All Forum Posts by: Ben W.

Welcome @tiara stewart-Cannon.  Cincinnati is a very diverse housing market with approximately 52 distinct neighborhoods.  There are some meet up groups that have formed (check Cincinnati in BP).  As far as the MF market, it all depends on what you are seeking.  There are a number of nice 4 plexs in areas near.  Search for past posts from a number of us including @Sean Cole who is a great wholesaler.  Also, in my opinion, OTR is not in a good pice range anymore.  there is still a lot of development going on but vatsis high prices.  I sold a year ago.

BW

@Ben Gammon, because partnerships (I use LLC's or any multi member entity when I use Pship term) can be tricky, make sure you have a good Operating Agreement that not only spells out you as Managing Member or Administrative Member, but also how any future contributions (additional equity or other capital that would/could be added to the entity) will be treated. Since you have siblings, you would hate for a sibling to throw a turkey leg across the Thanksgiving table because they were not treated as fairly by good ole Dad as you are being treated. Look at major categories of discussion in such a document. Make sure that dad understands that this could be an illiquid investment for some time (I am sure your dad is smart, but you ALWAYS want to talk through Goals and Objectives BEFORE signing). You just never know. Trust me. Been there. Doesn't matter if you under or overachieve.

@Tom Lipps, Welcome to BP.  Good that you are asking questions.

A few good resources, even if you do not go the low to moderate end route.  '

1) Attend Cincinnati Police Dept Landlord/Cop training.  You will learn a lot.  More style and some great tips, but well worth your time.

2) Attend CMHA Landlord briefing/training.  They will have periodic sessions with their inspectors.  Why not learn from pros who have to adhere to housing code.

Lot's of other stuff, ask lots of questions and read.  You will develop your own systems (maybe lifted from others).

Happy investing.

@Damien

@Damien L., anytime.  That's what this is all about

Ben

@Justin H., I am formerly from Louisville and still have a residential portfolio there.  My portfolio is only about 25 units (10 pptys) and my manager is moving up in size.  I see from past blogs that you suggested J Michael Brown.  How has that worked out?  My units are concentrated in Portland and River Park.

Thanks

@Damien L., my partner and I have been very successful in these neighorhoods.    As @DL Martin points out, it is not for the faint of heart.  You need to have the infrastructure in place to address the higher turns and management.  We are in about half (26) of the metro Cincinnati neighborhoods, so believe we have a good handle on the differences.  Have no problem with C and D areas.   @Nick Vehr, I would not necessarily start out your portfolio with something like this because it can wear you out, even if you have an outside PM group. Do more searches, not necessarily via MLS. We rarely buy off that. You need to develop relationships and a network.

To your success....

Ben

Welcome Jeremy.  The water is not as deep as you may think.  You actually do know how to swim if you have been following BP.  Lots of assistance here.  While my team and I are south of you, I am certain there are local resources for you, but feel free to reach out to me or others as the world is small.

Best,

Ben

Agree with all.  We have two websites (HonestHomeHelp and Wham Properties) because we are landlords and use these for tenant access in addition to marketing.  There are many forms of websites out there that you can easily mimic.  Just google We Buy Houses.... and you will find many.  They all have the same theme:  advise about helping with foreclosures, etc.  Even look at ours.  Having been an investor for over 20 years, I would say:  Work on sourcing deals and making it easy for people to reach you.  Build a buyers list, wholesalers list, etc.  @Sean Cole has been in the business for sometime and is one of the better wholesalers in the region. The other comment, if you are going to be in the fix and flip business: Find contractors whom you trust and with whom you can make money. Too many buyers get sucked into believing the ARV's that sellers/wholesalers quote AND believe the low rehab costs that are quoted. Trust me, after you do enough of these, either buying and holding or fix and flip, you will build in contingencies all around. Best of luck.

@Sean Cole, keep it up there.  Everyone has that guidepost; it is what you do with the info that differentiates you.

I'm late to this as well.  I agree with most data points as we own properties in 26 distinct neighborhoods in Cincinnati.  We do like to look at where the money is being spent.  Look at both public and private money being spent.  As noted earlier, the interchange and development in Walnut Hills is real and movement has started.  An area that we like because it is surrounded by good neighborhoods in Madisonville.  The city has a long term plan and housing is very affordable.  Granted, it is a C area, but that is where we find true value.  Another area mentioned in this thread is College Hill.  It is street by street and a step above North College Hill, an area that we really like.  Although the theme of this thread was East Side, I would suggest that investors look at the map that @Sean Cole offered.  He is one of the better wholesalers in the region (discloser:  we have no relationship and have never purchased anything from him; I just know how he does business).  Some really attractive deals can be found in Forest Park and even some other Northwest area neighborhoods.  Cincinnati is not so large that these are too far away.  I will drive an extra 15 minutes to get a much greater return. 

Keep up with threads like this.  I'm proud to see so much good dialogue from both Cincinnati insiders and outsiders.  We love our city.