to hearing more as the story progresses!

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Zach Quick
Investor · Bentonville, AR · Member since 2014 · 759 posts · 379 votes
10y
@Omar Merced How did you find this? How much rehab is expected? Is it vacant?
Congrats, keep us updated.
0 Reply
Nick Thomas
Real Estate Agent · Ashburn, VA · Member since 2016 · 107 posts · 31 votes
10y
Depending how much this rehab costs it seems you'll be making a huge amount of cash flow if you're able to rent out all 8 units. Any pics or estimates on rehab price?
0 Reply
Ernest Quallis
Hampton, VA · Member since 2016 · 22 posts · 3 votes
10y
how did you find this deal? im a newbie
1 Reply
Jimmy Warr
Logistics Manager · Cordova, TN · Member since 2014 · 157 posts · 32 votes
10y
WOW, that is amazing. Please share pictures when you can.
0 Reply
Jeff Brough
Real Estate Investor · Albuquerque, NM · Member since 2016 · 2 posts · 0 votes
10y
Interested to here how it comes out!Post photos please...
0 Reply
John O.
USA · Member since 2014 · 43 posts · 13 votes
10y
Congrats!!
0 Reply
Account Closed
Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes
10y
Nice how youi got it send some pictures
0 Reply
Jason Wade
Silver Spring, MD · Member since 2016 · 48 posts · 14 votes
10y
Definitely interested in following you along this journey. Sounds like a sweat equity. Congratulations
0 Reply
Levi T.Pro Member
Rental Property Investor · Tucson AZ / Nice FR / Washington DC · Member since 2016 · 1k+ posts · 1k+ votes
10y
If I was a gambling man, I would say you got it in Columbus or Cleveland, question is if you found it in a good part of town or the bad. Go down to Columbus and get houses for 3k all day, along with all the illegal guns, drugs, and muggings you could ever want — In any event congrats!
6 Reply
Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Zach Quick Found this one through MLS. It's a big project estimated $250k to 300k. I am going gout to get bids next week. It is 100% vacant
@Nick Thomas It was listed as a 17 unit but taxes say it's 18. One of the apartments are being used as a laundry not sure if I am going to keep it like that.
@Ernest Quallis Good ole MLS
@Account Closed Thx
Thank you all for your well wishes. I am excited and will begin posting cost and my experiences. Please remember to follow the thread so you can get updates.
8 Reply
Brian Hosier
Investor · Port Coquitlam, BC · Member since 2013 · 203 posts · 119 votes
10y
No question this is a fantastic price but the real question is the neighbourhood? There will most likely be higher expenses with ongoing management but once you stabilize the property it will be offset by the cash flow.
As others have asked, keep us posted on the project and good luck with it!
3 Reply
Brian Adams
Syndicator of Large Apartment Buildings · Glen Mills, PA · Member since 2009 · 1k+ posts · 1k+ votes
10y
@Omar Merced, congrats!!
In review of your BP profile it seems like you have the experience to do a deal like this that is 100% vacant.
I have bought and sold over 1000+ apartment units and haven't ever done a deal that was completely vacant. So please keep us posted on your journey.
2 Reply
Kathy Argento
Lender · All, Nationwide · Member since 2015 · 144 posts · 46 votes
10y
Please do tell: what city is this building in?
0 Reply
Lesley Govan
Investor · Stratford, CT · Member since 2015 · 110 posts · 16 votes
10y
Good luck and Congrats!
0 Reply
Chris Washington
Cincinnati, OH · Member since 2016 · 62 posts · 52 votes
10y
Awesome Omar...very interested in your experience theough this project. Please do keep us informed!
2 Reply
Jeff B.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
10y
What's OHIO's requirement for an onsite manager? Here in Calif they are required in 16+ units and that results in creating an employee and necessity of following State Employement regs, including SSI and withholding.
2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Omar Merced your in Nevada and you bought a low end project in Ohio.
do you have experience at this... do you understand the challenges .
I hope it works for you.. there is a reason and its a big reason these deals exist.. the last person failed and walked.. what makes you think you can do better especially from long distance.
Not being a Debbie downer but I have seen this play a few times and it ends not well.
IF it was me I would use the greater fool method here and dump it to the next dreamer make 20k quickly and move on LOL>
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6 Reply
Salvatore Lentini
Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes
10y
The greater fool method. Funny, never heard of that moniker. Love it. It looks like @Omar Merced has experience in the investing/managing from afar arena so I'm guessing he has a plan? Omar you have a plan to deal with a VERY hands on project like this right? The property itself from the exterior will clean up nicely but the big question is, what is the area surrounding it like?
0 Reply
Jean BolgerPro Member
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
10y
No need for onsite management in Ohio, so don't worry about that. I bought a 29 unit in Columbus that was 50% vacant and in a C neighborhood. It's taken 2.5 years but it's starting to do pretty well-- however I certainly did NOT have the experience necessary going in, lol.
I agree that the prospects hinge pretty heavily on the city and neighborhood, but at that price it's probably worth a shot either way and I like the bold approach. I'll look forward to hearing more as the story progresses!
12 Reply
David Panzera
Real Estate Broker · Columbus, OH · Member since 2015 · 205 posts · 62 votes
10y
Congrats to the purchase!
0 Reply
Youssef Elmaraghy
Columbus, OH · Member since 2016 · 13 posts · 1 vote
10y
.......
0 Reply
Zach Quick
Investor · Bentonville, AR · Member since 2014 · 759 posts · 379 votes
10y
Originally posted by @Jean Bolger:

No need for onsite management in Ohio, so don't worry about that. I bought a 29 unit in Columbus that was 50% vacant and in a C neighborhood. It's taken 2.5 years but it's starting to do pretty well-- however I certainly did NOT have the experience necessary going in, lol.
I agree that the prospects hinge pretty heavily on the city and neighborhood, but at that price it's probably worth a shot either way and I like the bold approach. I'll look forward to hearing more as the story progresses!
I bet the community would love a post or two on the details of this.
1 Reply
Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Levi T. Thx. Let's talk sometime.
3 Reply
Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Salvatore Lentini Not sure why you weren't mentioned in the last one.
0 Reply
John O.
USA · Member since 2014 · 43 posts · 13 votes
10y
Originally posted by @Zach Quick:

Originally posted by @Jean Bolger:
No need for onsite management in Ohio, so don't worry about that. I bought a 29 unit in Columbus that was 50% vacant and in a C neighborhood. It's taken 2.5 years but it's starting to do pretty well-- however I certainly did NOT have the experience necessary going in, lol.
I agree that the prospects hinge pretty heavily on the city and neighborhood, but at that price it's probably worth a shot either way and I like the bold approach. I'll look forward to hearing more as the story progresses!
I bet the community would love a post or two on the details of this.
I second that!
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