All Forum Posts by: Voley Martin

Im looking for other out of state investors that own property in Ohio and have excellent property management. Aside from my realtor I consider this the most important member of my team and I would like to find someone others truly can vouch for. Please send any recommendations my way!

Price: $130,000

Building Type: Duplex

Realtor opinion of Neighborhood grade: C+

Property Description:
Building breakdown
1,440 sq ft
Unit breakdown
Upstairs unit is 1 bd 1 ba and is rented for $750

Down stair unit is 2bd 1 ba currently rents for $750

• New electric, plumbing and roof

Rent Comps: $1,129 for upstairs unit and $1,074 for downstairs unit

I used the current rents for the breakdown above, but seems like theres some more upside potential. 

What criteria are you guys using to qualify potential deals? Ive owned property before so its not super scary to me, but I am far from experienced enough to see the intangibles that may cause problems down the line. I would like my first couple of investments to be simple and easy and then move on from there. 

I came up with a goal of having one property by the end of the year that cash flows at least $100 a month after all expenses. Additionally it will have to take care of itself so property management is included in this. I would like to account for big improvements too althought instinctively i dont think i want to buy a property that needs any crazy upgrades off the bat. I attached an example of a property Im looking at that looks like a great buy candidate. There appears to be no shortage of these on the market, so if I can meet these criterion over and over again, what do you guys do to narrow down the field and find the BEST deal possible? I may be overcomplicating things but I also dont want to just jump on the first deal that crosses my path. Does anyone have a checklist or some sort of qulifiying method? 

Thanks Jimmy that's great to hear. Sounds like Colombus is near the top of my list. 

Thank you for this excellent information.

Please Do

 Nadeem, Cleveland isnt my favorite area. I travel there semi often, and I dont really see the attraction however that doesnt mean I couldnt be convinced potentially. 

Nick, you make some great points. I think i confuse my wife with the term "cash flow" as well. Maybe I should reconsider its use. Basically i look at it as a buffer between the property paying its own expenses and me having to put more money into it. I would like for the property to pay for itself, and make a little on top after all expenses. If the rent I can collect is $1800 and my mortgage is $1000 a lot of people might see that as $800 cash flow. I dont. The numbers have to make sense. In a perfect world, the property will pay its own mortgage, plus its own management fees (10%) plus taxes, plus basical maintenance, utilities (if need be) and capital expenditures. I used to own a rental property in Alabama, and the math did not work, but still it was fun to see my mortgage being paid off even if i did have to pay a little every month... this is not what I am after this time around.

To summarize, I would like to buy something that pays for itself and a little more, that way I can buy more and keep buying. I hope this clarifies things a little. 

I am a new pro member. My plan is to buy something in the next 90 days to a year that I can cash flow at least $100 a month after all expenses are accounted for; i.e. property management, taxes, insurance, cap expendetures etc. What are some of the best markets to get started in?  colombus/springfield OH seems at least somewhat promising to me.