All Forum Posts by: Brian Mineau

I'm also looking for a partner with the funds to help me rehab a 96 unit apartment building I have already purchased and own. Once completed NOI 485k!!!

Hello! I own A licensed GC company, dumpster company, property management company, wholesaling company, roofing company and more. We have roughly 300 rentals in dayton, Cincinnati and columbus. Let me know how we can help 

I am looking for $250,000 to move 4 projects through the finish line. I have completed over 100 real estate transactions and average a 29.44% ROI. I am open to several different ways to structure the note, and it will be secured.

absolutely there are!

Id ask them what type of fence and if it goes with the house and something that will add value, Id let them do it. 

Being from North Lake Tahoe, that is what we ended up doing. We tried several states and settled on Ohio. Relatively low barrier to entry, its a landlord friendly state, taxes aren't terrible and its one of the top 5 growing states in the country for industry. Intel just broke ground on the largest chip facility in the world which will also help. 

Dayton and Cincy for sure, outskirts of Columbus and Cleveland as well. I agree there Dayton was rough 2017-2019, it has turned around for sure.

If the investor is looking for properties 6 units and below you can still enter several markets in ohio at that price and the units will be either turn key or close. With decent cash flow. For example 4 unit with 2/1s rents for $850 a unit and building sold for $230k

@Victor Baronich

I experienced similar situations when we first started buying rentals that were SFRs. We quickly got away from SFRs and no we won’t buy anything below a triplex, even then we like to hit 4 units and above.

My recommendation would be to liquidate and start a new portfolio.

@Ramada Evans

Hello! That’s awesome and congratulations!

Depending on the equity you are trying to pull I would say let’s do a break even analysis and figure out exactly what we need to do for it to make sense.

I think it is wise to invest the way you are, that is how my wife and I got started about 8 years ago and we have over 300 rental doors now!

A lot of people don’t like PM companies and I get that, I have been burned more times than not by bad PMCs. However, once you find a good one it can help you get to the next level.

I would look for a 2-4 unit to start, below is a deal we closed last week.

This deal in ohio was off market, it’s worth $260,000, we locked it up for $187,000. Now this one needs 5/10k in repairs but we will get to that later.

25% (the down payment) of $187,000 is $46,750, that leaves a loan amount of $140,250, at a 4% investment rate, including taxes and insurance your total monthly payment (PITI) is $934.49

The gross rent for these 3 units are $2,800, the 10% property management is $280 take that and your PITI and that leaves $1,585.51 each month.

After a 35% expense ratio you should net $1,030.58 or $12,366.97 a year.

Your cap is $12,366.97 / $187,000 = 6.6%

Now the great thing about this deal was when we got our purchase loan upfront we also got a 5/10k rehab loan, after we do some minor cosmetic repairs we are going to wait 6 months then do a 75% cash out refinance off the new value which is the $260,000

75% of $260,000 is $195,000 which means you pay off the loan you have (the $140,250 above) the rehab of 5/10k and after those two numbers $150,250 you still have $44,750 which was only a few thousand from your original down payment, which means you put that money back in your pocket.

So within 6 months, you bought a triplex, refinanced it and got your cash out and it’s making you 12k a year. Then you can take that $44,750 and find another one ;)