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!
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!
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Aaron Smith Yeah I was told. New to me. At the end of the day it's about retraining tenants. Here they have common water as well and I'll be changing that also. I am taking my experience from large multifamily properties.
@Nick Thomas This is a 6-9 month project but my projections are based on a 12 month turn time. However, one building is much nicer than the other so the plan is to complete one and get renters in as we work on the second.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
@Robert Nason For that here we could buy and rehab a 78 unit that would could potentially gross $468k. If you come out here your mind will explode. Not bad with crime and there are quite a few properties that need repair. I projected the rents at $400 but I expect we'll be at $495 paying no utilities.
@Jay Ritchie Sounds good. Cool thing is we don't know how it will end...
@Matt Moldenhauer I would love to learn more. If there is anyway of balancing efficiency and price that would be great. It is early enough to make all the changes we need. When can we talk?
@Stone Teran I estimated $250k-300k however individualizing all the units is a substantial change order but in the long run will really improve the ARV. I'll let you know when we finalize the budget.
@Aaron Smith Yeah I was told. New to me. At the end of the day it's about retraining tenants. Here they have common water as well and I'll be changing that also. I am taking my experience from large multifamily properties.
Omar, it was great to meet you and @Robert Germano at the Dayton property.
I think that the single biggest challenge for you is "acclimating" yourself to the urban, midwest renter. As we discussed before, the midwest, urban renter is very hip to the fact that electric baseboard heating has the potential to wipe him/her out during the months of Nov, Dec, Jan and Feb. Another factor is that they all look for "free heat" or "heat included", when looking for an apartment to rent.
I would love to hear from some experienced midwest multi family owners who have replaced windows and sliding patio doors on apartments with electric baseboard heat, and if those improvements made a significant dent in winter electric heating bills.
DL
p.s. Thanks to both of you guys for swinging by my complex and taking a look. After our conversation, I very much understand that I am still a "mom and pop" operation... but that's okay. It makes for a pretty nice life. : )
Greenwood, IN · Member since 2008 · 35 posts · 2 votes
10y
I may have missed this in the 6 pages of posts, but where did you originally find the deal? Was it through a contact or some other method? Also, what attracted you to look in Dayton being from Vegas?
Lender · Dayton, OH · Member since 2008 · 1k+ posts · 705 votes
10y
@Paul Amegatcher Those two certainly matter. The big missing piece that slows down everything is a significant lack of good contractors. I have a hard time believing how difficult it is to find contractors that will simply do what they agreed to do and do it right. Not to mention doing it on time.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
Ok, ok, ok. I'm sorry I haven't updated this but I'm sad to report that there has not been any updates. There will be soon though. I got caught up and in the middle of five flips here in Las Vegas and been crazy busy (and I took a small vacation to paradise). Initially, I wanted to beta test this for crowdfunding however I'm still looking into that but if my business keeps on the way it is I might just self fund the whole deal. Not sure yet. As soon as I make the next move I'll let you all know. Thank you all for so much support and best wishes. We'll get'r done!
Contractor · Middletown, OH · Member since 2016 · 14 posts · 3 votes
10y
@Joshua Nicholas I would agree a lot of contractors are crooks but not all. I run a very successful contracting company in the Cincinnati and Dayton Ohio area. We have a great reputation of doing what we say and completing projects in a timely manner. So @Darrin Carey I keep me in mind for projects you have.
Tarrytown, NY · Member since 2016 · 79 posts · 43 votes
10y
@Omar Merced, this is a great forum post. I am new and looking for my first deal into Real estate world. The post is one of the example for me to learn what is possible and to look beyond one's surroundings for the opportunities. Wish you much success.
@Jay Hinrichs said it best. Investing in 100 year old houses how many miles away? Think I will stick to the dirt business!! Sleep real good no toilets and tenants if that"s what you have to do to create some positive cash flow, ouch!!
Investor · Rexburg idaho · Member since 2016 · 68 posts · 18 votes
9y
@Omar Merced it's been awhile sense your last update, I'm sure your busy but do you have any updates as far what's happening now. Are you putting up a gate for your property to detract crime or is it not that much of a concern once the building is finished?
Investor · Rexburg idaho · Member since 2016 · 68 posts · 18 votes
9y
@Mylon Jones sounds like a great property but this web site has a form for advertising services and properties, I would post it there because I believe BiggerPockets has rules regarding advertising in places other than that spot. Good luck.
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
9y
@Mylon Jones, What @Daniel P Willis said. If/when you become a "Plus" or a "Pro" Member here at BP, you can advertise in the Marketplace Forum. All the best. Welcome to BP...