All Forum Posts by: Joey Palmer

Hey Brett,

Welcome!

Be sure to add "Cincinnati" to your keyword. Whenever someone mentions "Cincinnati" in a post you will be notified. Easier than surfing through all the forums. This is a great place to get advice and referrals.

Originally posted by @Steve Babiak:

Originally posted by @Joey Palmer:

Hi Steve, if you mean by "show your property" the actual act of walking potential renter/buyer through the best way I've found is to give them the basics (3 bed/2 bath) at the front door and telling them you'll be on the front steps or outside if they have any questions. Letting the renter/buyer walk the property themselves will allow them to take they're time and really consider the property. 

...

 If you are showing an occupied unit, the quote here is exactly how you should NOT do it.  Those walking through unescorted are able to pilfer belongings without your having a clue, until it's too late ...

 I've only showed my properties after the former tenant moved out. I should have specified that on my previous post. Of course if you're showing an occupied property you should not leave a perspective tenant alone in the unit. 

Hi Steve, if you mean by "show your property" the actual act of walking potential renter/buyer through the best way I've found is to give them the basics (3 bed/2 bath) at the front door and telling them you'll be on the front steps or outside if they have any questions. Letting the renter/buyer walk the property themselves will allow them to take they're time and really consider the property. 

When they are done, I typically ask them what they liked and what they don't like. This helps me address any small issues (paint color) that may be the biggest hurdle to them moving into one of my units. 

Cheers mate.

Mr. Brewer! Welcome to BP! 

Be sure to add "Cincinnati" to your keyword. Whenever someone mentions "Cincinnati" in a post you will be notified. Easier than surfing through all the forums. This is a great place to get advice and referrals. 

I'm sending over a colleague request. I'll give you a shout next time I'm visiting your shop. I'd love to talk some RE investing with you.  

Hi Chris, I'm currently investing in some buy and holds on the east side of Cincinnati. My partner and I are currently under contract on a 2 & 4 family in Oakley and Norwood. Please don't hesitate to send me anything you are looking at in addition to any whole sale deals you have on my side of town. Colleague request on the way.

My good friend started off his RE investing career in condos for the same reasons. 

He's purchased 3 units over the past 3 years. What he has found due to high HOA fees is that it's hard to make any real type of cash flow. On his latest purchase he didn't do his due diligence and found out (1) month after closing that there is an assessment due in the upcoming year. An assessment is a fee outside or separate of an HOA for capital improvements such as a new roof for the condo's complex. This assessment was for new exterior windows and due to the building being historic the windows have to be a specific type (the most expensive of course). This assessment is going to cost him upwards of 9k. An assessment like his can totally wipe out any type of cash flow or savings that this investment accrues. With due diligence he could have avoided this situation.

I've always preferred the autonomy of owning my own single family or multi-family. If you want control a condo is not the correct investment for you.

Best of luck!

Hardwood all the way. A weathered hardwood believe it or not is a look many people want. Instead of changing carpet every couple years (if your lucky) you'll have these beautiful hardwoods for years to come. My partner used the cheap faux wood for his first Reno project. Chipped and started to show wear and tear in the first couple weeks! So please don't mistake hardwood floors for the cheap faux wood being pushed at hardware stores! Hope this helps!

Hello BP!

My partner and I @Theo Hicks are currently enrolled at the local community college (Cincinnati State) to aquire our real estate licenses. After our real estate law class we got into a discussion with our professor on the correct way to utilize an LLC when purchasing rental properties. It's clear to me now that I've been going about it all wrong. It's time to bite the bullet and hire for some legal advise.

Cincinnati BP, would you please refer me to a investor savy real estate law attorney here locally in Cincinnati? 

*Cincinnati BP members I haven't met: I'm a buy and hold investor always looking to network to help and learn from other members. Please feel free to reach out.

Thank you!  

Congrats on the purchase of your first investment property! I currently have (1) duplex, (2) more under contract. I've owned the duplex for (5) years now and have been using a CPA for the past 3 years. His fee is $250 per year. The advice he's given me is priceless. These professionals can help you think up the most creative ways to protect your profits both now and in the future as you grow your business. I recommend finding a CPA whom is an investor themselves (mine is) or one that works with a lot of investors. Best of luck. Hope this helps!

Welcome sire, good to see you on here! 

Try (1) post a day. Answers to people's questions or share experiences. I'm still trying to form the habit.