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!
Hello everyone. I am looking for an investor who would be interested in am 8 unit apartment with a duplex, 8 car garages, 3 horse stall stable and a huge barn. It sits on about 3 acres of land. location New Jersey.
Rental Property Investor · Westlake Village, CA · Member since 2015 · 35 posts · 11 votes
9y
If you were at a dinner party and a guest at the dinner party asked you this question, what percentage would you give them?
"...what would you say on average is your total rental property expenses compared to the gross income that you bring in?" Based on a SFH in a lower priced mid west area
What number would you give them?
I know, I know, there are a ton of variables, but on average what would you tell them?
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
9y
Ok. Ok. Ok. I know it's been a while. Nothing much has happened over the last year. I've been so busy in my flipping business here in Las Vegas that I haven't had any time to do much. But here's what has happened. I've also included some lessons learned. Most are pretty common sense but good to reiterate for our new investors.
I ended up missing my deadline with the city for the delinquent taxes so I had to renegotiate the terms. The original payment was going to be around $800 per month. Because I missed it I ended up with a $3k per month payment. Its finally over in June. Lesson learned. Don't procrastinate.
My property manager (bless her heart) fired me. And that's ok. I would do the exact same thing if an owner wasn't making progress. I hope she'll take me back once I get started. Lesson learned. Have a clear understanding with your property manager.
I made a pro forma of the property and it looks very promising.
My original plan was to boot strap the renovation with my flips but the market here in Las Vegas is on fire and I need to ride this flip wave for a little longer.
I received several code violations from the city of Dayton and I drew some unnecessary attention to myself. Lesson learned. Get someone local that can drive by the property every once in a while and coordinate repairs and cleanup. Preferably your PM.
I have trip planned in the next few months to interview some project managers or GCs to handle the renovations.
I'll be raising about $350k and offering a preferred rate and 70% equity with a two year plan to refinance out and hold. Lesson learned. Sometimes you have to give up the majority in the short term for the long term goal.
After this one I want to go after high vacancies and rundown multifamily and make it my niche.
I'll have more details very soon. Thank you all for your interest. I plan to share the exact expenses as I progress as well as videos. I don't know how some of these people post so much I have to do better with time management.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
8y
Where are my Dayton folk? I need to get a property preservation crew to go clean up and secure the property. Hit me up if you know anybody in the area that can help.
Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
8y
@Omar Merced Have you thought about selling it? I found your property online (sorry for being creepy, haha) and I noticed the county auditor has actually been lowering the property's value quite a bit... And if its just sitting there unsecured, the weather and vandals are going to start affecting the building's core bones and foundation.... Some boarded up multifamily down the street, and a neighborhood that was clearly once beautiful and grand, but lots of neglected maintenance all over now.
Also, there's lots of California money running around Ohio just looking for holes to jump in.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
8y
@Account Closed Nah, this one is mine for now, unless I got an offer I couldn't refuse. Numbers are too good to let go. Maybe after we're stabilized I'll take a look. I was looking on offering it on one of those crowd funding platforms. I spoke to one and they said they think they can have it funded in a couple of days after they post it. So we'll see. But right now I need someone to go give it some love in preparation for the makeover.