All Forum Posts by: Melissa N.

Do you have the trialing 12 or are you using the pro forma? An even NOI of 50k would tell me that they are probably unaware of the true NOI or lying.

Make sure you have actuals. Have you used the BP calculator? 30 second analysis take the NOI and divide by the cap. See if you are in the ball park. If not, move along if the seller isn't motivated.

Cincinnati has some great buy and holds that cash flow. BP has a rental calculator you can use and it is great. What are you looking to buy, single family, small multi, apartments? 

If you are looking for rental rates I'd start with rentometer.com (you'll get 10 free reports). Let me know what info you are looking for and I can help point you in the right direction.

Good luck!

Great area, I have a rental there as well. I lived there for 8 years and we rented our house when we moved back to NY (that was always the plan). Message me if you want more info on the area. It should rent very quickly if it turns and make sure you research the market rents. I've found online tools like rentometer, and such, to be low in this area but that's probably because it's growing so fast.

We are purchasing for $438k rents are currently $460 for a 1 bed and $550 for 2 bed. Market is $550 for 1 bed and $650 for 2 bed (some say $675 but we are airing on the lower side to start). 

We plan to take care of some deferred maintenance (not much though) and begin raising rents over time. We will also implement a limit on the number of pets (it's somewhat of a pet motel now) and put in pet rent ($25 per with a 2 pet limit). 

Down the line - we may sub-meter the water but only 1 other building is doing this currently. I spoke with a property manager that does the other buildings in this area and she had never even considered this or heard about RUBS, she loved it so perhaps we can start that trend together. 

Also, there is a 50/50 split on laundry right now so there is a potential to do our own laundry down the line but it may  not be worth the hassle. 

@Anthony Angotti Yea, I've used RentJungle too but like Rentometer much better. I signed up for a month of Zilpy when we were researching this property. It crashes often and the info can not be easily exported but it did help a bit. 

Check out Neighborhood Scout for area data too. Niche is similar to Areavibes, and I think both can be a little misleading if you are in a city that may change by block. 

Oh I tortured a ton of brokers haha. We were floundering in the beginning and looking at many different areas. We looked in PA, CT, a lot in Charlotte, Columbia, all over. At the time, I felt like it would never work because these locations didn't help me reach my goal. But I kept at it and spoke to Gino Barbaro who ultimately said something so simple "massive results takes massive action". I booked a flight to Cincinnati that day (in part because we had friends that lived there and loved it and it met the initial tests of growth and price ranges we were looking for).

I also ran lots of numbers off of Loopnet, Commercial Search,  and Showcase. If I could get my hands on it, I analyzed. 

@Alok Sood - I'll private message you the details. Happy to help answer questions.

@Tyler Lyons - YES! If you are looking to do an apartment deal talk everyone that will have you and ask lots of questions. I'd start by:

- Listen to TheMichaelBlank.com for the 10-minute offer 

- Listen to JakeandGino.com and create a credibility book (this got me awesome financing because I could talk to the talk and had a well thought out business plan. 

- Use the BP calculators. I probably ran 1000 properties.  I'm very analytical and so it took that much to make me comfortable, just keep at it until you see the one you cant pass. 

- Use Raidsonline for crime stats. This will help you learn an area too. 

- Use Rentometer for initially identifying market rents.

- Use City-data for street by street data on an area. (Again, I'm analytical haha).

- I'm not going to self-manage but I'd also read "The Book on Managing Rental Properties" because there are a ton of great forms for creating systems and working with your property manager. 

Happy to chat if you need help. 

It has been a long year of searching, making mistakes, learning, and more learning. But we are closing on our first 12-unit building on December 12th. Rents are between $80-100 below market so we should be able to force appreciation after doing some work and pushing rents up. 

Could not have done this without BP and everyone that answered my constant flow of questions. Persistence is the key to success. Cheers! 

I used Jay Mueller. I will PM you his info. We got a very competitive rate for our buidling in Cincy.

Hey @Account Closed

As a long distance investor in Cincy here's what I use to 'get familiar' with each block:

Crime: raidsonline.com - allows you to search crime up to 1 year - this speaks volumes and is a must-use, in my opinion. 

Neighborhood Scout - Gives you a good overview of the area

City-data - Use the map view to zoom into the specific block and it will give you more stats than you know what to do with. Vacancy, income levels, population - all great info. 

Most importantly reach out to as many locals as you can. I try to talk to someone living in the area at least once per week to help me understand the area/block. 

Good luck and feel free to reach out if you have any questions.