All Forum Posts by: Sean Dawson

@Mikael Winkler we just went thru this in CMH.  If you want you can PM me and I can give you any info I have.  In Dublin I would definitely want replacement value for your 4plex.  Hope you found a good deal there, it's tough to depend just on cashflow in that area without one.

Sean

This is from @Ben Leybovich's  (Humm, why are my @'s not working) 

post on cap ex.  Good article, look for it and read it.  Chock full of goodness.  Also there are files in the file portion of this site.  

She clarifys this in the comments to the podcast. You are correct. We can deduct the same in either a LLC or owner in our own name. @ Dave Toelkes (why doesn't that pull up highlighted?) is correct. She was trying to show the way the tax code was set up benefits an entrepreneur.

@Mikael Winklerfor our duplexes, we pay $800 for one and around $700 for the other.  

We ended up going with @Jason Bott.   He had the best price (by alot) and good coverage.  We talked to some that were in the $8000-$9000 range and one that was $3100 (but that was for cash value).  Jason was able to come up with a agreed upon value of over $1 million and still keep the preimum under the lowest non cash value by far.  

Travis Swain would have been my second choice.  He knew his stuff and was able to walk me thru the process and answer any questions I had.  Seemed like a good guy too.

State Farm was semi-decently priced and Farmers were way too high for this property.  

@Account Closedthanks for your contact.  I talked to him, but the price was out of my reach.  

Thanks for all the input.  Love this site!

https://www.centralohioreia.com/  

the main meeting was last Tuesday.  Each Tuesday they have a members only meeting that breaks out wholesaling, creative financing, and land-lording.  An excellent resource for those here in CMH

@Richelle T. I'll give him a call tomorrow.  

@Kevin Hoag I'll give you a call tomorrow as well.  I like the properties you have put out up in Cleveland.  Hopefully we will be able to work on something up later at a later time.  Close to my hometown.

@David Lucas.  The $5800 is from State farm the other one is Auto Owners.  I'll take a look at Farmers.  Thanks

Afternoon,

We are in contract for a 12 unit complex built in 1968.  I've gotten 2 quotes one for 7800 and one for 5800 per year.  This does not seem right.  I've seen Ben Leybovich say it should be around $250 a door here in Ohio.  Anyone have any contacts that can get it that close? 

Thanks!

@Joel Florek. I'd love to have property near a lake. Sent you the info you have requested. I would like to take a look at yours as well. 

Thanks. 

@John Turner, @Steve Vaughan, @Russell Brazil Thanks for the replies.

Just an update on this property: I've added $2400 to the spreadsheet to account for grass/snow.  $200 a month should cover it well in my opinion.  

Now for the fun part. The seller finally sent over their P&L statements for the last 2 years.  Wow, eye opener to be sure.  Without figuring in the taxes and insurance and looks like a mortgage on the property they have been loosing money.  Looks like half of the units have been updated with new furnaces and a/c's.  

I'd have to say that their property manager is letting things slid though.  2 out of the 12 units had payments in arrears of over $1000 (one was over $2000!).  

There was standing water in one of the crawl spaces and getting to the bottom of that was convoluted.  It seems there are gaps in the foundation blocks where water was getting in after a rain.  Glad it was not a water main or sewer that was the problem there.  

We will be asking for remedy and seeing where it goes from there.

I am just still gobsmacked with the P&L's though.  I have figured at the most 60% of rents would goto expenses, not 100%+!  I had a talk with our chosen property manager though and I believe we can get this under control.

Thanks!