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All Forum Posts by: Ben Miller

Ben Miller has started 4 posts and replied 27 times.

Post: Cash-out refi or heloc after purchase of $850000K multi family

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

I am interested to follow this. I am having trouble finding options to tap into non-occupied equity. Everyone wants me to refi, which I don't want to do.  These are obstacles I am facing:

HELOC - I cannot find a bank that will do this on an investment property

Business line of credit - I thought I could use the equity to back the credit but the banks are not viewing it that way, they want to see high liquid assets held by the business to support the credit 

Business loan - the banks are underwriting the potential new loan based on cash flow from the properties, but they are only using 75% of actual rents which makes it look like the business doesn't have the means to cover the additional debt

Post: Off Market Deal

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

I suggest seeing what they paid in 2014 to make some assumptions about what they owe so you know what goes into their pocket for hospital expenses vs to the bank. 
Your traditional offer is the anchor, it will be low and slower to close. The seller finance option would be higher sale price and close faster. Terms, for example, could be $56k down with $1000 monthly payments for the next 8 years to give them a solid initial amount.

Post: 4-Unit Apt - Dayton, Ohio

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

Texted you a few details so you have my contact info 

Post: 4-Unit Apt - Dayton, Ohio

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

I own and am selling a 4-Unit apartment building.  4 units, each one bed and one bath.  Located in Kettering, Ohio, a great suburb of Dayton.  The property is turnkey and fully rented, gross rents are around $30K. The property includes a 4 car garage in the basement, along with W/D and locked tenant storage. Two units are on the first floor, the other two on the second with common stairwell separating them.  The property is 3rd party management, and is gas boiler heated.  

$325K asking.  

I've never posted a property here. If interested PM me and I can share more details.  

Post: Im a Florida investor interested in the Ohio market.

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

If cashflow is the goal, and Ohio is the target, I suggest Dayton or Cleveland/Akron over Cincinnati if you are trying to focus on a single city. 1% properties exist in Cincinnati, but not as much compared to the others I recommend.  

Post: CA resident trying to decide on rental property investment location

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

Ohio local and investor here, I am Cincinnati based.  Columbus has a great long term outlook, there is an incredible amount of corporate investment there.  I like the Cincinnati market a lot. Cleveland and Dayton have strong cashflow opportunity.  

Post: Who does Small multifamily investing in Clevland or other OH cities?????????

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

I am in Cincinnati and invest in Cincinnati and Dayton (45 minutes north of Cincinnati). In Dayton you can find a lot of those <$30K properties and they are in terrible areas. Small multi-families in decent areas, C+, will likely be $65K a door and up ARV, Dayton is cheaper than Cincinnati. Of all the Ohio cities, Columbus probably has the highest upside given the tremendous amount of corporate investment happening there. I like the Cincinnati market though.

Post: From California Newer Investor looking in Cincinnati,OH

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

I am in Cincinnati and invest here, there is a healthy mix of options depending upon buy box and goals.  Generally speaking, greater Cincinnati is split between the East and West side, I-75 being the middle ground - the east side has far more opportunity and includes all the towns @Nicholas Ruscio mentioned. The area of Norwood probably has the best mix of properties most investors are looking for.  Ask away, send a PM, or give me a call, I love chatting investing! 

Post: Should I allow tent to install 220v outlet in Garage for his compressor.

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

Absolutely! That is a great feature to have long term. A few thoughts, some of which have already been covered: 

1. Adjust and resign the lease if necessary - double check what they already signed and see if should be revised. For example, your lease might say no repairs should be complete by the tenant. 

2.  Get the request in writing - have them specify the ask in detail and in writing 

3.  Require proof of permits and inspections, and proof of insurance from the contractor

4. Sign a liability waiver - this might be covered in the lease already. You want no liability for something that might happen from the installation 

Post: Self Managing Rent Collection

Ben Miller
Pro Member
Posted
  • Posts 30
  • Votes 23

Congratulations! Generally speaking, the more automated the better. I've self-managed my multis for over 10 years and still accept physical checks from some, old school for sure but it works for me and the tenants.  If your lease outlines what happens if checks bounce or something else, you are covered. Stay away from cash and do not accept anything other than the full amount due. 

Unless you intend to scale quickly I'd don't recommend using a 3rd party that would cost you more money.  Tracking on a duplex will be fairly simple with a spreadsheet, once you get comfortable with all the other areas of being a property manager.