All Forum Posts by: Slocomb Reed

@Ben Mosier I lived in Piqua for a while growing up, seriously miss Winans. I have dreams about those dark chocolate meltaways...

I get where you're coming from. I'm in Cincinnati where deals are not as scarce, but I'm at a point as well where my investing business is experiencing a lot of growing pains.

Have you considered using a PM software that will automate more of the things you're currently doing yourself for management? It can be a real time saver without costing too much money. I have a couple I recommend if you need recos.

You may also want to branch into other towns in that area. Like Piqua!

@Evan Polaski makes some great points here. Letter grades for neighborhoods are highly subjective and every part of Cincy has at least some variance from street to street...but you are not seeing $50k houses in B areas of Cincinnati unless they're condemned or require more rehab than they're worth. 

Speaking generally, we do have much better cashflow here than y'all do in DC. I suggest you connect with some investors local to Cincinnati to bounce your strategies and properties of interest off of. We see a lot of non-local investors here make mistakes or poor calculations that almost anyone with boots on the ground could have seen coming.

Hope this helps @Da Shiek Woodard!

@Joseph Cornwell I'm working on revamping my cold calling to find deals in that space. Let's get together some time soon to discuss our lead gen efforts!

Hey BP Community,

I bought my first 5+ unit properties in 2019 and now that I'm neck-deep in them, now I'm looking back on the process and trying to improve.

I'm very familiar with buying and selling 1-4 unit rental properties and the due diligence involved in making good purchasing decisions with them. But as I get into larger properties (my current largest is 24 units), it seems like the game changes and I need to be doing different things than I was with my duplexes and quads.

How do you do your due diligence for larger multifamily properties? How much should I expect to spend, can it be factored in relation to purchase price or unit count? And how long should I expect it to take?

Welcome to Cincy @Tayo Adanri! 50 wholesale deals in your first year is definitely ambitious. What have you been doing to familiarize yourself with the Cincy market and network with other investors and potential buyers of your deals?

@Azita S. it sounds like you're in a position where a lot of investors decide to scale up their portfolio. Have you considered taking the proceeds from these sales, to buy one or two bigger better-cashflowing properties?

Last year I went form my largest property being a 4-unit to being a 24-unit, and that has been a game-changer. I still own several 1-4 unit properties but soon I'll be looking to trade them into larger properties. Easier to manage (I'm local to Cincy and self-manage) and easier to cashflow than a lot of smaller spread-out properties.

@Yonah Weiss depending on what you're looking to cost seg, @Phillip Weickert can likely either help you or direct you to the right company. He's working on cost segs for me right now, I'm excited to see what happens to my depreciations.

@Rich Kammer @Brian Downs @Steve Lloyd I highly recommend the monthly meetup put together by @Joe Fairless and @Grant Rothenburger. The nest one is on January 28th, link below. If you make it out, please introduce yourself to me! Love meeting Cincy area investors!

https://www.eventbrite.com/e/from-13-units-to-918-units-in-4-years-cincinnatis-best-ever-mastermind-tickets-84754104809

@Krison Katsetos welcome to BP! I have a good recommendation when it comes to affordable real estate attorneys for reviewing documents and discussing situations that make you wonder what is and isn't legal. Let's connect on this soon!

@Mark Guest I'd recommend connecting with real estate agents and wholesalers who do a lot of off-market lead gen to find these types of deals for their buyers. You may even want to do some lead gen yourself. Happy to discuss and give you a couple referrals, PM me!