All Forum Posts by: Tony Napier

We are starting a syndicated investment group in Ohio. Anyone been a part of one here in Ohio?

I work in Dayton, OH and am having a hard time finding a finish carpenter that is sober, has their own tools and transportation, insurance and shows up and gets the job done. Is that too much to ask? Does anyone have a finish carpenter who is detail oriented and fits the above description? Because I can work them until they beg for mercy! :)

@Paul Sweetman that is some of the best advice I’ve read on BP! I can tell you’ve learned some lessons along the way! Half of them I smile at because the remind me of the times I leaned those lessons- although I wasn’t smiling at the time! :)

@Dave DeMarinis Huntington bank is great and works easily with out of state folks. If you want I can message you the gals info I use. They have a REO list you can look through online as well.

@Brandon W. Also, multi family units are best for cash flow. Sfh are good too. I wouldn’t go for the cheapest house. I’d go for the best value. My goal is to always stay under $25k a door on sec 8 ready homes.

@Brandon W. I do exclusively sec 8 rentals. What you have heard is true. They pay rent based on bedrooms however the tenant usually has a small portion to pay as well. Normally, they won’t give you the max- for instance in dayton $1050 for a 3bdrm. Rather you’ll end up at around $800-900 in the cheaper areas. They have a calculation based on zip codes. The demand is extremely high- last I checked there were 200 families or so waiting for a house. As soon as one of them become available you have multiple applicants to choose from. The catch is the inspection process. Dayton sec 8 is very picky about the things they will fail you for. It usually takes about 2 weeks to get an inspection scheduled and if they find something- and they usually do- you will has 10 days to fix it and reschedule. Then it takes about 10 days or so for another inspection. If you pass then you’re good to go. If not you have to go back through the process again. I’ve gone as much as 6 weeks getting a house to pass. It was pretty nice but they kept moving the goal post so to speak. Anyway, that’s why a lot of investors don’t do sec 8 in my opinion.

@Rochelle Flowers my first house I flipped was 332 Lutz drive in Union! Small world. How did it end up going?

Been doing Sec 8 rentals in Dayton for a while now. I’m curious as to why more landlords don’t rent their homes section 8. Espically in the rougher sides of town.

@Derrick Claywell good for you. I live in Englewood off Wenger. Make sure you get a good realtor. I’ve sold stuff up here and in Union. They can sit for a while if you don’t have a good realtor. Get one that will be honest and tell you what to list it for- they will tell you to list at $180k pie in the sky and it will sit for 4 months until you drop it to $155k- as an example. If you’re using hard money that can be a costly exercise.

@Henry Der I came to the Dayton market 2 years ago from Boise to invest. It’s a jungle here. Lots of folks looking to take advantage of out of area investors. It’s insane. Not to mention the wonky laws. It can take over a month to get a deed recorded unless it’s taken into the court house. No electronic recording. The learning curb is steep here. There is very little integrity in the business culture. BUT, once you learn a proper system you can easily see 30% returns on solid investments. PM me if you want more info on how I did it. Our biggest problem now is finding good contractors. It’s a tight market.