All Forum Posts by: Darrin Carey

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.

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 down the restaurant.

@Nicholas Trusty Good to see that you have it covered. If you need a little help, feel free to reach out.

@Nicholas Trusty As of today, it is a lien on the property. 

If you have a "Release of Land Contract" signed by Kevin and notarized, it needs to be recorded to release the lien.

If you don't have a signed and notarized release, you have a title issue. You'll have to get him to sign a release with a notary, or you'll have to go to court to clear the title.

@Nicholas Trusty That's a decent little pocket of homes there. In general, you'll find 2 beds are a little harder to flip than 3 beds, but still doable. As @Dave DeMarinis said, many of your questions should have been answered BEFORE you bought the property.

I also see that you didn't use a Title Co to do a closing. Doing a quick look, I see that "Kevin" has a Land Contract recorded to buy the property. The Land Contract remains in place and is valid even though you are now on the deed. I hope that's something you've taken care of or taken into consideration.

I have a sneaking suspicion you're about to get a quick education in some areas you did not anticipate.

@Jessica Mayo I've moved on to a different CPA. My opinion on Gina is neutral. The tax returns were fine, I but the timing was not what I expected.

@Amaju E. My gut says be careful with this one. First, change each of your Vacancy, Repairs, CapEx to 10% each. It'll be much closer to reality for the local area.

• Vinyl siding or wood? Wood takes more maintenance.
• Central Air? I see a window unit.
• Bars on the windows and security doors. Likely a "D" area. Increase expenses.

At 650 rent, I'm assuming 2 bedrooms per side. If it's 3 beds per side, your rent it too low, or the neighborhood is really bad.

On side-by-side units, the tenants are typically responsible for lawn/snow, but not always.

Also, verify each unit has separate water meters. Not all of the old ones do.

Start with Outside the Box Real Estate for an Agent. They just helped 4 out of state people buy 4 properties from me. They do a good job. I have some good specialists I could share later. I've got my GC booked for the next few months, not sharing him for now.

@Vincent Chen The people I know target 15% profit, with a 20k minimum.

A lot of the investors who live in the Dayton do flips with an ARV of $120-225k. Some will dip as low as an 80k ARV, and a few are doing higher priced properties. Once you go below 80k it's harder to sell to an owner occupant. Below 60k, just assume it'll be a rental. Most successful flips are in the A/B neighborhoods, but if you go by the ARV, you'll be in the right areas.

I've watched a lot of OOS flippers lose their shirts. It's hard to manage flips or even rentals remotely. You MUST have independent people on the ground. Your GC can't be your inspector. That's where people get screwed

There is a shortage of good contractors. Beware of anyone who can start tomorrow. Good contractors are usually scheduling 3 months out for rehab projects.

All that said, there are OOS flippers succeeding in this market. The above is just some of what they are doing to succeed.

On-site visits, local property managers, independent Project managers and inspectors, local Hard Money Lenders, are all pieces that will increase your chances for success.

@Reid R. I'd consult with a Cinci attorney. Ben Bauer has an office in Sharonville and is experienced with these.

He's a real estate investor, so he understands us.