All Forum Posts by: Douglas Higa

Plan on it. There are always corrections in any market. The best thing to do is be prepared (liquid) so that you will capitalize on the downswing. Always be cash flowing. Make your money in the buy. Don't wait for appreciation, force it. Real estate goes against common logic. You buy when the market is in the dumps and sell when its at its best. 

There is nothing better than renting to a police officer. It is like having free security for your building every time their patrol car is in your parking lot. The tenants feel safer knowing there is a armed officer down the hall, and this is especially effective if you have C class properties in troubled areas. 

The best technique is having this end in mind. Walking out of a deal knowing you both got what you wanted. Listen more than you speak and the deal will present itself.

I would call the store and straighten it out. You will sleep better at night and know this will never come up again. You also can never be sure of what happens as a ripple effect. What if that was your store? What happened to the employee that made the mistake? You just never know. I would definitely tell the manager that you straighten this out with about the confusion and demand a discount. You choose the right and right will surround you.

Net worth is really all that matters. You can always pay yourself whatever you want.

The first thing I do with a rental is strip the carpet out if the carpet is in bad shape. Carpet is a hassle, and with so many options of tile available you can cover every floor in the asset with it and stop worrying about that part of the cap x  for years. The tenants can always buy rugs to throw down if that is what they desire. I try to make my rentals as bullet proof as possible even if it means a little more cost upfront. It would also be a good idea for you to do semi annual inspections, then you would be able to get to the problem sooner.

Doug Broomhall is a commercial broker with Sperry Van Ness that really knows the Dayton market. He assisted me with 2 multifamily acquisitions this year.

As for management, I would stay away from Manco Property Management. They allowed a property of mine to hemorrhage the first month without even notifying me.

Gary Zaremba owner of Pep Zee Property Management is a good guy to work with

Doug Broomhall contact info

Work 513-963-9110

Mobile 937-287-5129

email [email protected]

Make sure your contract doesn't allow the tenant to sublease. 

I would tell everyone I know about it. I have found some of the best deals from people I talk to. I call them my personal pocket listings. I'm under contract on a rehab project from a referral that I got from somebody I met at the store waiting to check out. You just never know. You might even gain a business partner on a deal from someone you work with, and take a early retirement together to pursue the real estate life style by design!

I started investing in multifamily in the Dayton, Ohio area about 6 months ago. I am  planning on doing some rehabs soon as well. Does anyone have any experience with hard money lenders in this area that could make a reccomendation on whom to use?