Ohio Cashflow LLC
Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes
Ohio Cashflow LLC
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Investor · Chico, CA · Member since 2017 · 10 posts · 25 votes
9yMy Day in the Life At Ohio Cashflow... I apologize for the long winded post.
I"m an out of state investor from Nevada, formerly from California (bye bye Cali). I realize this is an older thread but it was the first one that popped up when I searched BP for Ohio Cashflow... and I want to throw in my 2 cents.
I'm typing this out as I sit in my hotel room in Toledo (Hampton Inn is fantastic and close to the OCF office) after spending the day and evening with the team. I'm still trying to digest the day and that delicious rib eye (Thanks Engelo). But let me start at the beginning.
My wife and I are about to retire. I actually pulled the plug on the J.O.B. About a month ago which freed me up to travel to Toledo. We are moving to Central America this coming August and we needed a modest passive income stream to facilitate our minimalist lifestyle. We have sold it all (Except the Harley) including our primary residence that we had purchased and rehabbed ourselves over the past four years. It was a foreclosure and I did the rehab while we lived in it... we owned it outright and the sale was what we needed to begin our adventure in Turn Key properties. Our immediate goal was to acquire between 7 to 10 properties with a ROI between 3500 to 4000 a month. We were very calculating about our model and used a very conservative approach toward expenses. Keep in mind we are debt free and not interested in using leverage to get started.
I started my search for TK operators on the web and ended up here at BP. What an outstanding resource and I appreciate the time and effort by all the contributers here in the forums. Spending endless hours searching and vetting I had whittled it down to a few areas in the Midwest and the South. Memphis was first on my list because it was sexy and there was a lot of interest there. I spoke with a few operators there and we just didn't click. I'm not going to name names, but it just wasn't the right fit and it didn't match our expectations for our model. I moved on the the KC market and again... not a fit for us. Next was Indy, same story. Via email and phone and a lot or research we moved our attention north to Ohio.
It didn't take long to find the Dingo aka Your Favorite Australian. I made my appointment to talk to Engelo and he was actually the first guy to call me almost on time. 5 minutes late, we don't sweat the small stuff. Before I made my call I tried to dig up the dirt on him and his team. Nothing negative. Only positive. In hindsight I believe that anyone that has had a bad experience with OHF was probably not a good fit for this operator. I also watched a lot of his videos and Google walked the 5 Points area for days. The neighborhoods were interesting and I kinda fell in love with them. Spent time on Trulia and Zillo learning as much as I could about the area.
Our phone call was short and sweet. I was prepared with my questions and he had an answer for every one of them. He was everything I expected. Cocky, sharp and to the point. He asked for the good faith deposit and I layed down the 5k without hesitation. I shared with him my model with full disclosure and he put me in touch with Rebecca who sent me some deals. We crunched the numbers and walked with Google and made our decision to go with one to start.
The transaction was flawless and the communication between myself, my wife and Rebecca was outstanding and met every expectation. She asked us when we wanted to close escrow and we closed on that date. It took about 8 days. OCF introduced us to the title company and gave a referral for an insurance company (The one they use for their personal portfolios). Everything went super smooth... as if they knew what they were doing, LOL.
Bang, just like that we had our first property. Next we were introduced to the in-house property management team. Any questions I had about the PM were answered in advance by either Engelo or Rebecca. Our on-line portal was set up and all we had to do was wait for the cash to flow.
I made my travel plans to visit the team in person, quit my job and said "Let's buy another one". I wanted to have a few under my belt so when I got to Toledo I could visit them. The second one went really quick too. Sweet little 2/1 that yields 8.7% return after our conservative strategy. If I'm not mistaken we closed on that one in like 5 days. It would have been 4 days but there was the Memorial Day holiday in the middle.
Low and behold, on the 14th of the following month the money hit our account. True to his word we received rent on the one property that didn't even have a tenant in it. Not one hiccup to this point. It's onward to Toledo.
I flew into Toledo and got in late. We had a little mix up with what airport I was flying into but Rebecca picked me up and took me to my hotel. I was going to rent a car, but she insisted in picking me up. A very nice gesture. It was about 12:30 in the morning. OCF truly works around the clock. First class service. Ahahaha, she would even let me load my own bag in the back and she insisted I sit in the front with the driver, her husband. He is also a member of the OCF team working in renovations. If I'm not mistaken he oversees renovations. In the middle of the night I'm firing off questions and they in turn answered them all. I'm surprised they didn't tuck me in. The nicest of people, I tell ya.
Engelo's personal assistant, GG, picked me up in the morning and took me to the office. Along the way, more questions and answers. GG is a delight. Right on time, no surprise. When I entered the office I was greeted by the controlled chaos. Everyone was busy but they all took the time to get to know me. From operations to property management.. then acquisitions and finally the Dingo himself.
Engelo was everything I expected. The guy is a nut. Passionate and full of life and love for what he does and the people he works with. You know that feeling you get when you meet someone and you just know you made the right decision??? Yep, I had that feeling. He was interested in me and my success. His success come from his investors success... the people that work for OCF thrive off of his energy and he has tons of it... oh to be young and passionate... and smart. I got the feeling that working for this guy was a commitment like no other. I liked it. You just feel like you want to be part of it. You want to get on the train... and I did!
Rebbeca took me on a tour of the neighborhoods and I got to see my properties. One that has a tenant in it we could only view from the outside. We don't bother tenants. She was miffed that the lawn was not mowed and made a note to talk to the PM about it. I noticed the new roof and that the rain gutter was pulled from the awning. She made another note and said there were still a few minor things that didn't meet her appoval and that they would be taken care of in short order. Sweet.
On our way to the next property she showed me a few more that they either owned, managed for other investors and even some that they were wanting to acquire. Along the way she was asking the other investor advisor that was doing the driving why they didn't own this one or that one. They wrote down a few addresses. We stopped by one property they had recently bought that had not had any work done on it yet. We went in and I just had to shoot a video of it. It was trashed... I mean wrecked. And smell???? The flys were everywhere. Someone had painted the face of Jesus on one wall (I thought it was the Zig Zag man...) On another wall the word "Sorry". There was crap everywhere. The kitchen was void of appliances and torn up mattresses in the bed rooms. "But can't you see the potential?" Rebecca said. I wanted to go down into the basement (we don't have basements where I live) but I couldn't. The smell was too bad. She did say something about removing the dead body before we got there... I wouldn't be surprised except for the fact that the nice neighborhood didn't seem like the type akin to harboring dead humans... but whatever.
On to my property that was under renovation and almost complete. I took some pics and video of it. The floors were brand new. Beautiful laminate in the living and dining... new ceiling fans too. Tough linoleum in the kitchen but the appliances had yet to be installed. There was a lot of stuff on the countertops, but they too looked new and modern. Fresh paint with the baseboards and trim in gloss white. Upstairs and bedrooms had new carpet throughout and the job looked well done. They had a guy working on the one and only bathroom in this old 3/1 home. He was working on the shower. Like everyone else working for OCF, this dude was cool. I didn't want to waste his time, but he was happy to talk with me. Earlier in the day Engelo warned me not to waste his peoples time. I know he was half kidding but I wanted to respect that fact that these folks had work to do and I was in the way of that... ahahahaha.
There is obviously more lipstick to put on this pig before it's rent-ready, but it's getting close. My only knock is the attention to detail, but again... it's not finished. I look forward to seeing pictures of the finished product. What I mean about the little things is nothing more than getting paint on things that aren't suppose to have paint on them and no fresh paint that needs some. In the meantime, I look forward to seeing the rent hit my account, tenant or no tenant.
After a little more touring and visiting other opportunities they took me back to my hotel. I contacted my wife and she gave me the go ahead to pursue two more. She ran the numbers on the ones I liked and they ran COC of 8.3% and 8.6% respectively. Both are 2/1's in what Rebbeca calls the "Shoe Store Neighborhoods". She likes to shop there... not for shoes, but for houses. I really like the 2/1's but so does Engelo. Keep in mind that as he helps investors build their portfolios he is building his own... and he likes the 2/1's too.
I took a quick swim and got in some exercise before GG, Engelo's personal assistant picked me up and took me to the office again. There is a lot going on at the OCF office. There is construction going on down in the boardroom. We goofed around a bit and Engelo demonstrated his robot... yes robot. Before Engelo, Dominic, Rebecca and myself went to dinner there was one final thing that had to be done before we could go. We had to move a few boxes and center the table. When I say center the table, I mean center the table... to exacting measurements. It had to be perfect. And it was. Can you say OCD??? He is a mad man.
The four of us had a lively conversation during and after dinner at Longhorn Steak House. Funny, we all ate rib eye cuts. We enjoyed conversation and sharing each other's passions, visions and even a little business. For me, the time I spent with the crew only solidified in my mind that I made the right decision investing in Ohio Cashflow. I say "In them" because I really feel like I'm part of the team, not just a number. Engelo promised last night that he would review the inventory and get back to with some deals. He would like to see me diversify in other neighborhoods and suggested we look at others before pulling the trigger on what I'd suggested. I like that. He has a great understanding of my model and is eager to help me attain my goals and to look at even a bigger picture... So, I'm typing this out as I wait for the call. I know they are super busy today and if I don't get the call today, it's cool... we don't sweat the small stuff. We will do more business, that I am sure of.
I hope this review of my day with OCF helps you. I know the window of opportunity is closing with the operator and in truth I suppose I'm a bit selfish and like to keep this gem to myself... but that's not what I'm made of. I wish only success for this business and look forward to growing with them. I also know that this is not for everyone. Engelo can bet a bit brash, but I really relate to that. As others have said they only deal with cash buyers which also isn't for everyone... but I will tell you that if this model fits for you, you can't ask to work with or invest with a finer operation.
I know this all sounds like its all roses, but I'm sure there will be bumps along the way. None so far, but I know it will come. When it does, I know my best interest will be at the fore front. It's just how these people do business.
Thank you for taking the time to read this... and again I hope you benefit from my day here in the Midwest.
Mikie V
240 Replies
- Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes11y
I have not done business with them, but i and many others follow what they are doing etc. They have been around for more than 1 year and there are active on the website. I havent seen or heard much negative about the company. Granted you can't take ones word and must see for yourself but that is my perspective. I am sure i will do business with them at some point in the future.
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Hi @Alex SImon and @Bryan C.,
It's a true pleasure reading your posts.
You can check out this website that was created by @Jay Hinrichs and @Brie Schmidt.
http://turnkey-reviews.com/directory/listing/ohio-cashflow
We have received quite a few reviews from investors.
Ok, I'll stop plugging our company now and bugger off haha
Once again, thanks for posts and interest and have a great Saturday :)
- 11yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
this company is like Avis rent a car they are not number one but they TRY HARDER
I have been following Engelo from his early days of somehow sneaking into our country from Australia... He has matured as a operator from what I can tell .. as is no news is good news on that front.
- Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes11y
Well, I suppose that someone has to be the first on the forum to do business with them, so I might as well be that guy. I'll be sure to post reviews when I have some info.
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Good Morning everyone,
I would also love to hear from people who are or who have done business with Ohio Cash ... my impression is so far quite good from the discussions I've had with the "Real Estate Dingo"..
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Christophe Noualhat:
Good Morning everyone,
I would also love to hear from people who are or who have done business with Ohio Cash ... my impression is so far quite good from the discussions I've had with the "Real Estate Dingo"..
haha Christophe,
I have literally given you everything except the keys to my car and house haha
Merci :)
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Engelo,
I'll keep that in mind the day I visit you guys :)
- Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes11y
Speaking of which, I'm sure we'd all like to know the specific company policy regarding beers and barbecue when an investor is passing through town :P
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Alex SImon:
Speaking of which, I'm sure we'd all like to know the specific company policy regarding beers and barbecue when an investor is passing through town :P
haha Alex,
The interior of our office is in shambles at the moment.
I have plans for an interior fit-out for later this year tho. Includes a kitchenette, ping pong table and a BBQ on the roof haha
Thanks and chat soon :)
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Dear all,
I have initiated the process in investing with OCF, so far I've gotten most of their CEO's things except keys to the car and house (as stated earlier) but I have good perspectives on these two items in a reasonnable timeframe.
More seriously, I am surprised to have not seen any exchanges from the current investors working with OCF here on biggerpockets, so they are either under some kind of confidentiality agreement or they simply dont know about biggerpockets (and if the later then @Brandon Turner and @Joshua D. are most likely sorry for that ...)
So I hope to be able to modestly give my out-of-country experience of dealing with a turnkey company from start to finish and give some culinary advice on the qualities of barbecues in northwest Ohio later on... (we shall try BBq'd frogs & Foie gras...)
@Alex SImon where are you at with your investment ?
Best
C
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Christophe Noualhat:
Dear all,
I have initiated the process in investing with OCF, so far I've gotten most of their CEO's things except keys to the car and house (as stated earlier) but I have good perspectives on these two items in a reasonnable timeframe.
More seriously, I am surprised to have not seen any exchanges from the current investors working with OCF here on biggerpockets, so they are either under some kind of confidentiality agreement or they simply dont know about biggerpockets (and if the later then @Brandon Turner and @Joshua D. are most likely sorry for that ...)
So I hope to be able to modestly give my out-of-country experience of dealing with a turnkey company from start to finish and give some culinary advice on the qualities of barbecues in northwest Ohio later on... (we shall try BBq'd frogs & Foie gras...)
@Alex SImon where are you at with your investment ?
Best
C
Oui Oui :)
Hey Chris,
I'm not to sure about this company you mention. What are they called again? Ohio something...?
haha
You only like asked me 297 questions lol
"If You Don't BUY now, You Will Loose These Cash Cows"
"Our Properties Are Hotter Than A Night In Bangkok"
lol
So hurry up mate
ps. Shrimp on the barbie with the frog legs and snails ;)
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Hey @Engelo Rumora
Dont mind me, I'm French, we're curious and nagging folks !!
Yes, Ohio something Flow... sounds leaky to me.. ;)
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Christophe Noualhat:
Hey @Engelo Rumora
Dont mind me, I'm French, we're curious and nagging folks !!
Yes, Ohio something Flow... sounds leaky to me.. ;)
haha
And my attorney and accountant.
They are like - Who the hell is that French dude with all those questions lollol
When are you coming to visit already mate?
Thanks :)
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Hey, first we're discussing your company, you're not supposed to be here, shoo, go somewhere else and let the shy ones some room to talk !!
Visiting at some stage, wont tell you to keep you on your toes ;)
- Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes11y
Looks like I've been neglecting this discussion a bit! I'm not quite started yet with OCF. Had a great opportunity come up and I picked up a property that should perform very well. But in the next couple months I'll be looking very hard at an OCF property. I look forward to hearing some details down the line, so dont disappoint, Chris!
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Will do @Alex SImon , I just dont know what is acceptable I share here in terms of details of the deal... so far I am at the early stages of creating the LLC, opening a bank account, and soon signing an agreement with OCF for the purchase of a property... Contact so far has been excellent and the Lawyer and CPA referred have been very helpful.
I'm trying to beat a record on the number of questions asked on a single deal and if they can manage me on a first deal they should be French-Proof, which should cover most foreign investors management issues that would arise...
- Yulee, FL · Member since 2015 · 10 posts · 2 votes11y
@Christophe noualhat and
@Alex SImon do you have an update on your dealing with Ohio cash Flow?
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Is my cheese on its way? haha
- Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes11y
I didn't move forward with OCF after all. Instead I'm focusing on a few properties in Philadelphia.
- Investor · Quebec, Canada · Member since 2014 · 52 posts · 28 votes11y
Originally posted by @Justin Webb:
@Christophe noualhat and
@Alex SImon do you have an update on your dealing with Ohio cash Flow?
Hi @Justin Webb, indeed I have. We actually just closed on the property so I can give a quick feedback on the dingo and his team.
We connected early this year and after many exchanged I locked on a small house in their portfolio and we signed the agreement early May. It so happened that a couple months after, OCF hit some problems with one of their renovations (see corresponding post from @Engelo regardin how he lost his ***) and we experienced minor delays. Nothing worth putting the life jacket on... Instead of closing in July we closed end August which left me some more time to play "100 questions" and nag the dingo to the point of no return. The point break was almost reached but we didnt crash and took the wave as it went and closed on 31 august with a tenant entering the premises on 1 september.
Due to Engelo's team and contact I was able to secure everything from a distance (CPA for taxes, Lawyer for the setup of the LLC, Insurance, inspection etc etc..).
Now we're stepping into phase 2 with the property being managed by the team so I cant yet comment on that, just that signing the documents and transitioning from phase 1 to phase 2 was a breeze.
I havent had any other experience in the US and with turnkey companies before, I had no bias versus turnkey companies either unlike a lot seem to have in the US so I came in with a clean slate but a very, very carefull and critical mind (someone said "very on the ball", Engelo would say "Pain in the XXXX"), but if the perfect turnkey company existed I believe they would be very close to what OCF is doing (remember that I'm French and in our culture, nobody's perfect !!).
Engelo's a nice guy, always here to answer questions and available to chat. His other half is the part of the business that keeps the dingo aligned and is also very much on the ball. I wouldnt want to work for them, though, there seem to be no slacking and no third strike :)
Best
Christophe
PS: @Engelo, wait for it... it's coming...
- 11yEngelo RumoraBusiness MemberInvestor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
Originally posted by @Christophe Noualhat:
Originally posted by @Justin Webb:
@Christophe noualhat and
@Alex SImon do you have an update on your dealing with Ohio cash Flow?
Hi @Justin Webb, indeed I have. We actually just closed on the property so I can give a quick feedback on the dingo and his team.
We connected early this year and after many exchanged I locked on a small house in their portfolio and we signed the agreement early May. It so happened that a couple months after, OCF hit some problems with one of their renovations (see corresponding post from @Engelo regardin how he lost his ***) and we experienced minor delays. Nothing worth putting the life jacket on... Instead of closing in July we closed end August which left me some more time to play "100 questions" and nag the dingo to the point of no return. The point break was almost reached but we didnt crash and took the wave as it went and closed on 31 august with a tenant entering the premises on 1 september.
Due to Engelo's team and contact I was able to secure everything from a distance (CPA for taxes, Lawyer for the setup of the LLC, Insurance, inspection etc etc..).
Now we're stepping into phase 2 with the property being managed by the team so I cant yet comment on that, just that signing the documents and transitioning from phase 1 to phase 2 was a breeze.
I havent had any other experience in the US and with turnkey companies before, I had no bias versus turnkey companies either unlike a lot seem to have in the US so I came in with a clean slate but a very, very carefull and critical mind (someone said "very on the ball", Engelo would say "Pain in the XXXX"), but if the perfect turnkey company existed I believe they would be very close to what OCF is doing (remember that I'm French and in our culture, nobody's perfect !!).
Engelo's a nice guy, always here to answer questions and available to chat. His other half is the part of the business that keeps the dingo aligned and is also very much on the ball. I wouldnt want to work for them, though, there seem to be no slacking and no third strike :)
Best
Christophe
PS: @Engelo, wait for it... it's coming...
Thanks Mr C,
Looking forward to catching up with you in person.
Have a great day.
- Yulee, FL · Member since 2015 · 10 posts · 2 votes11y
@Christophe Noualhat thanks for the update
- Mesa, AZ · Member since 2016 · 1 post · 1 vote10y
It is early 2016 and I'd like to see some reviews of Ohio Cash Flow. Appreciate it, Dawn
- Fredericksburg, VA · Member since 2016 · 190 posts · 64 votes9y
^It's now late 2016... Anyone?
- Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes9y
Originally posted by @Patrick Shawn Faherty:
^It's now late 2016... Anyone?
Last time I talked to @Christophe about Ohio Cash Flow, he said he was a little on the fence about them, that the first property had gone well but that the second one had a lot of problems that stopped him from closing. So it's a bit of a mixed bag, but this was a long time ago now, and this is of course second-hand through me since I haven't really worked with OCF myself.
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