All Forum Posts by: Jake Walroth

It depends on campus... for a big campus, you can be 5 minutes from the Engineering building and 20 minutes from the Medical Campus......that’s my case and I have renters anywhere from a 5 min to 20 min walk from different parts of campus they may need to get to. I aim for the med students.... so I try and buy near that part of campus . 

Emmanuel, welcome. I'm a local investor here in Cincinnati... I mostly just buy and hold.... but, I market for my own properties and sometimes they don't fit my criteria or I can't afford them... so I will wholesale.... both of my wholesale deals last year were to Nocal folks such as yourself. I use to live in Sac and travel back and forth to Bay Area quite a bit/have been able to connect/meet with folks like you who'd like to invest in Cincy. PM me if you'd like to chat further... Best of luck, 

Jake 

What are you trying to do?

I've got a friend who would be interested..... please PM me for contact info... I know he's looking in PR... sounds like good Househack opp

The insurance companies ask..: but I’ve found a broker who usually gets me a rate <$115/mo.... have I had a few insurance companies say no? Sure... but you’ll find one that works for you and then you’re set. 

I’ve got 6 units that are dedicated “college rentals”. In my market each bedroom is worth about $550-$600/mo- which is obviously great for cashflow... but also makes underwriting properties easier. I have parents co-sign in each one, they pay online/direct deposit/Venmo. Rarely late, and when they are, they accept the fee. I also get 1 year leases. I just turned 5 properties over Aug1-3, two units didn’t need require cleaning/no damage. Two units had minimal damage- mostly poorly hung wall art... nothing major. One unit was left dirty/ but nothing broken— and we billed for the cleaning. I’ve got a guy who manages, he’s yet to receive a 3am call...mgmt has not even a nightmare. 

I think the key is buying/making your college rental a B+ -A property= better tenants and more rent $. There’s a lot of ****** college rentals- makes it easy to stand out. 

Cheers

Hey guys, 

Thanks for all the input. We were able to work it out with the seller. @Kevin Sobilo I agree 100%.... that's what we ended up doing.... we agreed to meet in the middle and come to the closing table with 1/2 the difference in agreed upon price and appraisal... and will pay off the difference over the next 18 months. 

Even though the appraisal wasn't ideal.... the cashflow/numbers all still work.... crisis averted, and I now know not to sign anyone else's contract!

Jake

So I signed a purchase agreeement for 189k.(I'm the buyer) This agreement didn't have any contingencies- Appraisal or Financing. The property appraised for 164k. The seller's lawyer said, they'll come after me for damages if I can't buy the property/they can't sell the property for 189k. Am I in trouble?

Jake 

I don’t think anyone would hire a project manager if that person hasn’t done it before. 

I think the easiest way would to buy a light rehab/rental. That way you can be your own PM on the rehab portion, but don't have the pressure of hitting your ARV and getting the renovations done on a tight timeline... if you go about it as a rental/BRRR, I believe it takes a litmus off the stress away.

My purchase prices have been anywhere between 120k- 189k depending on location/size/quality of finish/ etc. 

For example, I bought a house in November 2017 for 120k, required 0$ in rehab and I bought a house for 68k across the street that needed significant rehab... so it depends. 

Jake