Creating Property Management Team in Cincinnati

9 Replies

Hello I am a new real estate investor in the Cincinnati area. I am in the process of purchasing my first duplex that I plan to live in one unit and rent out the other. I am working on creating a business that can fix/flip homes but I also plan to acquire a few more multi-family rental properties in the next few years. I am currently researching the best way to create a company to own and operate rental properties.

The main reason for this post is I would like to connect with other small business owners of companies that own and operate multi-family rental properties in the Cincinnati area. I plan to do much of the maintenance and management myself, especially in the first years starting out. I will contract out projects that I can not handle. 

Let me add a few more thoughts for you.

1) find multiple lenders who do commertial lending. hold their own portfolio of loans.

I find getting loans on the residential side of a bank tedious and time consuming. And dealing with Freddie and Fannie arduous. 

2) If you are going to manage the properties yourself, brefore buying the property ask yourself would you drive there at 11PM in January?

3) For liability reasons only structure your properties in LLC's and believe it or not commertial banks like that. It adds a little cost to your CPA and taxeprep costs (talk to your CPA and attorney to decide whats best for you)

4) Have a plan know why you're buying a property and what you going to do with it and what you're going to do if your plan goes south. In fix and flips what do I do if I take too long to complete? What if it dosent sell for my needed price? will I make regular income or passive income? How do I not pay taxes on the money I expect to make? Do I need this money to live on or grow my businaess?????

5) I'm 62 I bought my first rental 25 years ago I held 3 properties (7 units) for most of that time. Then about when the market went south 2013 (I think) I got a BRRR up my butt and desided to take this realestate seriously. I now have 43 units single family ,duplexes, and 4 plexes. My point here is don't find reasons NOT to be an investor find ways to be an inverstor if when I bought my 1st place if I'd continud to buy at my current pace I'd have 400 units and a staff and a real business. I will say this the MORE units you have the less work they become and the less financial stress you have.

6) I'm having the most fun I ever could have thought to have. Now there are problems and you need to protect yourself and a good insurance person is needed too.

7) NEVER, NEVER buy a property that doesn't cash flow when and for how much your plan states. "If money doesn't work for you, you have to work for money" I think I just made an importanr quote. remember NEVER buy a property that doesn't cash flow

8) It's a business STUPID they are not your friends and their problems are not your problem and don't make their problems yours. Remember the bank doesn't care they just want their payment and you need to be the same....

9) learn the eviction process BEFORE you need to. Then get all the related form in your computer in a file marked eviction forms and BAMM your ready. It's amaizing how quickly a tenent finds the rent money when you text and deliver them a 3 day notice. 

10) Remove any obstical from any part of the business make everything easy, at your fingertips then when a situation arises you're readty and can act. Needing to delay action at any time will cause you to add stress to your life As "Nike" says "Just do it" .

Remember luck is when preperation meets oppertunity.

Talk to you soon

Yes they are mostly in Lebanon and Warren county Ohio. I have 2 properties in Hamilton 1 in Lockland and 1 in Monroe all the rest in good ole Lebanon.

Self managing I've not wanted to venture too far from home. 

Originally posted by @Paul Sweetman :

Yes they are mostly in Lebanon and Warren county Ohio. I have 2 properties in Hamilton 1 in Lockland and 1 in Monroe all the rest in good ole Lebanon.

Self managing I've not wanted to venture too far from home. 

Wow your story is very inspiring.

Do you find it difficult to manage all those properties by yourself? 

Great thread, Paul your advice is very welcome. It is great to read the thoughts and experience of actual investors. I am also new to real estate investing but not Cincinnati. Would like to either acquire 4-5 multi family's over 2-3 years or Master Lease a 20+ unit apartment building.

Has anyone ever constructed a "Master Lease" of seller carry deal? Thanks all,