All Forum Posts by: Steve Sparks

Feel free to call me about Cincinnati. It is much more dynamic than tying it to a zip code. I will be happy to help you and may even buy some of your deals. My contact info below.

"If I were looking for higher returns and had the time to devote (and didn't mind some traveling), I'd probably start looking at apartments. With cap rates and vacancies rising -- and with the number of apartment foreclosures getting ready to surge -- there should be a great opportunity for "value play" investors to pick up some cheap units (in very select locations), put strong management into place, and then cash out in a couple years"

This is what I am doing exactly..just picked up a 35 unit at 5500 per unit..All 3br and only needs 2K per unit..NOI at 85% 180K per year..collect some rent and SELL!

He could easily get 5 cash flowing SFR 600 to 700 per month in my market. I think they are saying buy low dollar homes with cash.

Really depends. Discounts can be tremendous but you have to take the good with the bad. Here in the Midwest there are low end properties in bulk packages. Most have delinquent taxes and some have even been demolished. That said it is a good way to buy property if you know what you are doing. Good Luck.

What is the best or top 5? Who is to say? I can tell you that the University of Cincinnati had it's largest freshman class ever in 2009. It is a rather compact campus so there is not a great deal of student housing close to campus. Rents are 350 to 400 per bedroom.

Disclaimer: I have a potential bias as I have one there I just rehabbed for sale ; )

Clifton,

With the info you gave I would think around 20K on the 1st if you are saying the 60K is the distressed value not reatil. Maybe a little more if the title is clean. On the 2nd it really depends on what is owed on the 1st. Feel free to call with any questions. Good luck!

Steve

Hey guys..old thread but new responses. I have a property I just picked up today in Columbus if anyone wants to wholesale it. I am in Cincinnati so don't know too many folks on the ground there. Address is 1074 Seymour. I will give you a 14 day option at 10K. Not in too bad of shape.

I think you misunderstood me. I believe you. These kind of deals are available all over Cincinnati.

rich..calculated averages on expense returns for your research..10 flips:
Average cost (including purchase rehab and ALL carrying costs) $47,862

Average Net (remember that agent is an expense) sale $70,446

Hope this helps
Steve

BTW I did not calculate the value of my time in expenses..I guess that is a subject for another day ; )