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All Forum Posts by: Marc Rice

Marc Rice has started 3 posts and replied 1730 times.

Post: Where to invest using BRRRR Strategy

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Dayana García:

Hi all! I live in Florida and willing to move to whatever city I can implement BRRRR estrategy, here in Miami doesn't seem possible. Was thinking about Baltimore, Maryland or Jasksonville FL. What do you guys think? Any suggestions and recommendations are very welcomed and appreciated!


Dayton OH is a great market for BRRRRs too. Lots of sub $100k SFR and sub $150k duplexes with strong 1.25-1.50% rent rules.

Post: Navigating Exit Strategies for a 24-Unit Townhome Development

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Austin Wood:

My company has secured approval to develop 24 contemporary townhomes in my home market—a project of this scale and style is a first for both us and the area. We’re operating in a smaller Ohio market, and while we've brought in the top real estate agent in our region to sell the first six units individually, I’m considering whether a different approach might be more advantageous.

Rather than selling unit by unit, I see potential in structuring an exit to an institutional investor or a well-capitalized buyer for the entire development. I’d love to hear from experienced developers and investors—how do you evaluate the feasibility of selling an entire project versus a traditional retail approach? Beyond listing on major platforms and emphasizing market fundamentals, what strategies have worked for you in positioning a development for an institutional sale?

Appreciate any insights from those who’ve navigated similar deals!


 I would try to price both options out - you can pretty privately shop the deal to institutional investors through NDAs and if you don't get the bites you're looking for you can go retail / build to rent.

Post: What should I be asking agents as an out of state investor?

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Jared Goldwasser:

I live in Los Angeles and am looking to purchase my first investment property this year -- interested in single family or duplex units. I am targeting Cincinnati, OH as potential first market because I grew up not far from there and have at least some connections. I'm meeting with a couple agents i was referred to through my network and am wondering what critical questions I should be asking them to understand if they are the right partners for me in this market, especially considering I will be managing this investment from the other side of the country, and what info I should be prepared to provide to them. Thanks in advance for any help!


 1. Do you work with out of state investors?

2. Do you have property managers and contractors who your clients have been using for over a year successfully?
3. Do you own any investment properties?
4. How do you find off market deals?

Post: 2-4 Family With Cash Flow

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Matt Schreiber:

I know this is a common question but wanted to hear specifically from investors or realtors that are seeing MLS cash flow for 2-4 unit properties. I've only invested in STRs and was looking to get into small multi-family but haven't seen anything that made sense in any of the markets I invest in so was curious where people were seeing good opportunities.


 It depends on what market - the midwest markets out here like Øhio have cash flow positive deals on the market. But all of the A/B class areas or rapidly growing cities do not have much at all, and when they hit they get bid up. What market are you in?

Post: Section 8 for newbie investor?

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Edward Barrett:

New investor here trying to stay in my local market (Dayton, OH).

Since I've started looking for my first deal I've come across a few section 8 properties that seem to pencil, but I'm a bit loath to jump into that kind of deal.

For those who have or had section 8 investments (especially in my market) how would you describe your experience?

Would you recommend section 8 for a newbie investor? Why/Why not?

Thank you!


 I've found that if you're going to do section 8, a lot of your trust is in the property manager to make or break the deal. If they can manage them well, then no problem. If they can't then it's going to be a headache. Overall they pay a premium on rent.

Post: Help! Out of State Investing in Ohio

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Grace Purugganan:

Hello! Does anyone know of a dscr lender that will allow for seasoned money for a down payment and a really good property manager in Ohio specifically in Columbus, Cin, and Cleveland?  My goal this year is to go from analysis paralysis to taking action. So any information will be very much appreciated.  Thank you! 


I know of several DSCR and portfolio lenders who offer different terms based upon your situation. Regarding PMs, I have good ones in Columbus and Cleveland to recommend if needed.

Post: Ohio Credit Union Lender

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786

Yeah I have a few depending on if you're buying 1-4 units, 5+ units, or needing a HELOC. I can PM you them.

Post: Moving to Tennessee... Sell my rentals and buy new ones in TN, or manage from afar?

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786

Congrats on the move! You can always put the funds into 1031 QI and if you don't find anything within 45 days you can cancel it and just pay the cap gains/1031 fees ~$500-1000. Definitely don't want to rush.

Post: Typical PM Rate for Distance Managing

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Kwanza P.:
Quote from @Marc Rice:
Quote from @Kwanza P.:

Hi,

For those of you using full-service PMs for STR properties in different states /far from where you live, what rates are you typically being charged ?

Kwanza


 Most charge either a gross price or smaller rate + they keep the cleaning fee. Usually 15-25% and they keep cleaning fee. Or 30-40% and they split the cleaning fee revenue with owners.

Thanks Marc, what do you mean by cleaning fee revenue ?

 The PM charges the guest a $100-250 cleaning fee. They take that fee usually 100% themselves.

Post: Typical PM Rate for Distance Managing

Marc Rice
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,794
  • Votes 1,786
Quote from @Kwanza P.:

Hi,

For those of you using full-service PMs for STR properties in different states /far from where you live, what rates are you typically being charged ?

Kwanza


 Most charge either a gross price or smaller rate + they keep the cleaning fee. Usually 15-25% and they keep cleaning fee. Or 30-40% and they split the cleaning fee revenue with owners.