All Forum Posts by: Steve Sparks

I sell a lot of college rentals in Cincinnati..the students sign 12 month leases here..I just listed a 5 br I just rehabbed for 82K..will gross 2K..I have lots of parents interested as they can make a few bucks while their kids are away and the rentals are in high demand. I dove into this university area b/c freshman class was largest ever last year..it is important to determine the demand for the particular univerity you are considering. Good luck!

eat the 500 if you have to..honestly 300K in this market could get you 30K gross a month if you look hard enough.

not sure if this will help but I have bought and rehabbed many similar houses (3/1.5 ARV in the 80s..12 to 18K rehab)..My strategy is to be able to sell quickly retail at at least 10% under what my "comps" are telling me. I have no problem finding them in the 23 to 29K range depending on school district. I think if you look harder you may be able to find a better deal. Good Luck!
Steve

Tiffany,

Hate to say this but I agree with Eddie on his opinion of your mentor. I work the Cincy market which is pretty similar to Columbus. To give you an idea I have a fully renovated duplex here in a non war zone area. It is a 4br and 1 br unit that brings $1500 per month. I could not sell it for 50K so I just rented it. I actually have a couple of Columbus properties I need to move. PM me..help me move these and make a little cash..trust me they will be priced right..in return I will be happy to look at your deals for get this..FREE..to help you get you feet off the ground.

Steve

Trace we should have lunch sometime..I do a lot of work with one of your "guys"..Paul Glenn..I have added you to my buyers list

I listed a property (that I bought from someone I met here on BP..thanks Josh!) on Tuesday night late. I had 13 showings and 3 offers yesterday. The last showing was at 6:00pm..I get a call from a frantic realtor saying "she opened the door and smelled such a strong gas oder that she ran to her car because she thought the house was going to blow up. So I called the fire dept and 5 of them are here now." I head to the property which is about an hour from me. As I am 2 minutes away the fire chief calls me..says they noticed not oder..spent 90 minutes there with detectors of every kind and there was no gas or anything else present...sometimes I wonder why I list my properties..I have a lot of great agents I deal with but some are just off the hook...sorry had to vent somewhere since my evening plans got ruined!

I can sell you a 48 in Cincinnati right now for 350K..rents more like 450..semi distressed..needs about 2000 to 2500 per unit.but that is still under 10K per unit...so yes that deal is possible if you look hard enough!

There is no "secret" formula to get this done. If you want to buy your buy and hold inventory from the REO supply you are going to have to have the cash or borrow it..maybe seek private funds. Sounds like looking for properties that you can take subject to or owner financed may be the best option for you. Transactional funding will not help you.

I agree with James..I should add that I do this only when I am the note holder..I am not working short sales. He brings up a very good point. This is a very gray area on the short sale side.

I just paid today 1st months rent, security deposit and movers..paid them directly knowing that once the movers got the stuff out she had to go..hope this helps.