All Forum Posts by: Ozzy Smith

ok... see my initial questions

Then my question is why are you the one posting this?  Who put together the numbers and who actually owns the property?

is this currently rented at the advertised rate and is there currently pm in place at 8%

This is a live screenshot analysis of a deal being offered to investors today.  We look at a single family rental in Cincinnati Ohio, walk through the numbers and let you decide if you are being SOLD a CRAPPY DEAL and if the seller is intentionally misleading investors.  This is purely for educational purposes through the series we do called

Living The Dream - Click Here To Watch & Learn

Purely for my own personal knowledge as a local about to start turning my properties over to PM - what company are you using currently.  If you like you can message me directly if you don't want to put their dirty laundry out in the open but that's what I'd do.

@Aaron Hunt I don't know where you live, where you're from originally, or what you do for a living, but your ignorance is overwhelming!  

Like @Earl Hatmaker said, we live in Dayton which is far from the sticks.  However what difference does it matter that you make $500K a year working at your job and where you live in comparison to where others live and how much they make if they are happy?  I personally wouldn't like living in a big city.  I have every opportunity for anything I could possibly want within a 30 minute drive and still have the privacy of owning several acres and don't have to see anyone if I don't want to.  My lifestyle is enjoyable bc of this fact where if I lived where you do most likely I couldn't do many of the things I enjoy doing.

You act like $500K/yr is a lot of money (and to most people it is) but you are far from special.  I have personal family members who make that in a MONTH and live literally in the sticks (not a traffic signal for miles) bc that's where we are from and we never forget that or let money change us.

You would be better served to take inventory of your personal happiness level than to criticize others of where they live... FYI I feel sorry for you and will add you to my prayers that you find happiness instead of being consumed with trying to bring others down to your level.

Oh, and as far as what us "herd" invest in.... I'll put my ROI up against yours any day - FYI I'm 40 years old and I don't have to go to a job.... enjoy your work day (my bills are also paid before rent comes in and you are reading this at work as I type this in my PJ's from the "sticks" of Dayton)

@Kenneth White good for you taking the steps needed to succeed.  The first thing you need to do is complete your profile with a picture so people know you are real.  People want to know a little bit about you (even if you have little experience) and what you want to do in RE.  This shows people that you at least are willing to put the time and effort into yourself to start.  If you don't that tells people like me that you won't be willing to do what it takes when the real work starts.

After that... feel free to reach out and I'd be happy to help anyway that I can.  With what you posted above I see a few things that I might be able to give you advice on how you can get started.

FYI partnering could look like borrowing the $15K at 10% for 10 years and your monthly payment on that is only $275/m. This would leave you $90/m cash flow with 0$ out of pocket and your ROI is INFINITE!!!

just saying the calculator doesn't lie

@Cory O'Dell my answer is stick to your numbers. If everything works out the way you show, then you are getting about 10% cash on cash ROI. I don't get excited over 10% but especially when that's only $42. That being said however the upside would be you at the top of the list for his other properties but again he probably is doing the math just like you. If you are willing to take a 10% ROI on this one he will probably figure you will take 10% on all of them and price each house according to that logic.

Only you know if it's worth it or not and if things go even a little sideways $42/m doesn't leave much room for oops.  Personally I don't like it here's why.

Typical Duplex in C neighborhood in Dayton (where I invest) I can get all day for about $70K.

3/1 each side easily rents at $650 = $1300/m

traditional mortgage at 6.5% 30 year fixed payment is about $350/m

20% down payment = $14K with closing costs of about $1K = $15K out of pocket

Factoring all things like cap x, maintenance, vacancy, etc leaves about $715/m (1300x.55 rough numbers)

$715 - mortgage payment ( $350 ) = $365/m cash flow

$365 x 12 months = $4380 divided by $15,000 = 29% TRUE ROI!!!!

The only catch to this is you need 15K out of pocket not 4K.  I don't know if you have this now but if not I'd look for this type of deal and a partner before what you suggested...just my $.02

I did grow up in PA but not Waynesburg.  I am looking for a rental there because I have a connection in the gas well industry that is based there and they are looking for a rental so they can quit living in a hotel.