All Forum Posts by: William Durel

@Tyler Speelman I haven’t read all of the replies so I apologize if this is repeated. I have written in my contracts that if a lease is to be broken then must pay the balance of their lease before they move and the down payment stays with me. Luckily I’ve never had a tenant break lease so I’m not familiar with what you are going through.

But I would have them pay before they leave. I would also have them sign a “Breaking Lease Agreement” that would allow you to walk through the property with the tenant to assess damages. This will allow you to pursue legally if new damages appear, if needed.

@Aaron Belt we purchased in the Cincinnati market. We’re looking to add a few more to have a base for our portfolio. What we’ve learned along the way is that most trailer parks don’t allow buy and leasing. Most trailer parks require buy and live. So we’ve had to look at stand alone trailers on a lot.

But the ROI and cash flow has been great!

My wife and I had been thinking of getting in to real estate investing for a few years. But not until about 18 months ago did we start to really take it seriously. We read, we watched the market, completed tons of property analysis, etc. 

The number one thing we didn’t want to do was to buy just to get in. We wanted to make sure our first property would be cost affective, cash flowing, turnkey, and have the ability to be upgraded. We didn’t want a fixer upper for our first house. We just had twins and adopted two girls. Too much going on to pour time into fixing. Anyway...

We put 30% down (required for mobile homes) and we purchased the house well below market value. On top of that we had a lease signed and ready a week before we closed. 

House details: 3 bed, 1 bath (room for a half), living room, kitchen, dining area, detached garage with attached storage shed, .23 acres, and on a concrete foundation with a 2.5ft crawlspace. 

Because we didn’t rush and didn’t accept the original offer we were able to get the house for a great price. This is the only double wide in an area of frame houses so we purchased the house for 40% of what traditional homes with similar comps were going for. But, it rented all the same! We are making over 300% in rent than what we pay in mortgage. 

The appreciation won’t be great (if anything) but the cash flow is fantastic! Because mobile homes have a reputation for “issues”, our lease agreement has a clause that the renters will pay the first $250 in all repairs excluding the roof and water heater. 

I might have to continue looking for these types of homes if they can provide similar numbers. 

@Chris Fischesser I’m in Cincinnati but because of family schedule I can not meet after 5:00. Any chance you have availability M-F 8-4:00v

@John Hickey this started happening in Cincinnati about 10 years ago in one of the worst areas in the tristate (OH,KY,IN). Over-The-Rhine which was a booming neighborhood in 1940’s-1970’s turned to crap in the 80’s with drugs and violence.

Around 2007 a group of investors started buying up the vacant buildings and empty lots. Slowly accumulating over the years.

They tore down and revitalized entire blocks over a two year period and were able to bring back businesses and build fantastic condos for your couples and business people.

Now the building that sold for $30k is selling condos for over $300k. Granted lots of work had to be done. But, a $30k building now has 9 condos going for over $300k each. And people are flocking to the area!

It can be done! And someone is going to do it!

@Emily Scovil thank you for the message. Is there a location where I can get those schedules? Website? Distribution list?

@Tri Le I know some flippers who do amazing work. Can you PM me some details of the house and what you want done? I can relay that info to my friend. What’s your budget? I know they will ask.

@Fernando Sciessere I own a rental right next door to a church. We share a common side. The family in my rental loves it! They became members after a months of living there and they have become a strong member of the town. They’ve asked me to rent to own the house to then.

The kids also get to play in the yard owned by the church which adds about a half acre of play area.

BJ

@Gaby Liu hey Gaby I’ve been watching this thread seeing where it was going and what was being discussed. I’m new to investing so few free to take what I say with a grain of salt. Cincinnati is very much a neighborhood city. No mass transit, and no really quick way to get around.

I’m in and out of houses weekly in Cincinnati and Northern KY doing inspections and writing estimates (property adjuster by day).

Certain neighborhoods have a better life for single family and some have a better fit for multi family. The east side and north side of Cincinnati is going to predominantly be single family. These are more of family established neighborhoods with better school districts and parks. The west side and central parts of town will bode better for multi family due to higher density of populations and more access to bus routes.

Even within those markets you’ll have areas that are better suited for any particular type of client. A lot with depend if your more interested in appreciation or cash flow....

Hope that helps!

BJ

@Jay Stewart I have a friend who owns a cleaning company. I can reach out. Is this a one off or are you possibly looking for ongoing business?