All Forum Posts by: Michael Rodriguez
Michael Rodriguez has started 16 posts and replied 37 times.
Post: Portsmouth, Ohio Real Estate Agent Referral Requested
- Columbus, OH
- Posts 41
- Votes 11
Hello BP Community,
A client of mine has a SFR in Portsmouth, Ohio that he is interested in selling. I'm helping to find a local and reliable agent to sell this property. Does anyone have a recommendation?
Thanks,
Mike
Post: Columbus, OH - 78 Unit Townhouse Complex
- Columbus, OH
- Posts 41
- Votes 11
LOCKHURST VILLAGE APARTMENTS
Asking Price: $4,450,000
Provided NOI: $321,135
CAP: 7.2%
- 78 - 2 bed/1 bath townhouses
- 1 - 3bd/1ba single family house
- Avg rents $645/mo. (Market rent is $695)
- Upside through implementation of water bill back & rent increases
- Built 1981
1220 Lockhurst Rd. Columbus, OH
CONTACT MIKE RODRIGUEZ FOR MORE INFORMATION
614.949.4512
Licensed Ohio Real Estate Agent
Post: Looking to Invest in Multifamilies in Colombus, Ohio
- Columbus, OH
- Posts 41
- Votes 11
Hi @Aakash Shah,
Central Ohio has a great economic outlook. It's become much more competitive as "the secret is out". Happy to help with any market information and keep you in the loop on opportunities. To get to know the region, I'd suggest visiting our Economic Development Organization - Columbus 2020. They do an awesome job with centralizing all of the great accolades we've received as a region. Their website is www.columbusregion.com.
Post: 29 Unit - North Linden - Columbus, Ohio
- Columbus, OH
- Posts 41
- Votes 11
FOR SALE: 29 Unit - North Linden - Columbus, Ohio
3742 Cleveland Ave. Columbus, Ohio 43224
| SUMMARY | ||||||||||
|
| HIGHLIGHTS |
| • 8.6% Cap. Rate trend for 2018 via new water bill back program |
| • Around $18,000 annual upside for new owner when units brought to market rents |
| • Capital improvements |
| • Property management in place |
| • All 1 bed/1 bath units |
For more information, visit the property link or contact:
Mike Rodriguez
Licensed Real Estate Agent
SVN Wilson Commercial Group
614-949-4512
Post: Columbus Ohio Meetup (COIN) Central Ohio Investor Network
- Columbus, OH
- Posts 41
- Votes 11
Hi @Morgan Scroggy. It's at Smokehouse Brewing Company on Dublin Rd. in Grandview. It sounds like you'll be accounted for as long as everyone is signed up in the link above.
Networking at 6:00pm. Speaker at 6:30pm.
Post: Cash-Out Refi of Commercial (multi) Property Lender
- Columbus, OH
- Posts 41
- Votes 11
Hi Michael,
I have a few referrals for you but it depends on the refi size, current equity, etc. I’ll shoot you a PM to discuss offline.
Post: A Hypothetical: Scattered SFR Portfolio Strategy
- Columbus, OH
- Posts 41
- Votes 11
Originally posted by @Mark Allen:
What do you mean by buyer hurdle?
I’ve had a few lender issues with financing a scattered portfolio. Wondering if there were other areas experienced that can be challenging from a buyer’s process.
Post: A Hypothetical: Scattered SFR Portfolio Strategy
- Columbus, OH
- Posts 41
- Votes 11
Originally posted by @Mark Allen:
Michael Rodriguez great to see another SVN broker on BP. Our office has brokered SFR portfolios since 2009 and many of our clients have either exchanged info Multifamily or another SFR Portfolio. Each individual investor has their own needs and risk tolerance, so this will of course vary. I'd try to understand what they value and make a recommendation moving forward. You want to make money, so I'd highlight a few exchange opportunities prior to help make the decision process easier for that client. In my experience, SFR investors are more reluctant to 1031 exchange because it's less common in the residential space vs commercial. Presenting opportunities that are available may help them pursue sale.
I've refinanced my properties and plan to use the equity in the next cycle. Depending on where your client is in his life, he may choose to do the same.
Thanks for the response, Mark. What's the biggest buyer hurdle you've faced in portfolio transactions?
Post: A Hypothetical: Scattered SFR Portfolio Strategy
- Columbus, OH
- Posts 41
- Votes 11
Originally posted by @Michael Pittman:
Selling SFR portfolios are difficult. Trust me. I have a pocket listing for a 53 and 34 SFR package in Houston. They are scattered all throughout the city. Brings in great income. But the selling off of these bulk assets are no walk in the park.
I would suggest acquiring all of the financials on the portfolio and packaging them into an easy to read list that shows pertinent information (i.e. cap rates, rent rolls, classification breakdown of properties, etc.). Another thing that may help is if you can place a price per door and/or itemize the asking price per home. This will help for the cherry pickers out there (trust me they are there) who would like to take as little as one or two homes and as much as 70%-80% of the portfolio. If you have a easy going seller they could work it like this.
Thanks for sharing your experiences. We have a platform within SVN that allows for the marketing and packaging of SFR Portfolios based on the complexities of these transactions. It allows for the packaging of all service providers, cherry picking analysis (if seller approves), and provides individual property detail. Happy to share more offline.
You’re spot on with simplifying for the buyer improves value and attracts large portfolio investors nationwide.
Post: A Hypothetical: Scattered SFR Portfolio Strategy
- Columbus, OH
- Posts 41
- Votes 11
An investor took advantage during the downturn and recovery years (technically still in recovery) and has acquired over 50 single family rental homes scattered around Columbus, Ohio. Through property improvements and healthy rental increases (over 4% YOY in Columbus) this owner has a portfolio of properties with very strong appreciation since initial purchase. This experience has caused trapped equity (Gross Yield was 15% at purchase but as property value increases, they've reduced to 9%). In addition to the management expenses that a scattered portfolio demands, this owner has been thinking of making a move...
Of course, goals vary by owner, but generally speaking, what would you advise as a next move for this investor?
A.) Sell as a portfolio and1031 proceeds into a condensed property/portfolio (i.e. Larger Apartment Complex; National Tenant Properties)
B.) Refinance select properties and acquire more SFRs
C.) Not sure - I'm in this situation myself!
D.) Another Suggestion
Please explain!
Interested to hear your thoughts! I've been talking to a number of investors in a similar situation as described above - whether it's 5 or 50 properties.