All Forum Posts by: Michael Ohara

Hi, Any apartment investors in the Cleveland area want to meet up for coffee/beer this week. I’m in town until Saturday. I just purchased a 17-unit and would love to connect and learn, especially from those with small-apartment experience.

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Originally posted by @Jason V.:

Yep - all of our kids are adopted actually. We adopted our first daughter from Colombia in 2013, she's 8 now. Our oldest is 14, and our youngest is 5 - they were adopted at the same time from Armenia, and have been home about 2.5 years now. All three of our kids have Down syndrome, and the younger two are still non-verbal.

The son we're about to finalize the adoption of is 10, hard of hearing (potentially correctable) and has Cerebral Palsy.

And I completely agree, and really appreciate your tactful words of caution. If we weren't already experienced and comfortable handling children with histories of trauma and neglect, this adoption would weigh a lot more heavily on my mind than it does. As it stands, this is just what normal for us looks like - pretty similar to a family in their 4th pregnancy. Of course, most babies don't pop out the size of a 10 year old with all sorts of emotional baggage :-)

Wow! Amazing!

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We take our teens to a Cash Flow game. They learn about down payments, leverage, risk, cash flow, etc. plus it’s fun.

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I think your motivation is living in your house in those four precious kids. Sounds like your solid W2, RE, and small bus income is the tool that allows you to impact a child’s entire life. That’s amazing! Maybe you have an increasing role and influence in the adoption arena - maybe that’s your why.

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I don't see a line for repairs and maintenance. You should ask seller for the last 2 years of repairs and maintenance receipts to give a better picture of opex. Ask property management to do 6-8%. In any case, your opex is too low skewing your NOI and obviously your cap rate.

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Agree with @Jason D.. Knowing your sub-market cap rate and your NOI will give you a quick value analysis.

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Utilities seem low. Who pays water, sewer, gas? Can you negotiate lower management fee since it's all under one roof? Maybe 7-8%.

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@Account Closed did you ever move forward with this company?

Regards.

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All Forum Posts by: Michael Ohara

Michael Ohara has started 18 posts and replied 298 times.

Post: Small apartment investor meet-up this week in Cleveland?

Post: Book Recommendations to Re-Light the Fire

Post: When did you start teaching your kids about real estate?

Post: Book Recommendations to Re-Light the Fire

Post: Is This 26 Unit Apartment Priced Too High?

Post: 10 unit multi family

Post: First Building - Looking for Advice

Post: Nationwide Rentsure - Anyone use them?