All Forum Posts by: Slocomb Reed

@Nick Trimmer PM me for property management referrals in Cincy.

@Jake Walroth makes a really good point, if you decide you don't want to sell it for what buyers will offer you right now.

Northside is getting to feel like old news now. With property values increasing faster than wage growth, people are looking to perimeter neighborhoods to get more affordable housing CLOSE to the neighborhoods where they want to work and play. College Hill is getting some Northside love, Kennedy Heights is getting some Oakley love, and Mt Auburn and Walnut Hills are getting some OTR love. 

What @Paul Sian said about those areas may be right. Man, there are some absolutely gorgeous pockets with big historic homes in Westwood, but we usually write it off as a C-class rental neighborhood!

@Sean Tagge what returns are you seeing on multis in Memphis? In Cincinnati I'm scratching and clawing to get to 15% cash on cash for my clients with on market deals. I get it every once in a while, but not often.

@John Casmon isn't it crazy that places like Avondale and Evanston (improving though!) are priced like Norwood and Kennedy Heights?

Personally I'm betting on continued development all up and down Montgomery Rd from Evanston to Kenwood and I think if an investor decides to buy on slim margins in this market, that's one of the better places to do it.

@Sean Tagge thanks for the breakdown! I've heard good things about Memphis from some of my clients, are you finding that there are good on-market deals there?

@Ryan Behnke one of the best aspects of the Cincy market is that we have some of everything. Every class of neighborhood, and almost every neighborhood has every property type. Definitely a great market for getting a breadth of REI experience.

@Kent Hall My RUBS is on a three-unit in a trendy part of town where I end up renting to mostly young professionals. The building only has one water heater, plus Duke Energy charges a $35 meter fee per month per meter, so I decided it would be easier and more cost effective to go down to one gas meter. I've also gone to even billing for that gas bill, so I send the tenants the same invoice 11 months of the year and the 12th month makes up for variance.

A RUBS is an added layer of complication to the landlord-tenant (or PM-tenant) relationship. I think that getting it put in place effectively will have more to do with who's managing and how well they communicate with the tenants than the neighborhood the property is in.

In my case, and in the case of almost every gas RUBS in the Cincy area, mine actually saves my tenants money when compared to them having to pay their own gas bill (that $35 meter fee gets split among units instead of $35 per unit). I make sure my tenants know that before I ask them to sign the RUBS agreement.

That said, some inherited tenants will be stubborn about you "changing the deal" on them. That, and I still don't think that multi-unit renters are going to be willing to pay for their water usage unless they're getting an uneven advantage on other terms of the lease.

@Nicolas Beck I'd be happy to make a couple recommendations, PM me to discuss. Thanks!

@Brian Reynolds I have some contacts that may be helpful for you as well, PM me to discuss. Thanks!

@Opher Yisraeli I'm be happy to make some recommendations, PM me to discuss. Thanks!