MF package, land contract

[Jason Combs]

Hello!

I am offering a unique opportunity as I am choosing to sell 3 MF properties in Cincinnati area. These properties are not on market

1st property is directly off campus of University of Cincinnati (across street form Hughes on Mcmillan) 10bdrm, 4.5 bath, 3 kitchen, walkout basemnt, 7 car offstreet parking, zoned C-NP. Current use is residential. Rents for $5200 (well under neighborhood avg of $750 per bdrm), landlord pays NO utilities. Many updates throughout years, needs some cosmetics currently(same group of students since 2017, engineering Frat) Exceptional location in CUF, massive growth potential

2nd property is just off campus of Miami University. All brick 8 Fam 1/1's. Fully rented. 7 of 8 units updated in past 5 years, last unit in good condition. 4 longterm elderly tenants. current monthly income is $4200 (under the area avg, $650, due to elderly tenants, very reliable and clean though) Landlord pays water/trash only.

3rd property is in Hamilton, OH near Spooky Nook. 6 Fam, 2 buildings, 1 parcel. 1-3/1, 1-2/2, 4-1/1. updated units, plumbing, electric throughout. 2 units currently set up for AirBnB (see spooky nook) fully furnished w/ STR permits. Current monthly income around $5500. landlord pays water/trash and 1 gas meter for laundry/storage area heat. Huge connected garage currently NO tenant, should bring in extra $500 month. This property can easily bring over $7500 month.

My wife and I are opening restaurants and I simply cannot manage all the spinning plates any longer...and I havent found a property manager that does it as good as I do....sooooooooo here we are.

About me. Long time investor, wholesaler, house flipper and landlord. licensed Realtor for 18 years (KW) I dont BS and dont appreciate people who do. I know exactly what I have to offer.

Heres the deal. get ready.... I am looking to land contract these properties as package with 10% down, 2 year land contract at 7.5%. I borrowed some against these properties last year to open restaurants and have a pre-pay I'd like to avoid. 

Asking $1,350,000

Currently these properties are bringing in $14,900 month...rents at todays standards would bring more like $19,000 month...do your own ROI math

If you are interested in this deal, prior to any showings or sharing of sensitive info you must provide me with a POF or letter from your bank showcasing your ability to make downpayment. I do have a local, investor friendly title co I like to use.

These are turn key investments with little need. I could list and sell them easily but again, looking for a land contract partner. This is real, Im not trying to fish for out of state investors and honestly doubt I'd have time to help you out anyway(though I'm the guy other's call when they need help or have questions)

[Shlomo Koheler]

@Jason Combs

Hey Jason is definitely sounds like you know what you want.

However the interest only on your offer will be just around $8,500

Add on top of that insurance tax water and trash charges electricity for common areas.

And management and this package is absolutely upside down.

These properties could fit right into my portfolio but not if they have a negative cash flow.

It might be a possibility to increase advance all the way to 19k however that doesn't happen for free.

[Jason Combs]

The properties current cash flow will not be indicative of their promise.. The property on UC campus is in CUF, zoned commercial. At some point the university will impose imminent domain. The payout will be handsome..In meantime it will bring in 7000+ monthly with landlord paying ZERO utilities, but yes tax and insurance... Do your own digging, try to find another.  I honestly should be asking 1M plus for that property alone, everyone wants to comp it to properties on street that are half size, no offstreet parking and not zoned commercial. The incredibly unique nature of property is actually working against me, lol.

Overall given the current amount of MF available on market, this is a good deal for someone. May only be zero net deal for first 3 years, but long term potential is far exceeding atypical MFs available.

I know when I bought the place(UC) in 99, I didnt make a dime for first 3 years, by 2017 paid off, cash cow. Of course, I managed all my own properties...thats a game changer.