All Forum Posts by: Ozzy Smith

Sorry guys this post is from 2 years ago.  I can’t recommend anyone now. 

Like @Bonnie Low said dayton is awesome. It’s big enough to sustain its own market. People like me would rather live here than Cincinnati or Columbus bc it’s got more than enough economy to do whatever I want in business and in life without having to deal with the big city problems. I have a few small multis myself and they do VERY well. The cash flow is better here than the other markets and contrary to what many believe we do get a good amount of appreciation in dayton 

I love it...congratulations

it would help if you post the all of the details like the numbers, address, and some pictures with a proposed budget and exit strategy

 @Jace Perez there’s always an exception to the rule but usually the great deals are found through networking and hustle. A decent deal might get listed with an agent that the owner knows. As to @Drew Sygit’s point if you don’t have a way of knowing your numbers or willing to spend $300 for something that will make you a better investor my advice would be you should not buy a rental property at a distance bc the chances are you will lose way more than that 

This is an average deal IMO. Things to consider are all of the reserves and vacancy that obviously you're not accounting for. Once you factor all of that in and the additional up front repairs I'm guessing this is about a 7-8% ROI. I don't get excited about that by any means but that's not uncommon for OOS investors. Other things that you can't tell from this is the area, are the current tenants willing to stay and are they still paying, what is the cost for rehab of other units, etc. Way to many unknowns to give a solid answer, but the fact that it's on redfin throws up MAJOR flags (that's typically where deals go to die). If it was a GOOD DEAL it would probably never make it to a site like that.

$6K does sound pretty cheap (that's only $240/square)  Typically the price is about $350/square and a little extra for multiple layers of tear off and additional again if there is any decking that needs replaced.  $12K might be a little high but not too much especially if there's any decking that needs replaced.  I had one done last summer about similar size and it cost me $10,800 bc there was a little bit of decking that needed replaced.  There's not much you can do other than shop around or do the tear off yourself.

@Michael Italia I just sent you a pm

@Mac Liu  I 100% agree with both of the previous responses.  I'll add that I believe partnering with someone that is doing or has done what you finally decide on what strategy you want to pursue.  I did that myself and still do it when I venture into something different and sometimes partner with the guy behind me on their journey because I believe it's a great way to give back.  That being said you need to really make sure you are picking a good partner that understands where you are trying to go and is willing to teach you.  I wouldn't focus on how much money you are giving up in the partnership (honestly if structured correctly you would actually make more than you would by not partnering) rather focus on learning how to do the business faster which will make you exponentially more money in the long run than you would if you tried to go the long route by learning through trial and error.  If you want to chat sometime give me a call I'm always willing to share my personal experience.

@Giulio Giannetti I'm local in the Dayton area and a FT investor as well.  If you need anything give me a shout