All Forum Posts by: Ben Gammon

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cincinnati.

Purchase price: $6,419
Cash invested: $300,000

Contributors:
Tom Savoca

Buy and Hold BRRRR 3 unit building in a nice part of Cincinnati OH.
4,000 sq ft
ARV of $405,000
Rents: $4,449/month

What made you interested in investing in this type of deal?

Building my empire one unit at a time!

How did you find this deal and how did you negotiate it?

Networking

How did you finance this deal?

Private Money

How did you add value to the deal?

Project Manager, General Contractor, Carpenter, Electrician, Investor

What was the outcome?

Exceptional!

Lessons learned? Challenges?

Go the extra mile and do it right. Don't half *** rehabs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tom Savoca. He helped on carpentry and electrical.

Welcome to the REI world!

You should attend a couple of local REI meet ups. I found good ones on FB groups, I guess BP even has a local one now. I've found it invaluable to have someone to talk to when I hit a stumbling block.

I bought a triplex within Cincinnati. Duplex next door has two tenants, Tenant A is friendly, Tenant B is straight out of Jerry Springer. I told tenant A there would be some mess from demolition as the property is a total gut job, that if he had any issues he should let me know and that I would buy them a pizza at the end of it. Landlord was fine with it too. Crew was backing a dump truck on to my front yard and throwing stuff out the front windows. Bad tenant would scream bloody murder at crew, claimed there was damage to her vehicle that doesn't work and has had a window stuck down for 6+ months and would park a car in front of my property to block crew from continuing work. 

She can't pay her 10% of rent even with Section 8, doesn't have a working phone, doesn't have a working car. Is supposed to be getting evicted soon with her 4 kids. She has thrown trash with dirty diapers in through my windows, got me a $500 fine from the health department, I had to delay getting 2 trees removed from back yard because they need the driveway and I know she is not going to cooperate. 

I've tried every different way to appease her, other tenant and landlord have apologized to me for her actions but enough is enough; the gloves need to come off. Any suggestions? Also, feel free to PM me. 

I'm scheduled to use Taylor Made Masonry again on a 2nd property. Rob is great. I would recommend him to anyone...after I'm done using him on my project! 

I pulled roots out of my pipes!(see pics below)

Thanks in Advance for any and all input!

I have a 60 year old? Oak Tree right behind my four unit building and the crappy thing is that it's roots are in my pipes. As ****** as it was to discover this 12 hours before I was supposed to board a plane I successfully used my big boy auger to cut and pull the roots. The pipes were additionally clogged with a rag and surgical mask that likely got down the pipes during a flood. After pulling the roots I was sure to wipe the the butt end of the auger several times to make it clean. The roots seem to be 10 feet behind the building directly under the big oak tree and on the way to the city sewage connection that is 20 feet from the building. The building was built in 1961 so it is likely a clay pipe. 

What's the best way to manage this? 

A) Manage it: dump foaming root killer down the drain every 6 months and likely auger every 2 years? 

B) Replace it: dig up the entire pipe and replace it. Most expensive and would be a nightmare since I would have to dig up a concrete patio and a crap ton of roots

C) no dig pipe repair: Has anyone ever done this? Any got a guess on the ball park price? Any recommendations on local companies that do this? 

Hey Guys, 

I am hiring a cleaner/dog sitter by the name of Lee Anne Williamson. Has anyone worked with her? She'd have access to my place while I'm out of town so I'm just wanting to make sure she's not crazy. She seems legit but I always like to ask. 

Does anyone know of a good* Cincinnati company that blows insulation into existing walls/floors/ceilings? I'm trying to price it out to determine if I will do it or hire out the job. I have about 720 sq ft of existing drywall walls and 1600 sq ft of existing hardwood/tile floors or drywall ceilings. 

Should it be done with spray in foam insulation? blow in fiberglass or cellulose? 

I read up that you cut 2 inch holes every 16 inches in the top of walls and drop the tube down to the bottom to let it fill the space. Should I cut a small hole in the bottom to relieve the pressure from the air blowing into the wall? 

Should I get cellulose or fiberglass for the walls? 

How the heck do you do the ceiling/floor? I'd prefer to cut holes in the ceiling rather than holes in a hardwood floor. This seems more challenging and technical than a wall. Just trying to wrap my head around how this works. 

Thanks for any and all feedback 

It's 4 systems with 4 compressors and 10 inverters. The project involves taking apart approximately 300 feet of line and redoing the connections and recharging the systems. 2K to have it charged is absurd. I paid $200 to have one of the systems charged.

Hey There, 

I have a fourplex in Northside, Cincinnati, OH with four mini-split heat pump systems that need work. 

Alex Ray Smith with A.H.R.L.C. Property Mangement & Construction Company LLC quoted me a price of $3K which I think is probably on the lower side. He seems nice but I've never worked with him before and don't know his company or reputation.

Has anyone ever worked with him before? 

Thanks! 

1.3% return per month or 15.6% return per year is pretty impressive on your first investment property! That's around double the stock market average and even more when you take into account that you did/will leverage your cash to get a better ROI.

How did you finance?