Does anyone have a recommendation for a property manager or management company in Cincinnati, OH?
Moty- I would check the website for the National Association of Residential Property Managers (NARPM). It is a trade group specializing in managing singles and small properties.
Hello, I work with Jim Shapiro from Weybridge Realty for a 12 unit building in the Cincinnati area and then Dix property for an SFR in the Greater Cincinnati. Both are good. I have a list of Cincinnati property managers for multi units I compiled earlier this year and happy to share
Hello @Guy Azta , Any chance I could get your list of property management companies you have? Also, do you know if Mr. Shapiro is looking for more clients? I'm closing on a 10 Unit next month and I've been looking for a good PM for it.
@Joe Bourguignon I have always been a fan of Balanced Property Solutions or Sundance is also pretty good. For a 60 unit, it will likely depend what part of town you are in since you are not likely to have a full time on-site manager.
@John Lenhart , thanks for the recommendations! Have you used both yourself? I'm looking in a few neighborhoods; do most of the Cincy property mgrs only cover certain parts of town? Cheers,
@Joe Bourguignon - I self manage my properties and we have an in-house staff. We have purchased properties balanced has managed in the past and have liked what they have done on the management side. We have also assisted them on some leasing activities (I am not a 3rd party manager)
The issue that some of the top ones have is that unless they get a certain critical mass in a neighborhood, it is hard to justify a full time leasing agent in the area. If you are looking at a 30 unit complex it is a bit harder and more expensive to find all the firms willing to compete for business in an area if they have no other presence. If they have 500 units in the area already, it is much easier to pick up an additional 30.
What neighborhoods are you targeting?
@John Lenhart , I'm looking all over currently. I haven't settled on one neighborhood yet, and am trying to learn about several of them. I've seen some people on BP saying that the West side is to be avoided and some say that it's ok...
Clifton, CUF, Mt Auburn, North Avondale, Queensgate, Walnut Hills and Westwood are where I've started my MF search so far. What do you think about those neighborhoods, and do you see any up and coming areas that are worth checking out? I'm interested in OTR, but parts of it are still pretty rough currently, so it seems block by block... I'm not local to Cincy (obvs), so any advice from a knowledgable local is much appreciated!
I would not be scared of the West Side. I have properties all over (both east, west and central) and there are good areas and bad. Don't be afraid to check out NKY either or even the Southern Dayton, Ohio area that borders the Cincinnati suburbs.
Clifton and CUF are nice college areas, but I think prices tend to be a little inflated given the college atmosphere. I would personally stay away from Westwood unless you are an expert on the area. Queensgate is class D, North Avondale is very stable, but again make sure you understand the area very well. Walnut Hills is undergoing a renaissance but it depends on the block. There are certainly parts of Walnut Hills that are phenomenal and other blocks in that neighborhood that will not turn around for the next decade.
It all depends on your risk strategy. Are you looking in the city limits or suburbs? from a City limits standpoint, Cincinnati covers a very small land area. There are a lot of good neighborhoods in Hamilton, Butler, Clermont and Warren counties where you can find a good return on your investment. IF you cross the river, Kenton, Campbell and Boone Counties can have good opportunities too. You ware welcome to reach out to me if you have any specific questions on the area.
@Joe Bourguignon I don't have the list anymore. I'd recommend this guy:
John Lewis from FFP realty
Full disclosure - I never worked with him but if I were to switch companies, I would use him
@Joe Bourguignon I would 100% be calling property managers BEFORE you place an offer on a property. There are a handful of neighborhoods in Cincinnati that the majority of property managers simply will not manage in.
We run a very successful property management company with 150+ units in our portfolio serving 25+ investors, and happily growing. We get probably on average one call a week from an out of state investor who just bought a MF building in a Class F area that wants us to manage. We tell them that sorry we cannot manage in this area and they typically will tell us that every other property manager has told them the same thing.
Cheap properties in horrible neighborhoods equal a losing battle for all parties involved. This is why it is critical, especially in the Cincinnati market, to always confirm you have a reliable PM before making any offers.
@Zach F. , thanks! That was my intention! What neighborhoods do you avoid managing, or is it more block by block? Cheers,
@Joe Bourguignon good! You are very wise for taking that approach.
It really depends, and this is by no means a blanket statement, but typically the majority of Roselawn, Price Hill, Walnut Hills areas are where we've seen investors lose a ton of money. If you're buying a $120,000 4-family, or a $60,000 duplex (or less), that currently has residents living in it and paying rent, you better know exactly what you are getting into. Like @John Lenhart said, there are definitely D & F Class areas that are making a resurgence, but you must know exactly what street and what houses on that street are candidates to really do well down the road.
I'd be happy to talk in more detail on specific properties you find and give you my 2 cents on the area.
@Zach F. appreciate all the insight you have provided on this thread! I was in Cinci last weekend and got to know the area / neighborhoods a little better. I'm originally from south of Columbus but have been in Georgia awhile now. Would you have a few minutes to connect over the phone this week or next to discuss more of the areas you cover?
@Kyle Neff , no problem, happy to provide my insight and happy to jump on a call with you to chat about the areas we cover. The challenging thing about Cincinnati is definitely the fact that unless you have a rock solid grip on all the neighborhoods, it's hard to figure out why there is one home that sold for $500,000 right down the road from a MFR that is listed for less than $100,000.
Our team has a very solid grip on the neighborhoods we manage in and can provide you with our thoughts/experiences in different parts of Cinci.
If you send me a message we can setup a good time to speak, looking forward to it!
@Joe Bourguignon If you want DM me and I'll shoot you her info. She's been great so far and she's just started up her own PM company so she's very quick to respond. I know she's not interested in section 8 but her and the contractor she brought in to upgrade the units have been on top of things and we're finally starting to see new units be rented out at the increased rents and now about to discuss the flipping of the rest. Just let me know if you want to talk with her.
just out of curiosity:
Have any of those mngmnt companies may ascertain full units along the way❓