All Forum Posts by: Ozzy Smith

@Jay Chopra

Right now we are only offering this service in Ohio in Montgomery & Green Counties.  We have the ability to do it anywhere in OH and plan on expanding our coverages later in the year to other parts of the state.  Eventually we will move into other states but not sure when.  There are other ways to get involved even if you don't want to actually work/own properties in OH.  That would require a scheduled phone conversation.  Let me know if you want to talk more

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@Sachin Amin and @Orlando Osuna

Sorry to hear about your experiences.  This is why I do partnerships instead of property managers.  Both parties have a vested interest in the success or failure of the asset.  I hear stories like this all the time.

@Arthur Wong  This kind of thing happens more often than you think.  This is why I created the business model that I did to keep it from happening to others.  IF you want to talk about how I do it I'd be happy to schedule a call and share my experience.  I'm local in the Dayton market and designed a system to combat this very thing.

@Lindsey Clark

Your numbers look right to me.  As far as a building in Dayton built in 1944 the 2 biggest things I'd look for are the HVAC & Electrical systems.  If they haven't been updated that could get expensive in a hurry.  Doesn't mean that you have to update if they are working properly but keep in mind that when selling many investors will want a new system.  As far as the numbers go keep in mind that your investment should be a good investment based on it's own merit.  I understand that you are planning on self managing and that will save you money on paper but now you are giving yourself a job without pay.  I self manage my properties here in Dayton but when I analyze my numbers I still factor that management cost in to pay myself for the work that I do.  If you have never done it or if you have you soon find out that 10% management fee usually isn't worth the hassle that comes with the job especially at tax time.

@John Mazzella

I would be VERY LEARY of using the numbers that Brandon gave you above.  As an investor my self in Dayton and owner of a contracting company that works specifically for investors I wouldn't / can't touch those prices.  If I found someone that could do it for those prices I'd hire them ALL DAY LONG!!!! As he mentioned those are in house prices paying an EMPLOYEE not a contractor, and not the normal cost that you are going to find.  I think you will find the price to be 2-3X what he quoted.

So without seeing your job but based on what I charge for those items I ran the numbers without looking at what your PM was charging you (Honestly I forgot what the quote was)  What I came up with as a contractor from our price sheet that we use on a daily basis came out to $4560.  I went back to the original post and you were quoted $4600!  I would say they are right on the money.  If you call a guy like me that's my price... If you can even get on my schedule in the next 30 days (We are constantly booked solid at these prices).  Basically your PM is doing all the work and scheduling for you through a trusted network for about $40 in fees.

As a contractor and investor myself I don't see anything wrong with the price you were quoted.  As far as itemized pricing I won't do that as a contractor.  The prices per line item change if I get only 1 or 2 of them versus all of them.  Most of those things can be worked on simultaneously by a skilled tradesman with a helper.  The fact that you got a labor/material breakdown should be all that you are concerned with and that's more than you will get from most.  Again I don't do that as a contractor because I get way different pricing than a homeowner does and I don't let them buy my materials because they will ALWAYS buy the cheapest thing possible which makes my job harder and the quality is usually lacking not to mention they usually buy the wrong items even if they can understand what I ask for which is almost never.

As an investor you should look at the bottom line only, keeping in mind you are paying for someone to handle EVERYTHING for you.  You are going to pay a bit of a premium for that because your PM doesn't work for free either.  If you want to get it cheaper I'm sure you can but you will have to coordinate all of the work with possibly many different individuals for what you listed and then you have no one to check on the work they did.  If you hire a property manager (which you did) you need to let them do their job and I think based on what you are saying they are doing exactly that.

@David Uzhca

Check to see if there was ever a lease signed.  If there was and it has expired you can get the tenants out with a 30 day notice by simply telling them you aren't renewing their lease.  That is not protected by the covid laws when it comes to evictions.  I would have this done by the seller but if they aren't willing then you will have to do it.  If there is no lease you can do the same thing after you buy it.  Tell the tenants you're the new owner, they don't have a lease, and you're giving them 30 days to vacate.  You might run the risk of them doing damage to the property so I'd definitely put that on the seller prior to closing if at all possible or ask for a reduction in price for the hassle, potential legal fees and damage to the property.

Good luck

Hi @Hannah Wontrop and @Jonathan Gamboa

I'm a local investor in Dayton and we have a great group here that @Darrin Carey put together.  We all have a team mindset and willing to network.  If you want to talk about something specific drop me a line