A bit stuck, looking for a partner

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A bit stuck, looking for a partner

Jeff Koval
Member since 2021 · 17 posts · 22 votes

Hi everyone,

I got into REI just over a year ago. Since then, I bought a duplex in Akron in October ‘21 that is doing well and an STR cabin in Broken Bow in March ‘22 that is starting to come into its own now. We own our own home and live in Southern CA so out of state investing makes the most sense for us.

Since purchasing those two properties, I have not been able to purchase anything else. I had a triplex in PCB, Florida fall out of contract and lost earnest money due to picking an inexperienced contractor that my lender recommended. 

I’m currently looking at a few different markets for long term rentals, greater Cleveland area, Tampa, Kansas City, and Louisville. There is a bit of the analysis paralysis on my end, but we have lost out on 30+ offers over the past year including 2 this week. I’m just a bit frustrated with my current processes. My wife and I have spent the last year saving and have $120k in the bank to invest. I have a very good job and should have some commission checks in the $200-300k range come in over the next year. 

I’m interested in talking/partnering/working with someone that lives in a market like these and that has some experience. If you’re interested, hit me up. 

Thanks,


Jeff

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Mary K.Pro Member
Investor · Ocala, FL · Member since 2015 · 157 posts · 88 votes
3y

I don't have an interest in this, not a realtor but agree with @Harrison Chow. I live in Ocala, FL, an area with explosive growth. Hard to find a cash flowing deal here now with the increase in pricing. If you want to know more about the market here, I'd talk to Clay Lehman at Resolute Property Management in Ocala who will give you an honest assessment. I had planned to buy more property in Ocala, but at least for now, am instead buying in the Columbus OH suburbs (where I grew up and also have a rental property) due to the stable economy and higher paying professional jobs. I bought another Columbus area property last month, within a 30 min drive of the new Intel plant under construction outside Columbus (Google that, it is leading to lots of growth). I was born in Canton and know Akron and assume you are cash flowing on that, but Akron isn't really growing and don't imagine it will appreciate IMO. If you want both appreciation and cash flow, I'd take a look at the suburbs of Columbus. Good luck.

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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    Would Central Indiana be an area of interest?

    0Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    3y

    @Jeff Koval are you looking for on market or off market properties? If you can improve your skill set then you can create a lot of equity when you buy right. Every time I buy a property or Coach someone in buying a property, I try to create 30k in equity or 20% in equity. This helps to scale and build wealth faster. You may be able to do this on your own or with a partner.

    480-206-1209Podcast Guest on Show #287
    1Reply
  • Jeff Koval
    OP
    Member since 2021 · 17 posts · 22 votes
    3y

    @Kerry Noble Jr I wouldn’t be opposed to Central Indiana. I view that as a better market than Cleveland. DM me if you want to talk more. 

    1Reply
  • Jeff Koval
    OP
    Member since 2021 · 17 posts · 22 votes
    3y

    @Shiloh Lundahl I couldn’t agree more with your strategy. I have mostly been searching for on market properties and have tried working with a few wholesalers. Nothing has come to fruition with the off market properties. It is something I need to explore more since I’ve been striking out on market. Thanks

    0Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    3y

    @Jeff Koval Picking a specific market or 2 is really the key for starting to build a portfolio. If you have several markets and a small portfolio, you miss out on economies of scale.  We are in the Arizona and the Triad area of North Carolina.  Those are our main markets.  We also have some properties in Costa Rica but those are short-term rentals.  I get about 50-70 wholesale deals that come to my email every day because I have build up a presence in those markets and I've networked with wholesalers.  You may want to just focus on one of the markets that you are already in and build up to at least 10 properties in that market before you move to a new market.

    480-206-1209Podcast Guest on Show #287
    2Reply
  • Mary Frazier
    Real Estate Agent · Bradenton, FL · Member since 2019 · 21 posts · 6 votes
    3y

    Hey @Jeff Koval first great job on hustling the way you have that's awesome. Are you looking to more STR's? or are you wanting to be more in the Mid-term or long term market? Tampa is a great place or short term and mid term. I'm in the Bradenton/Sarasota area known for Anna Maria Island and Siesta Key ( also name of a realty TV show based there) Along with some other wonderful sites. That also being said there are a lot of major hospitals in the area bringing in traveling nurses and other contracted healthcare workers. Along with Our major "snowbird" season it makes for a wonderful short term and mid term market. Let me know if you have any other questions, always happy to help.

    0Reply
  • Jeff Koval
    OP
    Member since 2021 · 17 posts · 22 votes
    3y
    Quote from @Mary Frazier:

    Hey @Jeff Koval first great job on hustling the way you have that's awesome. Are you looking to more STR's? or are you wanting to be more in the Mid-term or long term market? Tampa is a great place or short term and mid term. I'm in the Bradenton/Sarasota area known for Anna Maria Island and Siesta Key ( also name of a realty TV show based there) Along with some other wonderful sites. That also being said there are a lot of major hospitals in the area bringing in traveling nurses and other contracted healthcare workers. Along with Our major "snowbird" season it makes for a wonderful short term and mid term market. Let me know if you have any other questions, always happy to help.

    @Mary Frazier Thanks for responding. I'm really looking for long term, small multifamily, 2-4 units. With my STR, one of my partners runs it completely, but we are working on getting a property management company such as Evolve to take that over. For me, the more passive and consistent, the better. Our Broken Bow property still isn't breaking even, but I'm lucky to split those costs with partners. I don't want to support a property for a year or so until it starts producing. Long terms just seem more stable to me at this point

    0Reply
  • Drew C Grossman
    Investor · Jacksonville, FL · Member since 2019 · 135 posts · 106 votes
    3y

    @Jeff Koval have you looked into Central Florida? There’s some pretty solid options between palm coast and Ocala.

    1Reply
  • Kristina Kuba
    Tampa, FL · Member since 2021 · 383 posts · 389 votes
    3y

    @Jeff Koval Jeff, direct messaging you now.

    0Reply
  • Jacob St. MartinPro Member
    Investor · Charlottesville Virginia · Member since 2021 · 348 posts · 346 votes
    3y

    Hello Jeff, I would love to connect. I have an awesome STR deal in Charlottesville VA that I am looking for a cash partner on!

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    3y

    @Jeff Koval

    Congratulations on your success so far.  Seems to me like you're doing everything right and don't need to partner - you just need to keep going.  The market is really tough right now... so I'd say keep doing what you're doing. 

    0Reply
  • Shane Kelly
    Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes
    3y

    Hey! I think your progression in REI makes perfect sense. I'm an agent from Cleveland and if you have any questions about anything here, I'll be happy to answer them. Best of luck!

    0Reply
  • Jay ThomasPro Member
    Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
    3y

    That's great that you've already identified the markets you want to focus on. It's important to specialize in one area first, so that your portfolio can start to gain economies of scale. Building up a presence and networking with wholesalers is an effective way to get more deals coming into your inbox every day. With 10 properties, your portfolio will be well on its way! Good luck!

    [email protected]832-889-5607
    0Reply
  • Cathleen Ohannigan
    Investor · cary, NC · Member since 2008 · 27 posts · 7 votes
    3y

    @Jeff Koval

    Raleigh?

    0Reply
  • John C.
    Member since 2018 · 50 posts · 39 votes
    3y

    @Jeff Koval I own 131 doors in Scranton PA area and am looking for a partner to expand with. Message me if you'd like to chat.

    0Reply
  • Adrian Lemus
    Contractor · Miami, FL · Member since 2020 · 146 posts · 50 votes
    3y

    Sorry to hear about what happened to you in Florida. If you ever decide to try South Florida again, please reach out to me and I can get you with my team which consists of Realtor, Lender, Attorney, Architect, and myself as the Contractor

    0Reply
  • Joseph BeilkeBusiness Member
    Real Estate Agent · Palm Coast, FL · Member since 2018 · 363 posts · 243 votes
    3y

    @Jeff Koval. Just like @Drew C Grossman said there are some opportunities in Ocala and Palm Coast FL.  DM set.

    240-676-4927
    Enkore Real Estate & Property Management4.836 Reviews
    WebsiteView Page
    0Reply
  • Harrison Chow
    Real Estate Agent · Columbus, OH · Member since 2019 · 292 posts · 364 votes
    3y

    @Jeff Koval, I personally like Columbus, OH and I am biased lol! There are several potential reasons why someone might consider investing in real estate in the Columbus, Ohio market. Some potential benefits of investing in real estate in Columbus include:

    1. Strong economic growth: Columbus has a strong and diversified economy, with a number of major employers in fields such as healthcare, education, and technology. This can help to support demand for housing and potentially increase property values over time.
    2. Affordable housing: Compared to many other major cities, housing in Columbus is relatively affordable. This can make it a more attractive market for real estate investors looking for good value.
    3. Positive population growth: Columbus has seen a steady increase in population over the past few decades, which can help to increase demand for housing and drive property values up.
    4. Strong rental market: Columbus has a strong rental market, with a relatively high number of renters compared to other cities. This can make it a good market for investors looking to buy rental properties.
    5. Access to amenities: Columbus is a mid-sized city with a range of amenities, including cultural attractions, sports teams, and a number of universities. This can make it an attractive place to live and potentially drive demand for housing.

    Let me know how I can help!

    2Reply
  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    3y
    Quote from @Jeff Koval:

    Hi everyone,

    I got into REI just over a year ago. Since then, I bought a duplex in Akron in October ‘21 that is doing well and an STR cabin in Broken Bow in March ‘22 that is starting to come into its own now. We own our own home and live in Southern CA so out of state investing makes the most sense for us.

    Since purchasing those two properties, I have not been able to purchase anything else. I had a triplex in PCB, Florida fall out of contract and lost earnest money due to picking an inexperienced contractor that my lender recommended. 

    I’m currently looking at a few different markets for long term rentals, greater Cleveland area, Tampa, Kansas City, and Louisville. There is a bit of the analysis paralysis on my end, but we have lost out on 30+ offers over the past year including 2 this week. I’m just a bit frustrated with my current processes. My wife and I have spent the last year saving and have $120k in the bank to invest. I have a very good job and should have some commission checks in the $200-300k range come in over the next year. 

    I’m interested in talking/partnering/working with someone that lives in a market like these and that has some experience. If you’re interested, hit me up. 

    Thanks,


    Jeff


     I am located in Central Florida and based in Orlando. I would be more than happy to chat and see of our interest align.

    Drew Grossman who also posted on this thread would also be a good person to connect with. 

    [email protected]407-590-9858
    GPG Team 596 Reviews
    WebsiteView Page
    1Reply
  • Mary K.Pro Member
    Investor · Ocala, FL · Member since 2015 · 157 posts · 88 votes
    3y

    I don't have an interest in this, not a realtor but agree with @Harrison Chow. I live in Ocala, FL, an area with explosive growth. Hard to find a cash flowing deal here now with the increase in pricing. If you want to know more about the market here, I'd talk to Clay Lehman at Resolute Property Management in Ocala who will give you an honest assessment. I had planned to buy more property in Ocala, but at least for now, am instead buying in the Columbus OH suburbs (where I grew up and also have a rental property) due to the stable economy and higher paying professional jobs. I bought another Columbus area property last month, within a 30 min drive of the new Intel plant under construction outside Columbus (Google that, it is leading to lots of growth). I was born in Canton and know Akron and assume you are cash flowing on that, but Akron isn't really growing and don't imagine it will appreciate IMO. If you want both appreciation and cash flow, I'd take a look at the suburbs of Columbus. Good luck.

    3Reply
  • John Ellis
    Flipper/Rehabber · Mentor, OH · Member since 2011 · 121 posts · 51 votes
    3y

    @Jeff Koval If still interested in Northeast Ohio market please DM me. I would like to know what brought you to Akron market. (Cleveland and Akron IMO not the same market) Plenty of strong deals in NE Ohio. Would just need to fully understand your investing and long term goals. My company partners with local and out of state investors in varying types of RE deals. I would be happy to help in anyway I can.  

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @Jeff Koval

    Metro Detroit offers many options for meeting the 1% Rule and relatively high ROI.

    Follow our "Deep Dive" series we're doing about Metro Detroit cities and City of Detroit Neighborhoods: https://www.biggerpockets.com/...

    The two most common mistakes we see investors make, over & over again, are:

    1) Not understanding and running their own ROI numbers

    2) Not having a clear understanding of the type of asset a property is

    In our opinion, your best team member should be your Property Management Company (PMC). They have to deal with any property you buy every month until you sell or terminate them. Everyone else on your team will be transaction-based and not really involved after a purchase.

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    1Reply
  • Luther Wilson IIIPro Member
    Real Estate Broker · Kansas City, MO · Member since 2017 · 537 posts · 292 votes
    3y

    @Jeff Koval

    Kansas City still has some cool stuff going... Not much too crazy spectacular but we've been able to utilize a model blending some of the old school tactics with the new school traits of investing to continue growing SFH portfolios for our partners and clients. The #'s have been pretty solid and it's a lot easier to manage than short term rentals or multifamily. Just a thought... Let's connect somehow - whether you choose to put it to use or not it might be good to hear another perspective. :)

    1Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    3y

    Cleveland, all you need to do is connect with someone that provides rental properties. I have seen 10% or more net caps, no need to waste your time on MLS

    Good luck  

    0Reply
  • Ben Scarborough
    Realtor · Gulf Shores, AL · Member since 2020 · 153 posts · 76 votes
    3y

    Hey Jeff, are you still interested in beach markets? Gulf Shores, AL is certainly one you may want to take a look at if you haven't already. This market attracts a mass amount of snowbirds Jan-April, due to its proximity to I-65. People from the midwest love to visit the area this time of year. The summers are very comparable to any other large beach market in the southeast US as well. If you have any questions, feel free to reach out!

    -Ben

    0Reply
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