All Forum Posts by: Slocomb Reed

@Rich Lodge I prefer to buy my own machines. I'd recommend that you go over the coin op laundry companies' contracts with a fine-toothed comb, I know several investors who've been locked into very long agreements and those agreements typically transfer when a property is sold. If I see Cincinnati Coin machines when I'm showing a property to a client, I tell them to project $0 laundry income for their pro forma, and just be pleasantly surprised if the arrangement with Cincinnati Coin works out in their favor.

Westwood is not a homogeneous neighborhood, and statistics like crime really should be considered on a street-by-street basis. Are you working with a local agent? Does your agent understand the area they're helping you buy in? 

Personally, I think that good returns can be found in Westwood. Not necessarily a good appreciation play, but it should be a great cashflow neighborhood for you.

I currently have a RUBS set up for a 3-unit that has only one water heater. Saves my tenants money (energy company charges $35/mo just for the meter), keeps them responsible about their heat and hot water use, and saves me the cost of the gas.

I'd be happy to share my RUBS with anyone who wants it. It's very generic and I had it reviewed by my RE attorney a while back to make sure it's Ohio compliant.

@Robert Ellis has a really good point. I recently took an out-of-town client out to look at 8- to 20-unit properties but instead of calculating the cap rate based on the asking price, we calculated the purchase price that would give my buyer an acceptable cap based on her own projections and interests. There's no reason not to send out $300,000 offers on properties listed at $375,000, just to see who's willing to negotiate.

@Cade Roden Yeah I've been watching OTR and West End closely because that's where I live and where 2 of my 3 properties are. It's exciting to see the direction this area is heading in.

I'm also big on the Montgomery corridor right now from Norwood all the way up through Pleasant Ridge, Silverton, Kennedy Heights, Deer Park, and Kenwood.

I'm also starting to hear good things about College Hill. Likely because homebuyers are getting priced out of Northside and want to be close by.

Hey Cincinnati Buy & Hold Investors,

What C-class and B-class neighborhoods do you think are poised for major growth and potential improvement to the point of going from C to B or from B to A in the next five years?

And are there any D-class areas that you think may improve into Cs in the near future? Less likely of course, but are any of them worth considering seriously?

I'll post my own thoughts after a few others comment. Thanks in advance!

@Craig H. thanks for the mention! @Account Closed I'd be happy to connect with you. I'll send you a PM.

@Nick Vehr two of my three buildings are in Cincinnati Public Schools. I was trying more to point out that a whole lot of investors would follow Joe's or Sean's advice, and do well, but that we need to decide for ourselves what we want and what issues we're willing to tolerate with our investments.

The "better" the neighborhood, the lower you should expect your return to be. "Worse" neighborhoods tend to have a lot more upside, while they seem much more risky on a tenant-per-tenant basis. That, again, is why I think a remote investor should spend more time worrying about finding the right manager than the right sub-market or neighborhood within Greater Cincy.

@Michael Hooper Add me on BP and I'll PM you the RUBS I use for me building, we can talk further there.

@Aaron Smith is the guy you need to talk to. He's an experienced agent. landlord, he has his own Airbnb house in Covington and he understands that part of NKY really well.