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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Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Jay Hinrichs I'm in San Diego for the weekend let me know if you around on Monday or Tuesday and we'll go grab drink. I couldn't of said it better. This is not for the beginners.
@Emma Morris Thx. Make sure you are following the forum to get updates.
@Thirumalai Satish Thx
0 Reply
Jason V.
Investor · Rochester, NY · Member since 2016 · 477 posts · 426 votes
10y
@Omar Merced I'd love if you could do a "diary" thread on this project - it'd be great to follow along.
It's always interesting to me what scares some people in this business: I've lived in areas not too different than the one where you bought this property, and that wouldn't really worry me too much if the numbers work (knowing full well what the tenant level will be, etc.)
On the other hand, the thought of flipping a $300k-$500k house would be terrifying to me - I don't think I've ever even set foot in a house that cost that much! But this is some folks' bread and butter.
I read some of the posts on here about rentals in many areas, and the houses people are rehabbing for rentals are WAY nicer than the house I live in currently. It's all just a matter of what you know, and what you're comfortable with.
Good luck!
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Rob S.
Investor · Portland, OR · Member since 2014 · 65 posts · 46 votes
10y
Congrats! Looks like you have found a diamond in the rough
0 Reply
Jeffery Waicak
Investor · Massillon, OH · Member since 2015 · 266 posts · 156 votes
10y
imy still too far to drive easily. Awesome deal #onejealousfellow
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Omar Merced take you up on Monday. I have flight sim at n Vegas airport. Can meet after
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Jim Walters
Rental Property Investor · Conover, OH · Member since 2016 · 55 posts · 48 votes
10y
Omar, congrats on your purchase. Being from this area, I am thrilled someone is trying to improve the area. I looked up this area online and it is full of vacant and poorly kept buildings/homes. One idea might to have investors ( possibly from BP, piggy back your purchase and buy other deleted house in this area. This area is definitely questions but can be turned around. Any help I can give, I would be pappy to do so. I can send references. You will see I and good at bringing projects online timely quality work. Any questions, feel free to call me. Jin Walters Seeds4life
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Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Jason V. I'll do my best. Not a great diary guy. When I posted this I didn't know it was going to attract so much attention. Now I feel some pressure. You are a poet what you say is absolutely true it is all a matter of what you know.
@Rob S. Thx. We'll see.
@Jeffery Waicak Don't let this stop you. Do whatever it takes.
@Jay Hinrichs Monday might work, let me know what time is good.
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Account Closed
Rental Property Investor · Dayton, OH · Member since 2014 · 57 posts · 34 votes
10y
Maui was a great place to vacation, but I am really looking foward to seeing that 18 unit come together. Ready when you are.
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Account Closed
CA · Member since 2016 · 145 posts · 53 votes
10y
@Omar Merced Was the purchase in Cuyahoga County? We've been buying/selling out there for a few years now. There are some really really bad areas out there? I'm curious to know exactly where you bought this ? Either way I'm sure you've done your Home Work.
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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
10y
Right on Omar. Jay's crumbs are like specs of gold if you can hook those up.
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Matthew Butler
Katy, TX · Member since 2016 · 3 posts · 0 votes
10y
Hi,
Newbie here. Where do you get the info on A, B, C,... neighborhoods? Is this an informal rating system because it seems like it might border on discrimination regarding Fair Housing/Community laws. My husband and I are just getting started and I am currently getting my real estate license.
Thanks,
Emily (Matt's wife)
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Perry L.
Investor · SAN FRANCISCO, CA · Member since 2012 · 42 posts · 10 votes
10y
Omar, I just sent you a pm. This is a great deal. The land value should be more than what you paid for. Could you share the address?
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Rob McCarthy
Boston, MA · Member since 2015 · 47 posts · 4 votes
10y
Wow. Good for you. Congrats!
0 Reply
Kyle Holsey
Wholesaler · Redford, MI · Member since 2015 · 153 posts · 50 votes
10y
Congrats Much success to you my friend!
0 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
10y
An ongoing thread with a play by play of this deal will make for an interesting read. Will be interesting and educational for all to read about the successes and inevitable setbacks that always seem to come with projects like this one. What's the estimated timeline to get it from where it is to fully occupied?
Good luck and keep us in the loop @Omar Merced
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Daniel P Willis
Investor · Rexburg idaho · Member since 2016 · 68 posts · 18 votes
10y
@Omar Merced you mentioned that you have a lot of expirence in D & C area's and I was wondering if you could explain how you handle properties in areas like that. How do you get good tenants in a bad area? I'm new to investing and i am interested in what you look for in a property, if you find the time to send me a message it would be very much appreciated.
A question for everyone else, how do you guys rate the "area" of a property, simply by expirence or is it based off of crime? Great discussion board, I'm excited to see how everything works out!
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David Lucas
Rental Property Investor · Columbus, OH · Member since 2014 · 63 posts · 9 votes
10y
Congrats Omar!
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Tami Russell
Las Vegas, NV · Member since 2016 · 11 posts · 5 votes
10y
@Omar Merced Congratulations! Great job not just on the property, but also on generating so much interest on BP. You've got rock star status going here...
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Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Emma Morris Thx
@Thirumalai Satish Thx
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Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Jim Walters That's somewhat the plan. The thing is more conservative investors need to see some performance before they make the leap. I'm headed there tomorrow so if you are in the area and would like to meet up let me know. I am looking for good contractors/trades. We are having an open bid period on Thursday. And I need everything.
@Account Closed Really didn't know it was going to take off.Just meant it to help out. Now I really need to make sure things work out...
Thank you all. I will be updating as much as I can. I also have a flip going on here in Las Vegas so we are busy. If I missed any of you send me a message or mention me again and I will respond. Please make sure you follow the forum so you can get all the updates.
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Account Closed
CA · Member since 2016 · 145 posts · 53 votes
10y
@Omar Merced Cleveland, Ohio is the "proper" city that makes up Cuyahoga county. Have been virtually wholesaling in this area for about 3 years. Best of luck with your project keep us all updated with the process, Cheers!
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Omar Merced
OP
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Account Closed Thank you for the education. Things still doing well over there? I heard it was getting tougher and tougher to find good deals. I was in San Diego this weekend. Lovely, but man is everything far.
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Account Closed
CA · Member since 2016 · 145 posts · 53 votes
10y
@Omar Merced There's tons of deals to be had in Cleveland but we have slowed down out there to focus on Mobile Home Park investing. Plan to own and operate a park before the end of 2016!
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David Luetkemeyer
Investor · Stillwater, OK · Member since 2016 · 36 posts · 17 votes
10y
Omar, Great find. I, like you love the C and D properties. They do take more management however when I can buy a $20,000 property put a few thousand in repairs in it and rented out for $600 a month I'll do it everyday.
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Brent Coombs
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
10y
Hi Michael, are you Licensed? Or doesn't the OH Regulator care about Out-of-State Wholesalers who "illegally" wholesale right under their noses? (Or, do you actually buy 'em first?) Cheers...
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