All Forum Posts by: Ben Startz

Sent info via message/connect.  FYI.

Hi David... Information as been sent!

Hi Engelo:

Sent msg to you!

Out of state landlord is offering a lot of 6 different investment properties, all single-family homes, in the Toledo, Ohio area. 5 of the 6 homes are currently rented, the last one was rented as late as November 2016. All units are professionally managed by licensed firm in Toledo. 

Here is a quick summary of the properties and rent roll:

5 BR/1 BA Rent: 650.00/month 773.2 Annual Taxes
2 BR/1 BA Rent: 350.00/month 481.86 Annual Taxes
- 3 BR/1 BA Past Rent: 400/month 503.00 Annual Taxes (Tenant evicted in Nov 2016, new paint/doors, etc.).
3 BR/1 BA Rent: 350.00/month 528.78 Annual Taxes
2 BR/1 BA Rent: 420.00/month 588.94 Annual Taxes
2 BR/1 BA Rent: 350.00/month 551.16 Annual Taxes

Net Monthly Collections:
$1688.60 /December 16
$885 /November 16
$752.22 /October 16
$1384.55 /September 16
$1070.40 /August 16
$1460.45 /July 16

Avg Monthly in last 6 months: $963.46

We currently use around 12% of collections for ongoing maintenance per month, some months higher, some lower. Utilities fluctuate. Spent first half of 2016 (including all rent income) to address all major maintenance items - nothing outstanding today. All taxes are current. Turnkey opportunity... management company is prepared for transfer of ownership. Firm and fair price at $57,500 for all six properties... generates at 20+% ROI return.

Please only serious inquiries. Inquire by email ([email protected]), and provide phone number, and I will get back to you.

Thanks Gents.... that concurs w/ the information I received from utility company! Appreciate your notes!

Analyzing a potential deal, where the electrical service utility (including the breaker box and meter) has been enclosed, and it's actually in the house! (I know... kinda weird).

Anyone ever move the service box / feed / meter, or have it done by public utility company? Can you share your experience or "how-to" in this case?

Greetings Evan! Welcome to the site... one of the best resources out there on REI. I'm in Aurora, CO as well... maybe we can connect at the next Colorado get -together.

Not nearly as versed as many who have already replied. But maybe this angle sheds some light...

Recently sat down with a RE Attorney who brought up some key things when I was (over/under)analyzing a deal in the works. I had the same question... what am I missing?

He shared the following items that I hadn't immediately thought about, or didn't think enough about...

- Sex Offender List

- Potential Zoning or Future Planning Impacts

- Environmental Concerns / History

- Flood Plain (already mentioned above)

- Sewer Line Inspection

Just thought I'd share.

Thank you @Bill_Jacobsen, @J_Martin, and @Joe_Fairless.

I incorrectly stated that.. .make it 24% actually. I really appreciate the guidance. In doing more research, I was alarmed at the number of offenders, not in one particular area... but everywhere. I guess it calmed my initial fears.

Bill: To your note about why. Inherited property with health issues in fam, and looking to take capital immediately, versus stringing it out.

Thanks again, you guys rock!

I'm a newbie in the investing game, and I have been working on an owner finance deal for an 8-plex (1BR/1BA units). Zoning is good, tenant history is good, condition of property is good, and numbers are really good (34% cap rate / 100% occupancy). Perhaps the numbers are in fact too good?

In doing my homework, I found that two of the tenants are on the sexual offender list (they have lived in the complex for 9/10 years). I'm very concerned about future resale issues, general liabilities, tenant complaints, etc.

Anyone care to share their experience in renting with similar circumstances?