All Forum Posts by: Corey Mason

Hey, Shlomo, depending on where these houses are I would be interested.

Thanks.

Hey Michael, it sounds like it would make sense just by doing the back of the napkin 70% rule as long as the construction costs stays tight, even if it runs over you'll have wiggle room and worst case you may only have minimal into the deal.. without seeing the property seems like a nice deal.

Build your core team.

Property Manager

Lenders (Large and Small)

CPA

Attorney

RE Brokers

Insurance

Inspector

Underwrite as many deals as you can

Have a Due Diligence Checklist

Find someone in Cincinnati who is a few steps ahead of you and ask questions.

Drive deals within your target market.

Be ready to act quickly.

PM me for GC info, I am a MF broker in town.

Great Job! @Oleg Shalumov  would love to hear more about your deal.

@Roderick Mills Jr.

It really depends on what you want to do and what resources you have at hand. Turnkey properties require little to no CAPX upon purchase which in return leads to a high purchase price but not necessarily less headache. Cincinnati is predominately a Class C market with most of the inventory being 30 years old or older. The opportunity in this market is value add BUT there are always exceptions if you look hard enough. Cash flow may not be as strong for turnkey depending on how much you pay for the property.. on the other side of the coin rents should produce a higher premium per month... 

@Ben Hudman  

Find the closest city you are willing to drive to with a min population of 200k300k (MSA will usually be large if the city is this size). From there call the brokers in town and ask three questions.

1.Inventory in the Market (# of owners and units)

2.Sales Volume per year

3.Transactions per year 

From there you should be able to see if it's a viable market to go in. Most deals will be off market so you will need to pick up the phone and set a goal to call 10 owners a day OR go to craigslist and see if the owners who have listings to rent are willing to sell. That's where I would start.

Thanks!

https://www.prominenttitleagency.com/

Robert Calabrese is the Title agent for most Multifamily deals in town

https://www.prominenttitleagency.com/

Robert Calabrese

He is the title agent for most of the Multifamily Deals in town.

I wanted to open up a discussion for investors in the Greater Cincinnati area..

Is there anyone is the Cincinnati currently hosting meetups? 

Lets connect to talk Multi-Family.