All Forum Posts by: Ryan Ball

I have used Zipfel Capital for almost every Cincinnati deal we have done over the last 8 years. They are a mortgage broker and Tim O’Brien is who I have worked with there. 

We have used General Electric Credit Union but you have to find a way to become a member. You might also try a mortgage broker and let them do the legwork - we have used Zipfel Capital in Cincinnati for numerous transactions. 

@Tom Maricle

We have 80 units all C/B- neighborhoods and my best guess is 75% pay April rent. I looked back to Jan 2019 for anyone who has been late on a payment and assumed all of them would miss April. Who knows? Others I have talked to have estimated April in the 70%-80% pay range.

As others have said May might be where we see missed rent payments ramp up. At least people were able to work for a decent portion of March (depending on location).

@Donald Knight

I just yesterday put together a small mailing to multi family owners. Was able to screen and put together mailer all through Remine. It was way easier than how I have done it in the past on my own. They have a direct mail company tied in (don't recall company off hand) whose prices were pretty reasonable. I'm in the Chicago area and Remine is included with our MLS access.

I’m trying find an actually copy of the ordinance. Anyone have a link? I live in the Chicago area but own rentals in Cincinnati. The deposit rules in Chicago have gotten so onerous that most owners don’t even collect them. Non refundable move in fees have become a way around this. Much like the “insurance” option (which is basically a surety bond), tenant is going to be out money versus having a refundable deposit. I put low odds on owners being able to get quick or easy collection when damage or non-payment occurs. Seems like the primary beneficiary of this ordinance are the insurance companies who sell these products and I’m told were the ones lobbying for it.

We have used Pathway Insurance for our properties. Great service and prices. 

I agree with @Tim Herman.  A house that cheap is going to have higher maintenance and capex  costs.  Even with the numbers you are using, you are looking at netting $100/month.  That does not leave much margin for the unexpected expenses which will happen.  It also might be difficult to find a lender to do a mortgage for that amount.

We invest in multi-families and are still looking to deploy capital but given the run-up in prices new investments have pretty much ground to a halt.  We have been looking at buying to rent on Airbnb/VRBO/etc. as an option.  The Gatlinburg/Pigeon Forge/Sevierville area comes up as the top market for this on a strictly quantitative basis on a couple different platforms.  I was wondering if those employing this strategy in this market would generally agree with these numbers:  From AirDNA Median Gross Rental Income - $43k (Gatlinburg), $42k (Sevierville), $38k (Pigeon Forge).

@Wendy Owens I would consider getting a mortgage on the rental properties to leverage your available funds. Your $200k of buying power becomes more like $800k and you can get more units and more cash flow.

@Bill Boudreau I have used Zipfel multiple times over the last 6 years for both conventional and commercial loans. I definitely recommend them.