All Forum Posts by: DL Martin

$100,000 more passive income than one spends to support their lifestyle: Wealthy
$500,000 or more in passive income above and beyond what's needed to support one's lifestyle: Ultra Wealthy

Thoughts?

Ugh. This is depressing.

I'm 53, retired, and I guess I'm wealthy.

No way I am interested in doing the work necessary to become Ultra Wealthy.

I think I need to move to Florida.

2 Votes

Originally posted by @James Kojo:

Thanks all for the recommendations! It looks like i'm going to have a busy few days. :)

@Derrick Wilson : you asked about a PM. I'm currently working with Equity Team. They will be managing my new properties that I'm closing, so I don't yet have experience with them as operators, but speaking with them, they seem like a quality outfit and I found them through another referral here on BP.

James, were you at the Slatts meeting with Brandon Turner??

DL Martin

0 Votes

Cincinnati, Ohio

Originally posted by @Roy N.:

Originally posted by @DL Martin:

I have replaced every single toilet and shower head with low flow units. I also own my own commercial grade auger because those .8 gallon toilets are not going to create enough force to wash the poop and toilet paper all the way down the main line to the street sewer line. Thats a fact.

Do you have old, cast-iron mains? We have lots of UHETs deployed and the only instances where we've had any issues is with old cast-iron sewer lines which are very deteriorated and rough on the inner surface.

If you have newer, properly sized and graded ABS lines you should have no issues.

@Roy N.

@Roy N. , Yea, we have new, properly sized ABS. But the runs from the three buildings out to the city main sewer lines are probably 200 feet at the furthest point...

The problem is not on my property. The back up/resistance occurs at the street. The problem is that the Cincinnati Metropolitan Water District has squandered, misspent and misappropriated so much for so long, that the sewer system here is literally crumbling. The EPA has sued the CMWD to force the agency to do it's job and replace the crumbling infrastructure.

Its a mess.

1 Vote

Originally posted by @Guy Azta:

Am I crazy to think about drilling a water well for my apartment building in Cincinnati???

I own a 12 unit for under a year and so far it's been a money pit. I've been thinking about saving money on water. We replaced some of the toilets with low-flow, as well as shower heads in some of the units. A bit early to tell if it really makes difference. I then thought maybe a well would save on water cost. The water bill is $600/mo.

Does anyone happens to know about well drilling in Cincinnati and the city and county regulations regarding this. I can't be the only one thinking about this.

And while at it, does anyone know about water efficient coin laundry machine and whether it would make any difference?

Any other insane water saving ideas???

Appreciate any input. Thanks!

It's probably impossible to operate at a profit from CA with only 10 units.

Water is cheap here. It is the sewer costs that are killing you. And there is no remedy.

Google "cincinnati metropolitan sewer district fraud"

pay special attention to headlines such as :

FBI investigating MSD spending - Cincinnati Enquirer

Audit of Metropolitan Sewer District cites poor oversight on spending, mismanagement

State auditor investigating Cincinnati Metropolitan Sewer District ...

State auditor to probe Cincinnati sewer district spending

your water/sewer bill is not that bad. I pay $2,000 per month on 39 units (all 1BR).

I would love to know why you say it's a "moneypit". You should sell it to me.

0 Votes

@Sidro Felix

Hey, I am assuming that the RE meetup is the Tuesday evening meeting hosted by The Great @Joe Fairless .

If so, I will see you there.

2 Votes

Originally posted by @Todd Dexheimer:

Pure cash flow - Westwood, Delhi, Avondale, College Hill, Price Hill and other C class areas. Good areas with potential OTR, Walnut hills (dicey area), Clifton, Hyde Park, Mount adams, Pleasant Ridge, Oakley. Cincinnati has tons of neighborhoods and is perhaps one of the most difficult cities to navigate because it really is not set up on a grid - more like roads winding around the hills and valleys.

What size properties are you looking to buy?

Whoa!

Westwood, Avondale, College Hill, and Price Hill are C Class?????

I thought that C Class meant that the plastic radiator in your wife's BMW cracks and she feels safe waiting for AAA to come and flat bed the car...

Westwood? Avondale? College Hill? Price Hill? I don't think so.

Those are all SOLID D Class.

2 Votes

$15,500.

Apartment complex was advertised as 38 units. Appraiser appraised at 38 units.

The afternoon that the deal closed, we began posting notices on doors...39 apartments. Counted them again. 39 apartments.

I got 39 units for the price of 38 units.

So we "found" $15,500.

That counts, right?

4 Votes

Hey Sidro;

Make sure that you are not looking at this through Californicated eyes.

$200K / $1,850 rent = $100k / $925 rent = $50k / $462 rent

You can't be paying $50k to get $462 rent in Cincinnati.

$50k in Cincinnati needs to be bringing $800 per month in rent.

And Kennedy Heights cannot be considered B class.

Deer Park, some parts of Pleasant Ridge maybe B class.

Kennedy Heights, Silverton, Madisonville? No way B class.

2 Votes

Trip Summary

Las Vegas, NV

Departure: Thu Aug 31

LAS IND

Indianapolis, IN

Return: Sun Sep 03

1 Traveler

NEW SEARCH

Trip Price

Pricing breakdown

Flights	$73.12
Taxes, carrier charges & gov't fees	$59.88
Total (USD)	$133.00

Allegiant serves Indy dirt cheap.

$133 round trip. Stuff your clothes into a backpack. (I don't think there is an add charge for a backpack)

What in the world are you waiting for???

P.S I better get some votes for doing all this in depth research to solve this guys problem!!!

10 Votes

@David Hayes , I live in Cincinnati. See BP thread below and my comments on Exeter Exchanges. @Bill Exeter

https://www.biggerpockets.com/forums/104/topics/24...

2 Votes

All Forum Posts by: DL Martin

DL Martin has started 15 posts and replied 290 times.

Post: Are you wealthy?

Post: Incoming! I'm flying out to Cincinnati. Recommendations?

Post: Drilling well in Cincinnati for apartment building???

Post: Drilling well in Cincinnati for apartment building???

FBI investigating MSD spending - Cincinnati Enquirer

Audit of Metropolitan Sewer District cites poor oversight on spending, mismanagement

State auditor investigating Cincinnati Metropolitan Sewer District ...

State auditor to probe Cincinnati sewer district spending

Post: 1st Time to Cincinnati!

Post: Best neighborhoods for cash flow in Cincinnati

Post: Coolest Thing You've Found in an Investment Property

Post: First Out of State Deal!

Post: My entire 4-plex just went delinquent at the SAME TIME

Trip Summary

Trip Price

Post: 1031 Qualified Intermediary