All Forum Posts by: Melissa N.

Have you read "The One Thing" by Gary Keller. One of my favorites. I second that the podcasts are extremely valuable. It's like having 1 hour conversations with leading experts every day. Do enough of that and you'll feel confident in your investment choices. 

I should mention only 1 person has a lease which is coming due in December. 

Hello all, 

We are purchasing a 12 unit property. Each unit is about $100 under market. Also, the seller allows pets but charges no fees at all. This has turned the place into a "pet motel" (some having 4 pets in a 2 bed apartment). 

How would you approach raising rents and implementing a pet fee/pet rent? In our market almost everyone is charging a $150 non-refundable deposit and $25 pet fee. We would like to do that same but just wondering what everyone's strategy would be to tackle this. 

Hey Cory,

We are closing on a deal in Cincy now. Seemed to fit our goals more. Happy to chat though! Feel free to send me a message.

I was told 25 year am, fixed for 5 years. That was US bank. Can you share who gave a 30 year?

I'm pretty "new to the area" as well but here's what I've learned about the Cincinnati market thus far:

- Rentometer gets you in the ballpark. Then you can research on craigslist, zillow, or call around if you see signs in the yard (seems to be pretty popular) to get a feel for what is in the immediate area. 

-  Pet fees seem to range from 25-50 per month (I've seen most at 25 rent but my manager says he's charged as much as 50).

- I'd love to hear what people have to say on the snow issue. Interesting concept. 

Good luck! Hope this helps. 

Hello all, 

How much are you paying for lawn service per month? What about snow removal in winter months? 

Check raidsonline.com for crime info reported through the police department. Extremely useful tool. If this is in Westwood that is a rough area but to each there own.

Hey Nick, 

Does the landlord pay heat? If so, then you'll need to bump that 40% up. If this is only 55k for a 4-plex in Cincy, I'd say it may be in a rough area but maybe you found a great deal. Feel free to reach out and I'd be happy to run this throughout some of my neighborhood analysis tools. 

Hello everyone! 

I'm working on a deal and need some advice. Here are the details:

Her husband bought it in 2006 for $470k. He passed away shortly after and she's been running it ever since. She's now in her 80s and she hates keeping up the building (she self manages and sweeps the floors). 

They have not kept up with market rents so each unit is about 100 under market and vacancy is a bit high for the area since she doesnt do much advertising. It is a C+/B area so I like the potential. Growth in the area has averaged about 5% over the past 10 years. 

Ok, now the math:

At 440k it will provide only about 300 in cash flow (so basically nothing). My plan is to get the units to market, lower the insurance cost (they are crazy!), and reduce vacancy through better marketing and a professional property manager (who just so happens to be right next to this property).

After changes, and including 5% savings for cap ex, I project $1760 in cash flow. Since it's a commercial building that will bring the value up 80k in forced appreciation.

Deal or no deal? Any thoughts on creative financing to make the 'day 1' better?