All Forum Posts by: Felipe Cortinas

Hey BP!

So I'm early in my real estate career. Just closed on 2 duplexs in September in the Dayton, OH area. Everything is looking good so far and I ran across a opportunity for a student rental. Numbers seem to work out, but I'm having a hard time finding a property management company will to tackle a lease per room property.

Does anyone know of a company that works in the Dayton area who will work student/room by room leasing?

Great thread! I'm closing on a property in Dayton as well on the 6th of Sep. I'm also looking into all the details of forming an LLC and what the tax strategies are. If anyone here could refer me to a CPA/ tax specialist that would be greatly appreciated.

p.s

I live in Florida if that matters.

@Michael Plaks Lol, thanks for the clarification Michael I don't want anyone here on BP thinking I'm trying to bring back CPA slavery ;).

I was only asking for a local to OH CPA, thinking that they would be better versed in any Oh specific rules and Regulations, but I suppose it makes sense to go nationwide since it's primarily Federal tax's that I'm concerned with.

Good evening Bigger pockets!

I'm aiming to close on my first deal in Dayton, OH at the end of this month! It's a 4 unit multi family and I think I may have put the cart before the horse! So I'm looking to get some professionals around me. I'm already speaking to a real estate attorney and setting up an LLC, I'm also looking to get a CPA that can direct me not just during tax season, but how to best do tax advantageous purchases through out the year.

If anyone has any recommendations on a investor friendly CPA in OH I would appreciate it.

Thanks,

@Emmanuel Taylor Sam is right, please please don't let the friendship get in the middle of the business transactions. Treat this like a business, with contracts and agreements, exit strategies and percentage of ownership clearly detailed.

Especially since this is your first deal. Money can change people, and you don't want to find yourself in a position where you find yourself putting in blood sweat and tears into the property rehabbing it/managing it and feeling like you are being short changed because your friend "promised" you a x% cut of the deal. Contracts, signatures and clear cut plain English understanding of what each of you are going to be responsible for and what you will take from the deal is incredibly important.

Don't let money ruin a friendship and don't let a friendship ruin your business.

Best of luck!!

@Account Closed Somewhat larger units. It's 2 buildings, each about 3k sqft. Each building has 2 units at about 1500 sqft a piece. 3 units are 3bdrm 2 bath and one is 4bdrm 2 bath this unit is either slightly more then 15k sqft or this building is slightly bigger than 3k I'll know later this week.  Tenants pay for electric (furnaces and stoves are electric no gas) owner pays for water.

Inspection was just completed a few hours ago so I'll have the report a little later, but my realtor walked the property with him and sent some images. Most things look ok except:

One bathroom that a Section 8 residence is in isn't working, and hasn't been for quite sometime. No water flowing to it, sink backed up all around gross looking. 

One roof looks like it may need to be replaced in 3-5 years.

Hvacs are new but Furnaces are original so that's a concern.

Current owner occupied unit needs some tlc. Carpet is old worn through and has ridges in places etc etc.

Purchase price is set at $240,000 depending on what the report looks like I may be lowering the price, or asking for closing costs, or a combination there of.

If anyone here has some advice on renegotiating prices after inspections I'd be all ears.

Thanks,

@Axel Meierhoefer Sure thing, I'm in early stages right now. Inspection is set to happen this Monday the 5th. Financing has already been approved so now I'm just waiting to hear back how the inspection is going to go.

I'm considering managing the property myself. Which if I'm being honest is somewhat nerve-wracking. I think I have a handle on almost everything, except who I can use for inspections/showing units to new tenants/posting eviction notices. Additionally I plan on actually being on site for a rehab of one of the units (current owner is occupying it). I'm going to take that opportunity to meet some locals and hopefully start building up a team in that area.

I'll post the progress here, or probably I'll start a new thread and either document how it's going, or wait till it's all wrapped up and I've been successfully landlording for a few months to write up an after action report on how it went.

Any insight or advice would be appreciated!

@Account Closed I've got a property under contract in Riverside, OH that's looking to go for ~800 for the 3 bedrooms, and "supposedly" has a tenant in a 4 bedroom for 900, but that tenant has been on month to month for the better part of the year.

I've gotten copies of the lease agreements and it all looks on the up and up. Possible that I'm being bamboozled, but so far it's all looking on the up and up.

@Account Closed You are so right about property taxes, I'm used to paying South Florida rates so I didn't have as much of a sticker shock when i was running my numbers. The 3 bedrooms in some areas are running at ~800/Mo which makes the numbers work out a little better.

Happy I stumbled across this thread! I'm new to Bigger pockets and restate investing in general. I started getting interested January of this year, watched an unhealthy amount of BP podcasts and webinars, became a Pro member in June and have my closing on a property (2 duplex's on one deed) scheduled for August 30th.

I picked up the property in the Dayton area and after having done the numbers on ~40 properties a month for the past 3 months I ran across this place and it all just seemed to click. Now I'm in the middle of trying to figure out if I should leave it to a property manager, or try and manage the property remotely. 

In my searching in and around the Dayton area, there seems to be a lot of opportunity for some BRRRR investing and I'm hoping to dip my toes into those early next year once the dust settles on my first closing.