All Forum Posts by: Darrin Carey

@Maureen Nixon I missed answering your PM question. I've split my properties between two different Property Management companies in Dayton for the past five years. I'm now consolidating all my rentals under @Christina Carey at Outside the Box Real Estate. (Note the last name; she's my wife, but her company still had to earn the business by being the better management company.)

@Maureen Nixon I grew up a little north Detroit, and bought my first eight rental properties in Saginaw and Bay City Michigan. Property managers there were a nightmare. 

There are good properties in every locale. Unfortunately, good properties doesn't always mean good numbers. The trick is reduce the search to area that are likely to meet your criteria first. It sounds like you have done that.

Then refine your search in those locales, and especially finding good management for your asset/investment. If you can't find good management, don't invest there.

Some areas will be eliminated because you can't get both in one location.

I'm very current in the Dayton and Columbus markets. In general, if you are targeting cashflow, Dayton has it better. If you are targeting appreciation, Columbus has more potential. Both metros have some of both to some degree.

Detroit is a huge mixed bag. If some local entrepreneurs (Quicken, Ford) hadn't put a lot of money in locally, it would be in even worse shape than it is. It's like Dayton in that it's lost population. Dayton is growing jobs now, not sure Detroit is keeping up in that arena. Dayton is also a lot smaller, so it's easier to keep a handle on what's happening where.

In 2005, Dayton was planned as a 3 year stop before I moved back to Michigan in 2008. There's a lot of reasons why I'm still here and never made that last move.

@Maureen Nixon, @Brian Mcmenamin nailed it. As an out of state investor, your PM will make or break you (My Michigan PM drove me broke). It's literally the most important decision you make. I'd interview them by phone, then visit the final contenders,  and select one before I even bought a property.

I'm familiar with all three markets. They all have strong and weak points. A large part of picking your market will depend on your investing goals and investing style. Without know your goals, I can't say any one is better than the other.

I've chosen to live and invest in Dayton deliberately. It met my specific investing goals. (cap rate in B/C neighborhoods)

@Spencer Gray Xenia has a small town feel, but it's big enough to have the needed conveniences (Walmart, Kroger, etc). It's has a variety of local employers, and it's close to other major employment (Wright-Patt AFB, etc). It's easy to get to anything you desire in Dayton.

@Seth Hayes should be able to add more.

There's a HUGE difference depending on which hospital it's near.

For a C property at that price, it better be in GREAT condition.

The owner finance terms aren't bad. However price is hurting cashflow, and the price appears to be high with all information considered.

@Dylan Paul There is a monthly meetup with Dayton Investors. It's a great way to discuss strategies with multiple people investing locally.

Here's a link to the next event. It's March 11, 2019. It's the second Monday every month.

https://www.biggerpockets.com/forums/521/topics/67...

Come join Dayton area Real Estate investors for food, fun and beverages. Build your network and meet other Dayton investors. This is a networking event to make connections, share knowledge, experiences, strategies, and have a little fun while we're at it. We promote teamwork with your peers to help everyone succeed. 

Here you can learn something, find a deal, sell a deal, or find that agent or contractor you're looking for 

Come join us: T.J. Chumps in Fairborn, OH, right off interstate 675. We'll be in the private room on the left past the hostess station.

Oh, you should expect 60-70 people to be there. The event says it ends at 8pm, however, some of the real estate addicts stick around and close it down.

Here's pic of part of the group during Buy-Sell-Trade.

Come join Dayton area Real Estate investors for food, fun and beverages. Build your network and meet other Dayton investors. This is a networking event to make connections, share knowledge, experiences, strategies, and have a little fun while we're at it. We promote teamwork with your peers to help everyone succeed. 

Here you can learn something, find a deal, sell a deal, or find that agent or contractor you're looking for 

Come join us: T.J. Chumps in Fairborn, OH, right off interstate 675. We'll be in the private room on the left past the hostess station.

Oh, you should expect 60-70 people to be there. The event says it ends at 8pm, however, some of the real estate addicts stick around and close it down.

Here's pic of part of the group during Buy-Sell-Trade.

@Dylan Paul Sounds like you're off to good start with a strategy that works well for you. Keep on doing it; it's a great way to get things rolling, pay down some debt, accrue some capital, and a few rentals along the way.

It's one of several good ways to be an effective investor. You can implement other strategies when it works for you.

Portland and Seattle look like they are big drivers behind the legislation.