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All Forum Posts by: Marc Rice

Marc Rice has started 3 posts and replied 1575 times.

Post: Cincinnati, OH BRRR

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Graham Nadler:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $127,000
Cash invested: $80,000
Sale price: $270,000

Rehabbed house for BRRR. Did a cash out refi.


 Congrats my man!

Post: Real Estate Investing-Section 8

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Nicholas Nakamura:

Hello everyone,

New to the forum.  I am a 45 year old teacher looking to invest in section 8 housing in states that have a high demand.  What are some states that i can start in?


 Cleveland and Dayton OH would be great for what you're looking for.

Post: Looking for off market deals - Columbus, OH Area

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Weston Hunter:

Hey All,

My partner and I are looking for distressed SF or Duplex properties around the Columbus area. Our main focus is Columbus, Lancaster, and Newark but are open to deals within an hour. If you know anyone we could get in contact with or have any advice let us know! We already have financing and are looking to get going in the next couple weeks or so.


Would love to learn more about what you're looking for? I work with a lot of off market BRRRR's in those areas.

Post: Trusted vendor lists are gold as a RE investor...curious how people built theirs?

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Bryan Schwartz:

I'm working on building mine with the hopes of eventually dumping my current property manager and curious to hear from others:

1. Did you use traditional marketplaces like yelp, thumbtack, angi?

2. Is it common to protect your list or are you open to sharing with fellow investors your know?

3. How do you store it? Google sheet? Do you use software?

4. Do you have multiple for vendors per trade?

5. How or where have you typically found the best contractors? Online forums? Referrals? FB Community Pages? Nextdoor? etc.

6. Do you perform regular preventative maintenance to avoid emergencies or are you more reactive?


 I organize mine with local vendors in a Google Sheet.

Post: First time investor looking to chat!

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Anna Ramashkevich:

Hey BP Community,

Excited to be here! I’m a first time investor and eager to just connect and hear about how you got started.

Background: full time remote employee in the advertising industry. Working for DraftKings. I’m based in CA, but lived in Boston for many year! 

Goal: I’d like to buy my first rental income property in the next year. Open to anywhere in the United States. Have some markets in mind but would like to hear your thoughts. 

If you’re a female investor, let’s chat! 

Cheers, 


 Welcome! The midwest has some great markets - Ohio is especially great due to the options for cash flow, appreciation, or both. Columbus, Dayton, and Cleveland are my favorite markets here.

Post: Short and Medium Term Rental Vacancy Rates

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Conner Olsen:
Quote from @Marc Rice:
Quote from @Conner Olsen:
Quote from @Tyson Thompson:

Hello!

Does anyone have any good advice or resources on how to determine an expected vacancy rate for short or medium-term rentals in any given area? My original thought was to basically just triple what the normal vacancy rates were in the area, but I know that would not be super accurate. We are analyzing a potential property as a short to medium-term rental and are struggling to pick a vacancy rate figure. Thanks in advance!


 I own 2 units and manage another 2, we're seeing 5-15% vacancy across the units over the past 18 months. Biggest driver for vacancy for us is being pet friendly.


 Thanks for sharing Conner. Do you find being pet friendly increases your occupancy OR deters guests away who don't want to deal with past pets?


 It definitely increases occupancy! There's a lot of demand and low supply for pet friendly.


 Makes sense, thanks!

Post: What is possible?! Exploring options to invest from abroad into the US market.

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Ricardo Van Kruisbergen:

Hey everyone,

I'm Ricardo from the Netherlands and starting my first investment adventure. Since my wife is American we're looking into the options to possibly start investing in the USA instead of here in Europe. (also to start building something in the USA in case we would like to move there one day)

She grew up in Dayton(centerville) Ohio and still has family there. It would make sense for us to start exploring in that area. The question that I have is what would be possible for lets say 150-200k dollars to get started? What would a good first step assuming we can't/won't use any financing since we don't have US incomes, or are there still ways for financing? 

And what would be the things needed and take into account to buy a first rental property?

I have been doing research(and will do a lot more here on biggerpocket now) but since I'm not familiar with US real estate and the ways to go I Thought I would ask you experienced guys for some thoughts and advice. Anything is welcome to get a better idea. Thanks!


 Love your ambition to continue investing in the US. I've had 2 separate clients who were US citizens but worked at Kraft in Netherlands and were able to buy 2-4 unit rental properties here in Columbus. I've also brokered several properties in Dayton and find some good off market deals there. Near Centerville/Kettering you can find some great A/B class properties with good tenants.

In terms of cash vs financing, if one of you is a US citizen, you can still qualify for a conventional loan with your current income. That is what my two separate clients did.

For $150-200k - we can search in the Belmont/South Park/Northridge Estates/Huber Heights area as we may get priced out of Kettering/Centerville/Beavercreek. But we can find a sold 2 unit in the B/B- class area right around $200k.

Post: Short and Medium Term Rental Vacancy Rates

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Conner Olsen:
Quote from @Tyson Thompson:

Hello!

Does anyone have any good advice or resources on how to determine an expected vacancy rate for short or medium-term rentals in any given area? My original thought was to basically just triple what the normal vacancy rates were in the area, but I know that would not be super accurate. We are analyzing a potential property as a short to medium-term rental and are struggling to pick a vacancy rate figure. Thanks in advance!


 I own 2 units and manage another 2, we're seeing 5-15% vacancy across the units over the past 18 months. Biggest driver for vacancy for us is being pet friendly.


 Thanks for sharing Conner. Do you find being pet friendly increases your occupancy OR deters guests away who don't want to deal with past pets?

Post: Curious on Cleveland OH

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Noah Yashinsky:

Very curious about this market, been doing some research to determine if its viable. I'd love your perspective if you invest in Cleveland! Happy to chat as well. Let me know!


 Cleveland is a solid market, I also like a similar market of Dayton, OH which is 50 minutes outside of Columbus and has similar cash flow with more landlord friendly laws. Lots of 1.5-2% rules here.

Post: Good and Bad neighborhoods of Akron, OH

Marc Rice
Agent
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,632
  • Votes 1,667
Quote from @Anthony Finger:

I am a small real estate investor in San Antonio, TX looking to diversify my portfolio with some long-term units in Ohio. I have landed on Akron as a potential. Since I am not local I am hoping some of the experienced investors can tell me which neighborhoods make for great rentals. 

Thank you all. Happy Investing.  


Hey Anthony, if you're considering Akron then you should also consider Dayton and Cleveland. I'm happy to share a detailed neighborhood breakdown on Cleveland, Akron, and Dayton. These markets are a lot better for cash flow where you can get the 1-1.5% rule pretty easily. Columbus is more high growth and you can get the 0.75-1% rule. Happy to help.