All Forum Posts by: Ryan Brocklebank

Although late to the party, I would recommend Matt and Tara at MGM. They are hard-woring honest people with good systems in place for both tenant and landlord. I'm happy to elaborate if you message me.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $32,250
Cash invested: $47,750

Our first Dayton project! We've done 3 more since and will upload those deals soon. This is right outside the Huffman Historic District. It was beat down and ugly with a ton of preventative maintenance that was neglected, especially with water drainage which of course is a terrible thing to do.
The before and after pics speak for themselves, it was a fun project! Rented successfully to an AirBnB'er who did an excellent job staging and is taking great care of the property.

What made you interested in investing in this type of deal?

The location was excellent, just outside downtown and in a very cute historic area with schools nearby.

How did you find this deal and how did you negotiate it?

Our wholesaler

How did you finance this deal?

In the craziest way possible: cash!

How did you add value to the deal?

BRRRR

What was the outcome?

Successful rental, but with many learnings.

Lessons learned? Challenges?

PM me, I'm happy to discuss!

How old is the house?

Hey @Curt Davis did you guys record the Zoom? I would have loved to attend but was not able to.

I think the core of this thread has probably been covered and there's been a great amount of input so I will only add some insight from another market: in Dayton I have 3 rentals that just finished rehab and are being marketed. There has been reasonably strong response.

One tidbit is that our PM contacted their lawyer to confirm that they can still move (as construction / real estate) under the city's shelter mandate. One thing we've done that you may want to try is putting in your ads something to the effect of "Applications and leasing are available remotely during lockdown (or whatever verbiage you want)"

There was an interesting article on Visual Capitalist that showed the stock market recovery relative to different pandemics. I'll try to find the link

Hey Curt what's the word on this one?

@Alan McClain excellent clarification and I completely agree with your points Alan. The context I should have added is that our project manager, in one of our markets, also has a PM division and we've established the trust to allow for larger expense authority. As an extension of your first two points in this situation we talk several times a week about our active properties (renovations or rentals) and they always give me a heads up of costs.

Although I only raised the point as an option to get people thinking, I appreciate you expanding the conversation. For those interested, my intentions in allowing my PM greater spending authority (once established) is to offload some of the minor decision making and allow my focus to be on bigger picture items such as growth, new market entries, etc.

Would love to continue this convo Alan, or anyone else that chimes in, because I certainly don't have the system fine-tuned nor is it perfect for every scenario!

@Curt Davis we'll plan to view via the FB stream. Looking forward to the perspective. Thanks Curt

@Ryan Brocklebank a quick correction to my above post: auto-corrected from "worth mentioning" to "with mentioning". Apologies

@Alan McClain seconded Alan, our PM in Dayton holds a $250 reserve.

One thing with mentioning is that although a reserve is normal, one thing you can do is change the amount that triggers your authority for work by the PM. I've done this with success until establishing a working relationship with the PM then increasing their approval amount.

Thoughts?