having a hard time finding a good property

12 Replies

Hello,

I have been looking for almost 3 months (in Cincinnati) and having a hard time finding a good enough deal that's in a good, desirable location and rents easily.  I am not looking for a total gut job but okay with paint and replacing the carpet and such.  I am not looking for active participation in the property either.


I am open to single family, condos, multifamily, etc.   

Any help or leads would be appreciated.  thanks.

Well I have just acquired lists of vacant or properties/owners in financial distress or high equity (25-50-75-100%) or out-of-state. I would gladly send you a sample you can market directly to, to start out with.

@Sunny P. it is difficult to tell by your profile how much experience you have but I will pass along my two cents.  The definition of insanity is doing the same thing over and over and getting the same results.  Sounds like you may need to change things up.  Do you have a team (realtor, mentors,...).  Have you examined your criteria?  Have you made offers (they can be low ball offers just to get engagement by the sellers).  We are active investors here in Cincinnati and have no problem finding good deals here.  In fact we hold properties in over half of all the Cincinnati neighborhoods so have a good sense of what is attractive (for us). 

Don't give up if believe you are really wired for the REI game.

@Ben W.  I own a couple condos in Columbus (Dublin) and know the market pretty well in the sense that I grew up there and know good areas from bad ones. Desirable suburbs with excellent schools, where the big employers are, where big shopping and dining is, etc. 

I have been in Cincy for about 18 months and still don't understand the market too well.  I am trying to learn all the time.  

At this time, it is just me. I don't have a team and don't know how to go about forming one. What I have done for the last 3 months is just get in touch with the realtor that's listing the property and ask questions. I know not every single one of them is good at this investment thing or cares enough about it BUT every single one of them has said they have experience with it and they will set me up a MLS search. My point is it's hard finding a good team when there are no existing relationships.

Ben, can you share a bit on how you're finding deals? MLS? Contacting owners directly? Thanks

The MLS is tough in Cincinnati right now - I still monitor it but nearly all of our deals in the last 60 days are coming from sources outside the MLS.

I'd say that you're going the right avenue by reaching out to the listing agent, but even the ones with a lot of experience as REO listing agents tend not to be savvy investors themselves.

If you don't have very specific criteria for what you want to buy, I'd stop everything else and do that.  There's no sense drinking from a fire hose!

Sunny,

You are getting excellent advice from Ben and Sean. They are both very experienced investors in Cincinnati. To find off market properties, you might try calling the owners of houses for rent. Sometimes a landlord with a vacant house might just be in the mood to get rid of it. You can get a daily feed from Zillow. i've done a few deals that way. Also, try Craig's List. There is abundant info there in both the Real Estate for Sale and Services sections. Motivated sellers will frequently post in these sections. You just have to be patient and methodical. Make a lot of calls. There's a deal in there somewhere.

@Sunny P. In addition to all of the great advice above from @Chuck Stagliano , @Ben W. , and @Sean Cole , have you tried attending the Cincinnati REIA? They meet at the Crowne Plaza in Blue Ash right off the Pfieffer Rd exit of I-71 on the 1st and 3rd Thursday of each month. Just so happens that tomorrow is the annual "summer picnic", so it's a solid 3+ hours of networking, as opposed to educational speakers the majority of the time, as is normally the case. My husband @Darrin Carey and I will be at there tomorrow evening, so if any of you can make it there, give us a shout. : )

Regardless of what sort of deals you're trying to do, this is a people business. You can certainly shorten the curve by networking at the REIA and other similar events, meetups (@Joe Fairless ), etc. and striking up a conversation with people and simply asking what type of investing they do, where they are doing it, and who they recommend for the various facets of your team. Not saying you can't do deals without a team in place, but it will be a lot harder and take a lot longer than it should.

@Thomas Wassmann I'm interested in seeing a sample please. Georgia

Originally posted by @Andy Hudgins :

@Thomas Wassmann I'm interested in seeing a sample please. Georgia

 No problem. Let's connect and I will send you over a sample but be specific in your request please.

TW

@Thomas Wassmann, thanks for your post.  Do you have properties available in Cincinnati also?

Originally posted by @Sunny P. :

@Thomas Wassmann, thanks for your post.  Do you have properties available in Cincinnati also?

 Well sunny I have been told I may not solicit or offer anything here even if its free which I do not understand. But you can connect with me and we can communicate. Thanks.

Originally posted by @Christina Carey :

@Sunny P. In addition to all of the great advice above from @Chuck Stagliano , @Ben W. , and @Sean Cole , have you tried attending the Cincinnati REIA? They meet at the Crowne Plaza in Blue Ash right off the Pfieffer Rd exit of I-71 on the 1st and 3rd Thursday of each month. Just so happens that tomorrow is the annual "summer picnic", so it's a solid 3+ hours of networking, as opposed to educational speakers the majority of the time, as is normally the case. My husband @Darrin Carey and I will be at there tomorrow evening, so if any of you can make it there, give us a shout. : )

Regardless of what sort of deals you're trying to do, this is a people business. You can certainly shorten the curve by networking at the REIA and other similar events, meetups (@Joe Fairless ), etc. and striking up a conversation with people and simply asking what type of investing they do, where they are doing it, and who they recommend for the various facets of your team. Not saying you can't do deals without a team in place, but it will be a lot harder and take a lot longer than it should.

 Thanks Cristina..If my work schedule allows, I will certainly try to make it to these events.  I love reading on this site..it has a ton of good info and members are always willing to help.  

@sunny 

@Sunny P. looking forward to meeting you and see you at our monthly meetup!

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