All Forum Posts by: Dell Schlabach

We have 60 rentals

12 air bb units, Ohio  and Fla. 

15-20  flips and wholesales, between buy and sell close at any point. 

Few goals for the year. We decided to quit buying rentals to hold, and instead, the units that we typically would rehab and hold, we are going to rehab and sell. Take those profits and pay off the rentals. Targeting 24 "rentals flips" of those this year. 

We are not buying more air bbs, until we have a year under our belt with all the current units.

We are continuing to do regular flips and wholesale deals,  4 new builds this year.

Target is 2 buys and 2 sells a week, between the different models. Jan we had 12 buys 10 sales. 

Networking,  is mostly with rehabbers in the group that we sell houses to. 

How many rental units do you have?

What are your targets, goals?

What are your biggest challenges to achieving that?

Quote from @Kevin Kim:

Thanks all for advice. I am going to check with mold remediation expert first to see more detail and will go from there. I guess I have to find root cause first.

If you are checking with a mold "expert" I would suggest checking with at least three and ask them questions based on what the first one says. 

My first mold remediation was over 15k , today that same project would cost me 3k and would have the same warrenty. 

Most small mold projects we hire done are completed for under 1,000 today. 

 

Quote from @Bob Stevens:

Quote from @Dell Schlabach:

We are still flipping 50+ a year

NE Ohio

 to whom, investors or end user ? 

An odd combination probably, flips i tend to think of as fix and flip we have i include the wholesale deals to flippers and 20+ rentals to a partner company we are at 105 buys for the year. 

I have a rehab crews a few partner crews then a loyal group of rehabbers i supply most of theire flip deals for. Most of them doing between- 5-8 per year

I do not sell to individual retail  buyers

We are still flipping 50+ a year

NE Ohio

Quote from @Mike Dymski:

Profitable and off market deal flow...lots of it.

You have an agent who brings you profitabe off market deals lots of them?  

Is this a thing, agents with a lot of off market deals? 

Any tips for finding those agents? 

We buy over half our properties from typical wholesalers who are not agents, who do marketing for off market deals. 

Although we buy over 100 houses a year, maybe less then 10 a year  are off market deals from agents. Typically hoarder houses, estates homes full of stuff, very outdated with issues where agents rather not put them on mls, a few where the relative who inhereted it didn't want anyone in the neighborhood to see how their  relative lived.  Occassional massive cat pee houses, or houses in bad shape that are dangerous to open for showings to typical buyers. 

Found the suggestion to find an agent who can bring you a lot of off market deals interesting. 

Care to elaborate how agents find those deals. and seems like a conflict of interest unless there is a serious legitimate issue with the property or seller wants to dump it asap and walk away. 

Oh boy, we have 60 some rental properties mostly in akron, some in canton and surrounding areas.

North of Cole West of Arlington is the one area we do NOT buy rentals in.

If you are local and savvy with those types of properties maybe. We are both of those and more headaches in that area then we want to deal with.

Quote from @Theresa Wallinger:

Hello, 

We are in the California Bay Area and decided to use some of our equity to start real estate investing. We have read books and done what we can to learn. We are cash flow focused right now to pay back the equity.

Anyway, we have settled in Ohio right now and are in contract and in the due diligence period in Akron. Our realtor helped us find the house, and I did what I could to find out about the neighborhood. Niche rates it C+, Roofstock 2/5. But last night, I read some concerning things now though from a few years ago here on bigger pockets. Any advice on the area? I am curious if it has changed since the old posts were made.  It’s 44306 zip code. North of Cole, west of Arlington. Any advice appreciated!!

Hello,

Found your post when I was doing a search for condo conversion columbus ohio. 

I funded/partnered on a deal in columbus.

251 253 miami ave columbus ohio

Ready to list my oartner seems to have gone awol,and confo conversion paperwork was never done.

Any advise on the process and or an attorney to complete the process as zoon as possible?

We run into this frequently, most of the time its obvious where the water is coming from, usually it flooded from the power being turned off to the sump pumps. 

As others have mentioned buy or rent a fire hose type gas powered pump that will pump all the water out in an hour or two, they will take it down to last couple inches, then sump pump will handle the rest. 

We rent a couple large dehumidifiers and yiu can dry the place up pretty quickly. 

Mold remediation, check with other rehabbers, or top agents that work with investors are good source. 

What used to cost me 10k plus, costs me about 2,500 today, to get remediation done, with fully qualified remediation contractor, providing warranty for work done. 

Good luck!

Took a number of seminars and pricy bootcamps when I started. 

These books for a few bucks are better than any of the pricy seminars I took. 

Good luck on your venture!

https://www.jscott.com/my-book...