All Forum Posts by: Michael Ohara

We're trying to close on a similar situation.  Of course look for quality of work, if needed get a pro to take a look.  The other is whether permits were needed, and if so, were they pulled.

I'm assuming this is a multi-family -- how many units? What's the occupancy?

Your operating expenses are very light. The only expense that might be right is management.  Looks like you're buying all cash too.  I would pump the brakes on this one. It doesn't look right at all.

I have used listsource.com. You can narrow your criteria to OOS owners.  Once you have the list, you need to send postcards, mailers, etc.  I use a website with ppc and SEO and I have a decent deal flow of off-market, discounted properties.  I spend marketing dollars but I like the website vs. postcards because the sellers are searching for me and they are pretty "warm." Best of luck.

Very helpful breakdown. Thank you.

Was the 3rd floor permitted as a separate dwelling?  If not, my guess that would be the first step.  You'll probably need to apply for the permit, get it inspected, fix whatever needs to be fixed and up to code, then get permit.  Shaker's building code website may give you a cost for all this, and a number you can call and ask about the  process.

Hey @Matt Huneycutt, can you clarify what you mean by "1-2 units?"  I might be able to help. Let me know.

I know someone who is investing, but not borrowing.  Sorry couldn't be of more help.

Hi, in what market are you looking?

Hi!

I always think it's a great thing when someone frees up the equity trapped in their home. I did it.  Since you are a contractor, flipping might be a good place to start. Finding and analyzing the right deal is key.  Buying too high can kill your deal.  However, some people don't want to be "active" investors because they are too busy, so they look for a more hands-off, passive approach to investing.  They rather act like the bank and collect interest on their money over a longer period of time.  Good luck!

Hey @Jonathan Balog, I just assigned a contract in 44012.  I'll keep my eye out and let you know. Are you open to other zips?  44107, 44113, 44135, and others can do well too.  I'll message you.