All Forum Posts by: Marc Rice

Quote from @Marc Rice:

Yeah I have a few depending on if you're buying 1-4 units, 5+ units, or needing a HELOC. I can PM you them.

Marc can you connect me with any credit unions you have that will loan on a 3-unit townhouse in Cleveland. Looking for best rate, no points. Conventional or DSCR, doesn’t matter. Have a property about to go under contract. Thanks. 

Quote from @Marc Rice:

Quote from @Samantha Monjure:

Hello, BP!

I'm a newer agent in CO looking to partner with investors and flippers as I love the transformation and revitalization flipping can bring to a community! I also own my own photography business and work for a staging/ Property management company! So we're a one stop RE shop!

I've been reaching out to owners in foreclosure, and looking for off market properties, reaching out to other agents and want to see if BP can be a good resource to find motivated sellers and pocket listings to find deals for my current clients, and well as connect with future potential clients! 

Any tips, advice, or connections would be fantastic! I look forward to working with you all!!

 You'll want to get a list of sellers of the properties you want to buy from, skip trace them, then call/text them.

I've begun that process and have reached out with no success so far. I'm sure it'll take some time on this, but not sure if I should focus on continuing to reach out to the same homeowners, although I feel that can be saleslady and annoying, or if I should continue finding new homeowners and reaching out!

Quote from @Marc Rice:

Quote from @Matthew Becker:

Quote from @Marc Rice:

Quote from @Matthew Becker:

Quote from @Marc Rice:

Quote from @Nick Wimmel:

Hello BiggerPockets community! I’m currently on the hunt for my next real estate deal and have narrowed my focus to Columbus, Ohio. I’m working with an agent but am looking for assistance in sourcing potential deals, both on and off-market. My primary interest is in small multifamily properties (1-4 units) priced under $300,000. Any help or suggestions would be greatly appreciated!

 You'll need to make sure your agent is finding off market deals. My team has been doing this for 5+ years and it's not easy. We have 5+ people cold calling at all times.

 I would market and cold call as well.  Automatic VM and Text are good, too.  Most good deals to investors before they hit the market. 

 Absolutely, I've never done auto VM due to grey area. Have you had good success with that? The cold texting software seems to be hit or miss, are you having good results there?

We have had good success but yes it is hit and miss but cheap compared to mailers. 
mailers still work best.  I do both. 

 That's great!

 I think if you have a couple grand put it into marketing and see what hits.  You only need one lead to make the money back.  One lead should make you $20K to $50K easy.  

Quote from @Marc Rice:

Quote from @Matthew Becker:

Quote from @Marc Rice:

Quote from @Nick Wimmel:

Hello BiggerPockets community! I’m currently on the hunt for my next real estate deal and have narrowed my focus to Columbus, Ohio. I’m working with an agent but am looking for assistance in sourcing potential deals, both on and off-market. My primary interest is in small multifamily properties (1-4 units) priced under $300,000. Any help or suggestions would be greatly appreciated!

 You'll need to make sure your agent is finding off market deals. My team has been doing this for 5+ years and it's not easy. We have 5+ people cold calling at all times.

 I would market and cold call as well.  Automatic VM and Text are good, too.  Most good deals to investors before they hit the market. 

 Absolutely, I've never done auto VM due to grey area. Have you had good success with that? The cold texting software seems to be hit or miss, are you having good results there?

We have had good success but yes it is hit and miss but cheap compared to mailers. 
mailers still work best.  I do both. 

hows rental market in columbus ohio for investors? is there any cash flow? also what part of columbus ohio is considered good, low on crime, fast developing yet still affordable to buy a house? 

I'm 26 and living with my parents so I've saved 120,000 and am trying to become financially independent. I found a 325,000 quad that's fully occupied grossing "over 5,000 per month" in the Mt.Pleasant Neighborhood of Cleveland Ohio. Seems to be in good condition from the pictures and I have enough that I could pay for some CapEx if it needs some. But that neighborhood is not good and my parents are telling me I'm crazy for thinking about risking all my money in a dangerous part of town. My thinking is that with a price to rent ratio like that I could hire a property manager so I don't have to frequent the area and am a couple house hacks away from being able to cut back to part time. Am I looking at this with rose colored glasses?

@Marc Rice yea I knew that was the case with basements but hadn't heard of this with bi-level. New criteria to add to my buy box lol. 

Quote from @Marc Rice:

Quote from @Nick Wimmel:

Hello BiggerPockets community! I’m currently on the hunt for my next real estate deal and have narrowed my focus to Columbus, Ohio. I’m working with an agent but am looking for assistance in sourcing potential deals, both on and off-market. My primary interest is in small multifamily properties (1-4 units) priced under $300,000. Any help or suggestions would be greatly appreciated!

 You'll need to make sure your agent is finding off market deals. My team has been doing this for 5+ years and it's not easy. We have 5+ people cold calling at all times.

 I would market and cold call as well.  Automatic VM and Text are good, too.  Most good deals to investors before they hit the market. 

Hi professionals and fellow investors!

I've just purchased my first property, and I have a question for Ohio state long term rental properties. I have just closed a 4-plex with tenants inside. All the tenants are recruited by the previous seller, so I don't know their credits and don't know their personalities. Now I want to protect myself from any potential lawsuits from them.

I'm debating between an umbrella insurance and a LLC. Here are my thoughts, and why suggestion would be greatly appreciated!!

1. Regarding annual cost, LLC is better. To get an umbrella that covers my net worth, it would cost me $600 more every year. Whereas Ohio states does not have renewal fee for an LLC, except a one-time setup fee of $99, plus a fee to get lawyer to setup and transfer deed for me for $1000 in total.

2. Regarding total potential loss, Umbrella is better. Per my understanding, if I have an Umbrella that covers my net worth, then even if I lose on a lawsuit, I will not lose any asset. However, losing a lawsuit may cost me the property, which is worth about $200K.

3. Regarding daily operating, Umbrella is better. I don't need to worry about anything with Umbrella, but for LLC, I need to follow the operation agreement and keep in mind not mixing personal and business bank account.

I'd like to know what are your thoughts, and how do you make decision in this case?

Thank you very much!!

Hi all, I'm new here. I was thinking about pulling 100-150k out of my house (currently owe 150k but worth 600k) to buy something to rent. I am not averse to something in the 10-35k range but would need to find the right mix of location and situation to pull the trigger on a project like that. I'm currently considering Erie, PA, Pittsburgh, PA, and Columbus, OH, although I am interested in NY state also.

Any thoughts would be helpful.