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All Forum Posts by: Joseph Cornwell

Joseph Cornwell has started 26 posts and replied 457 times.

Post: Property Management Stoftware

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Joseph Cornwell:
Quote from @Jessica Sudyn:

Hello, 

I was looking to get some advice on property management software as a landlord. I came across an ad for a program called doorloop on FB that says you can collect rent, request maintenance , list your property, etc. i was looking to see if anyone has heard/ used this. As well as looking for any recommendations for any all in one software for property management.


 I am closing on 40 more units and will be at 125 under management here soon. I have been using free systems for the last 8 years. I started with excel, then began using cozy.co and apartments . com after they bought them out. I recently used turbotenant for a new property. I am getting to the point where I need everything under one complete system so I can train my assistant on the new system. I am currently looking for an all in one system as well, I plan on buying more properties soon.


 Just to follow up on this we ended up going with Appfolio. We are working on the onboarding and go live 12/1/23, I will let you know how it goes!

Post: 40 Unit Master Lease Purchase in Cincinnati area!

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,450,000
Cash invested: $200,000

40 1- bedroom units in Lockland, Ohio. This property was purchased via master lease option. We are going to be renovating the units, raising rents to market, optimizing management, and in 12-36 months, buy out the seller via the option.

What made you interested in investing in this type of deal?

I have been looking for mid-size multifamily for several years. These types of deals are hard to find.

How did you find this deal and how did you negotiate it?

Existing relationship with the seller for 8 years from real estate meet ups and networking. He wanted to sell it to someone who would provide a good service to his tenants. We worked out a lease option that was a win win situation and gives him a long run way to 1031 out of this deal into a larger one.

How did you finance this deal?

Via lease option, zero down. 12-36 month option to buy out the seller.

How did you add value to the deal?

We are renovating units and raising rents to market. Average current rents are $580/mo market rents area $725/mo. Should add approximately 600k in value or more.

What was the outcome?

Still in progress, but ARV should be 2MM plus.

Lessons learned? Challenges?

So far the only challenge has been many of the tenants do not speak English, so navigating that aspect. Also the first few units we are turning had mold issues we are correcting.

Post: Heading to Cincinnati: Looking for investor-friendly agents to connect with!

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Elise Asanias:

Hi there, I'm an investor from Canada, and will be flying into Cincinnati for the first time next week to check out the market. I'm planning to explore the different regions of the city with the aim to identify specific neighbourhoods that would work for my investment goals (ideally a value-add multifamily, for long-term to mid-term tenants). 

Are there any agents here that would be open to connecting, to provide a read on market opportunities? I'm looking to establish some roots in the region – splitting my time primarily between Ontario, Ohio, and Montreal – so hoping to connect with real estate professionals with a solid grasp of the market to inform a long-term investment strategy in Ohio. 

As a Canadian - would be great to connect with folks that have facilitated investing cross-border. 

Thanks in advance!

Elise


 I am a Cincinnati investor and agent. Happy to connect or answer any questions you have! 

Post: $400-$500k Small Multi-Family Property Locations?

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @John B.:

I would say try Cincinnati, contact Joe Cornwell from Ownerland realty. 


 Thank you so much for the referral! 

Post: Building Investor Network in the Greater Cincinnati Area

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Brandon T.:

Can't recommend @Joseph Cornwell enough, he helped me buy my first duplex in Cincinnati and he has a contracting business, so he can give you advice on repairs, remodel costs, etc


 I really appreciate the mention, thank you so much! I am happy to assist. 

Post: Considering moving - seeking advice from investors

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Ace Kaspar:

Hi all!

I am considering moving out of NC to somewhere new as I have lived in NC pretty much all my life.

I am looking for one of two things in my next property and looking to spend anywhere from $150,000 - $375,000 (max) :

Option 1: A quadplex (max $375,000) /Triplex/Duplex (If $250,000 or under for a Duplex)

Option 2: A house (not HOA) that needs work done to it (not a house that needs to be rebuilt from the studs) and I am open to dropping $150,000 - $250,000 unless I need to spend more in that market and the math makes sense.

Areas I am looking to is:

- San Antonio, TX
- Columbus, OH
- Cincinnati, OH 
- Seguin, TX
- Boerne, TX
- Des Moines, IA

Others in there as well but that's a good starting list of where I am considering looking to move to and I am researching.

Any guidance on ideal investor friendly markets would be appreciated. I won't be buying a house for awhile but good to research in advance.

Thanks all!



 I am a local investor in Cincinnati, I am happy to discuss all the reason I enjoy living and investing here! Feel free to connect, best of luck on your research! 

Post: Seeking Advice on Foundation Repair Costs and Financing in Cincinnati Area

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Seth Baumgartner:

Hello BiggerPockets Community, I hope everyone is doing well. I'm Seth, a real estate investor focusing on building a vast portfolio. Currently, I'm dealing with significant foundation issues in one of my Ohio properties. The house lacks a full foundation all around and also has a partial crawlspace. To top it off, the front of the house is sloping by about a foot. I've received an initial estimate for the repairs, but it's quite hefty. Before moving forward, I'm interested in hearing from anyone who has dealt with similar issues: What were the approximate costs you encountered for foundation repairs? Any reputable contractors you could recommend in Ohio? Strategies for financing costly repairs while still keeping an eye on property acquisitions? If you've done foundation work, what hidden costs or challenges did you encounter that weren't obvious initially? Any insights or advice would be greatly appreciated.

Best, Seth Christian Baumgartner


 We have fixed several foundations, lifted several houses to level, etc. The costs can range wildly depending on how severe, but our typical costs on major structural lifts were around 10k, usually the easiest way is by building a temporary support and using bottle jacks to slowly lift the house back to level, then fixing the framing at the new level position. This could be a lot more depending on the size and scope. In general whenever you are working in a crawl space the cost goes up because it is tougher to access, and its a dirty, nasty work environment in most cases. We are based in Cincinnati if you want to discuss more options, best of luck on the project! 

Post: Property Management Stoftware

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Jessica Sudyn:

Hello, 

I was looking to get some advice on property management software as a landlord. I came across an ad for a program called doorloop on FB that says you can collect rent, request maintenance , list your property, etc. i was looking to see if anyone has heard/ used this. As well as looking for any recommendations for any all in one software for property management.


 I am closing on 40 more units and will be at 125 under management here soon. I have been using free systems for the last 8 years. I started with excel, then began using cozy.co and apartments . com after they bought them out. I recently used turbotenant for a new property. I am getting to the point where I need everything under one complete system so I can train my assistant on the new system. I am currently looking for an all in one system as well, I plan on buying more properties soon.

Post: Building Investor Network in the Greater Cincinnati Area

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Jared Timothy Chapman:

Hi BP Fam,

I am looking to buy a few properties by the end of this year or early next year and would like to get one under contract within a few months. I visited Cincinnati recently to identify the opportunities and see the neighborhoods up close for a weekend. I am an out-of-state investor looking to connect with investors in the greater Cincinnati area to build up my network. Let's connect!


 I am an investor/agent here in the Cincinnati and SW Ohio, happy to answer any questions you may have. Feel free to connect and we can set up a time, best of luck on your research! 

Post: To Invest in N. Avondale or Not to Invest?

Joseph Cornwell#1 Real Estate Success Stories ContributorPosted
  • Real Estate Agent
  • Cincinnati, OH
  • Posts 474
  • Votes 578
Quote from @Joel Matos:
Quote from @Joseph Cornwell:
Quote from @Joel Matos:

I'm an out of state investor and I'm looking to purchase a property in N. Avondale but I keep getting mixed reviews on the area. I've heard that it is an area that is gentrifying but still has some time before the area is where it would be ideal. Has anyone invested in this area of Cincinnati and what are your thoughts about North Avondale? Is it somewhere you would invest? Is it an area with growth potential? Any thoughts around this topic would be helpful. 

I have sold some property in Avondale, its still a pretty low income area. North avondale has some inventory that is higher value, so that could be helpful depending on your goals and strategy. I personally would not invest there though. Feel free to connect if you have any questions! 
Hey Joseph, 
 
Thanks for the reply? I’m curious to know why you wouldn’t invest there personally? What are the draw backs? Also is it not an area that is gentrifying? DM me if need be but I’m curious to know what your thoughts are! 
I invest in C-B areas typically, I would consider that more C-/D+. It is still higher crime and lower income than several other neighbors on the east side of Hamilton county. Therefore, I am willing to pay a higher price point to be in a better location in my opinion. I have several clients who do very well buying in D areas, but that is their strategy.