All Forum Posts by: Brian Pleshek

Try https://www.cincinnatireia.com/ or ask google for Cincinnati REIA or Butler County REIA or something similar.

Brian

I had rentals in an area where I used to live.  We moved 500 miles away.  We got rid of them.  Remote wasn't worth it for us.  And we were familiar with the area we came from.  If you don't know your area, definitely don't do remote.  Try saving up a little more and do it locally.

Brian

@Jeremy Pakalka

I wasn't looking for 59%, that's just what I got. It was an REO auction. I bought for $76k and have put in about $12k. ARV is approximately $135k. Rents will run about $1350.

Brian

Welcome @George Emmons to BP. I'm in the Hamilton/Fairfield area. There is a REIA meeting tonight for butler county at 630. Also, I believe that there is another one in the Blue Ash area tonight at 6pm as well.

Brian

@Jeremy Pakalka

That's what I was seeing too. I just wanted to make sure I wasn't missing something. It doesn't appear to be something for me. I liked buying the last house at 59% ARV. The 3-4 week rehab wasn't fun, but it's nearly over.

Brian

Having just bought and rehabed a REO, it made me wonder about turn-keys. I get offers from time to time and it seems like there just isn't any meat left on the bone. Am I just seeing the wrong deals or is this common? Am I just the wrong type of buyer? Are the rules for picking one different than other investment properties because it is supposedly in good shape?

Brian

Welcome @Chris H..  I'm also from the area.

Welcome to BP, @Marlana Elliott.  Start reading everything you can.  I'd suggest reading for at least 50 hours on various topics before you hit your first deal.  It shouldn't take too long, maybe a few weeks.  There are plenty of resources here to do so.

Good luck.

If you got a lower interest rate when you refinanced and it raised your monthly payments, then you must have shortened your term?

There is only so much you can do to raise rents in your area.  A 2/1 will go for $X to $Y in that neighborhood.  Putting in a new kitchen might move you closer to $Y, but won't likely move it outside that range unless you've got something really unique.  You'll also be spending a lot of reserves to do it.  New kitchens are not cheap.  Even a $5000 kitchen upgrade if it raises your rents by $100 takes 50 months to break even.  Now if you tell me that you're making less than $X, then a new kitchen might bring you into the range that you should be in.  But there is only so much value you can add and it's likely to be only within the comparable range in that neighborhood.  

You say both are occupied, that means that they probably have a lease.  You probably can't raise your rents until the lease expires and if you're in a rent controlled area there are laws about how much you can do.

Brian

@DJ Richmond,

Sorry about your trouble.  While I can't answer your specific question, since you just got into the business I'll tell you what I do on the damage items.  I provide a paper with a diagram of the property and we walk though the house ahead of their move in.  They initial each area on my copy and their copy where there are no damaged or questionable areas.  If there areas that the tenant points out, I initial on both papers showing that I know of the defect.  We both sign both papers acknowledging the health of property.  Then on move out, we have another walk though using the papers and checking to see if everything is similar to the move in and noting all defects.  That way we can agree on the condition of the property going in and going out.  There are also photos taken before and after.

Brian