All Forum Posts by: Michael Wentzel

Hello Leah. I have a duplex in Canton and have three more properties due to close next week in Canton. My Ohio properties are actually scattered around Akron and the surrounding areas. My property manager and realtor are based up in Akron. So I have very limited experience in Canton (6 months with a duplex), but it has been excellent so far. I know I am buying for cashflow in Canton and not appreciation. How did you find the 8-unit?

Mike

Keller Williams has a property management office in Stow, Ohio. I have been using them for the last couple years and have been happy with them. 

Mike

We have 19 properties in Pueblo consisting of 26 doors. Most were purchased and rehabbed between 2013 and 2016. The Pueblo market has been amazing for us. We are in the middle of a refinance to pull out a significant piece of the equity which we will use to buy rentals in northeast Ohio, where the purchase prices are signficantly lower than Pueblo and Colorado. We are dropping our rate on the loans by about 2%, so our monthly payments will only go up a minimal amount. We have a great property management company in Pueblo we have been using and have a lender we can recommend as well, if anyone needs them.

Mike

Good afternoon everyone,

We have a number of rental properties in Colorado and Ohio. We are looking for some recommendations for banks and / or credit unions that will work with investors in Akron, Ohio and the surrounding areas. We have lender we are working with in Ohio and can highly recommend to other investors, but they prefer to loan in Stark County and farther south. Akron and Summit County are just a bit too far north for them. 

Mike

@Kellan Martz

We own mostly C-class rentals. Investing in Cleveland from a distance, I found it hard to discern the lines between C-class properties/ neighborhoods and D-class properties/ neighborhoods. If you have a good team on the ground, you can probably navigate that. The agent and property manager I chose to use on the first deal in Cleveland both turned out to be bad at their jobs. So I moved on.

Down in Akron, Canton and Massillon, I have a better team. But I also feel like there are fewer D-class neighborhoods that would make it incredibly difficult to manage a property and make a profit.

Mike

@Kellan Martz

We have a portfolio of properties in Pueblo, Colorado. Being from Ohio, when I wanted to move into a second market... I was looking in Ohio. I looked at Columbus and Cleveland. I ended up buying a duplex in Cleveland. The realtor and property manager were terrible. I still have the property and it will be okay long-term, but I was done with Cleveland. I'm now buying in Akron, Canton and Massillon. You can have one team to cover these three cities. I'm more comfortable in these smaller communities and our portfolio there seems to be heading in the right direction.

Mike

@Andrew Bourquin

My wife and I are originally from central Ohio. We went up to Canal Fulton a couple summers ago for the Canal Days festival. We met a realtor there and ended starting to buy properties in Massillon, Canton and Akron.

I have two recommendations for you. One is Stewardship Property Solutions in Massillon. The owners are investors themselves and the operation is well-run. The second is Keller Williams Property Management out of Stow, Ohio. I think they would cover all the way over to Canal Fulton.

Mike

Thank you @Sam Dangremond , @Nathan R. Cowger and @Stuart Grazier . I'll follow up with all of you with the direct messages. I appreciate hearing about strategies and lenders investors are using in Colorado.

Mike

@Will LHeureux

You defintely need more information to know what a good offer would be on this property. What are the current rents on the two units that are rented? What is the potential rent on the third unit either as a traditional rental or AirBNB?

Those numbers will give you the income.

Then you need to look at your expenses... Principal & Interest on the mortgage, Taxes, Insurance, Property Management, Maintenance, Capital Expenditures and Utilties (if you have to pay them).

Looking at these numbers monthly and annually will help give you an idea of what you could pay for the property.

Mike

Oak Tree Real Estate, LLC

Good evening BP,

My wife and I own 26 units (19 properties) in Pueblo, Colorado. Most of them were purchased between 2013 and 2015. The portfolio is stabilized and cashflowing. We owe about $900,000 on about $1,900,000 in real estate. Each property is a on an individual loan with a regional bank. Most are around 6.5% interest on 20-year amoritization.

We love our bank in Pueblo, Colorado, but they are reluctant to do cash-out refinances right now.

We are looking for another lender in Colorado that would offer...

1) a lower interest rate

and/ or

2) the ability to refinance and pull some of the equity out

Any recommendations?

Mike

Oak Tree Real Estate, LLC