All Forum Posts by: Sam McCormack

 @Sam McCormack, how does the Cincy market look now? Thanks

Getting ready to sell a multi-family property in Northeastern, Ohio the property has two units. Both buildings are two-story four-plex. There are 8 total rentals each are 2br/1ba. Covered parking for 8 vehicles. any thoughts on agent or non-agent?

Hi Bigger Pockets community -

As I enter the Cincinnati market, I am looking for a property manager who is equipped to partner with me as a scale my operation. I would prefer to work with someone who is focused on managing properties rather than selling real estate.

Thanks in advance for any recommendations you can offer!

Martti

Looking to get into Real Estate. I've been reading a few books on Bigger Pockets. Looking at possibly picking up "Small and Mighty Real Estate Investor" and " Wealth Without Cash". However, it seems my local area (San Jose / Bay Area) might not be the best as I know most of the win is in the buy. However, there is still so much I don't know. 

Wife won't let us house hack (we have a house, and a daughter). We have some REITs. 

Looking for guidance, networking and a path forward. Thanks!

Currently stuck in analysis paralysis on trying to find the right location for a first property, with a willingness to move anywhere in the US. 

Goal

My objective would be to go with a MFH, 2-4 units, higher would be better. I'd house hack and live in one of the units the first year, and use an FHA 3.5% loan. For amount, it would likely be in the $500-700k range.

My expectations are to have a negative cash flow while living there, and possibly a slight negative cash flow after moving out (until interest rates lower or rents increase). For example, a $650k 3-4 unit where each can rent out at $1,500, allowing for a negative cash flow of $2-2.5k/month the first year.

Possibilities

Given those goals, it would rule out the more expensive places (California, Seattle area, Austin). However, I have no idea how to choose from the remaining cities, it seems there are a lot of potential options:

- Midwest - Michigan (ie: Grand Rapids) seems to have options, also seeing Columbus Ohio and Indianapolis coming up

- Reno - I've seen mentioned several times on here

- Pittsburgh / Philadelphia / Twin Cities - All mentioned as lower cost to get started, and seem to be experiencing growth

I'd ideally like to find a place that has strong potential for future growth, a diversified economy, and I don't mind living in (being close to nature would be a plus). 

Any thoughts on how to choose - what metrics to evaluate, resources to read to help?

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $1,000,000

Ravine Apartments

We purchased, Silvertree Apartments in 2022 which was a run down 20% occupied apartment complex that was an eye sore for the city of Silverton (suburb of Cincinnati). The Prosper Construction team redeveloped this building back to it's original glory. We gutted the interior down to the cinder blocks, re-designed the unit layout to fit a more modern lifestyle. From beginning to finish, this project took us 16 months and were 100% leased within 30 days.

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

Off-market opportunity that we were purchasing 50% below market rate

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

Off market

How did you finance this deal?

Regional bank financing with a construction loan

How did you add value to the deal?

We rebuilt this property from the cinder blocks

What was the outcome?

A beautiful, redeveloped apartment complex that is affordable to the community with A+ finishes

Being a beginner, the only markets that I am really tapped into at the moment are all extremely mainstream (zillow, realtor, etc.) and I see everyone saying I should learn to tap into underground markets but I can't seem to find anyone explaining how... Can anyone help with this?

Hello BP Community! I'm in search of a good land use lawyer who can help me negotiate public infrastructure I am being required to pay for near Waynesville, Ohio (Wayne Twp, Warren County, exurb of Cincinnati/ Dayton) in association with a small subdivision I am constructing. Optimally, the lawyer or the firm should be familiar with public infrastructure that developers are typically asked to pay for, such as road widening, turning lanes, new roads, sanitary sewer extensions, new water and electric extensions, fire hydrants, etc. Referrals are most welcome! Thank you!

Hi all— 

I’m just starting out as a real estate investor in the Cincinnati market and would love to connect with others who are in the same position or have experience here. I’m particularly focused on multifamily units in nicer neighborhoods and up-and-coming areas of town. I’m also exploring opportunities in Dayton and Northern Kentucky, so if anyone is active in those regions, I’d really appreciate your insights as well.

A bit about me: I’m an attorney by trade but also work in the real estate market. I’m planning to take my broker’s exam in the near future to expand my skill set and deepen my involvement in this space.

I’d be thrilled to discuss the current state of the market, challenges, and opportunities, and to exchange ideas with others. If you’re open to connecting, please feel free to reply here or reach out directly!

Looking forward to learning from and growing with this community.

Hi! On occasion I rent to tenants with pets if all the other boxes are checked. Not sure if I need to increase the fees. What do you charge?

Currently I charge a $300 non-refundable pet fee and $50/mo per pet. I think the non-refundable fee is low based on the damage pets can do (not to mention tenants). I am thinking of raising this to $500 and also increasing the refundable deposit by a few hundred. 

SF in Ohio. Rent $1200. Security deposit $2400. If no pets. TIA for your input.