All Forum Posts by: Steven Leigh

Auctions are not worth your time as an investor. There are so many people bidding these days, and some are even buyers who want to fix them up and live in them. Prices go so high they are not really deals for investors.

Your best bet is to either do your own marketing, which is expensive and time-consuming, or get to know all of the wholesalers in town and let them bring actual investor deals to you. Most wholesalers like myself price their deals at about 70-75% of ARV all-in after repair costs, so that leaves a great margin for cash flow. You won't find deals like that on the MLS or at auctions.

All of the ones you mentioned are hot neighborhoods for rentals. As a wholesaler, when I get a great deal in any of those neighborhoods there are always multiple buyers fighting over them. I would also add the Burkhardt area, as there can be some great cash flow there, and don’t write off areas like Kettering either. The cash flow might be a little less but you will have more stable tenants who never want to leave because their kids are in Kettering schools. 

Don't waste your time on the MLS. Get to know the good wholesalers in town and get on their lists for available deals. Then have your funding lined up and be willing to make a quick decision. Most wholesalers sell to buyers at about 70-75% of ARV all-in, after repairs and everything. That's way better than anything you will find on the MLS. That's the criteria I use as well. I'm a wholesaler myself.

I agree. The “worst” areas of Kettering are actually some of the best deals in all of Dayton, in my opinion. Because the purchase price can be very low, the rents stay pretty high because of Kettering schools, and even though taxes are higher than other areas you get a lot of tenants who don’t ever want to move because of the school system.  

I agree with Darrin. The problem is not that Kettering isn't a good area for rentals, the problem is you can't buy deals at market value from the MLS and expect them to cash flow. You need to market for good deals, or get on the buyers list for wholesalers in the Dayton area who have deals at investor prices.

In fact, Kettering is one of the best areas in town for both flips and rentals, as schools are great, taxes are reasonable, and there is a wide range of homes available at different price ranges. 

👆🏻 What @Paul Amegatcher said. 

Agree 1000%. Best in Dayton by far. Very proactive, problem-solvers, and everyone on staff is empowered to help. 

Maybe Suzanne Hatfield can help. It won’t let me post her phone number so you can google her or just PM me if you need to. 

She works with commercial and residential both, and if she isn’t who you’re looking for she may be able to direct you at least.

***Selling my equitable interest***

Estimated 19.32% CAP RATE

For Sale
Sale Price:$20,000 OBO
Estimated Rental Ready Repairs: $60,000+

Address of property: 315 Wyoming St, Dayton OH 45410

# of Bedrooms: 4+
# of bathrooms: 3+
# of Garage spaces: 4 parking spots. No garage available
Basement: Partial basement
Sqft PRC: 1968 sqft

Best exit strategy: Use for UD student housing
Property Class: C+/B-
Estimated market rents: $2000+ per month
Estimated Comps: n/a
Valuation based on rents:100,000 (2% rule or other)
Yearly Taxes: $1217
Yearly Insurance: $1200
Vacancy (5% of gross rents): $100/month
Management (8% of gross rents): $160/month
CapEx: $250/month
NOI(Net Operating Income): $1288
Cap Rate (NOI/Valution based on rents): 19.32%

Description of property: Historic South Park Triplex that requires an extensive renovation. Property is located in an ideal location directly across fromt the University of Dayton and Miami Valley Hospital. Best use of property would be to renovate and convert it to student housing.
List features: Updated electrical panel and plenty of rooms to be converted for student housing.
Repair list: Everything.

FULL SET OF PHOTOS HERE:

https://goo.gl/photos/ckM8e6SSAr7yGqWWA

Contact Steve Leigh

[email protected]

937-239-4992

Purchasing Price: $40,000

Estimated Repairs: $30,000

Rent: $725 PER UNIT, $1450 TOTAL PER MONTH

Currently vacant

Approximately 24% Gross ROI!

Both units are 3 bedrooms 1 bath. Both have a basement for storage.

Total sqft. 2408

On .10 acre lot

CLICK HERE FOR PICTURES

or email [email protected]

Repairs needed (both units unless notated):

All carpet replaced

Linoleum in one kitchen

Drywall work and paint.

Trim repairs

Kitchen Appliances

Furnace replaced in one unit

Possible bug extermination in one unit

Minor leak in basement from exterior wall on one unit.

Ceiling patch work in one unit

New Exterior and doors for both units as well as some interior doors.

Both bathrooms need new linoleum flooring, wall repairs.

One bathroom needs shower wall repair/replaced.

Get a hold of Bob Rothman. He's one of the best property managers in Dayton.

http://www.therothmangroup.com/company/our_team

Do you buy in Columbus as well? If you're interested in a duplex send me a PM.