@amaraokoye
Turnover and punch list work pays my bills, which means I walk through a lot of other people's rentals before the tenant ever does. Saving for a duplex, Columbus or one of the smaller Ohio cities where the numbers still work on a normal paycheck. I read more than I post. If you bought your first small multi with under 30k down I want to hear how the money came together.
The facts
Posts
Did the land sale cover what you paid, or did you take a loss on the income valuation you underwrote going in?
Thread · 6 points
Lancaster. Not Columbus, not Dayton, not the suburbs people are already fighting over. I drive through there doing punch list work and the streets look like 2019 Columbus looked be…
Thread · 15 points
I have about $14,000 sitting in a HYSA right now earning 4.6 percent on a targeted $28,000 down for a duplex in Columbus or maybe Zanesville or Lancaster where the price points are…
Thread · 20 points
I do turnover work for a management company that handles a handful of small multis in that area so I know the buildings and I know the rents are real. The issue is I can't find a b…
Thread · 12 points
It was a guy at a site I was doing punch list work on, investor type, said he'd tried paid search in a mid-size Ohio city, Youngstown area, and burned through about $2,400 before G…
Thread · 13 points
What's the tenant's obligation when the HVAC dies in year three and they claim deferred maintenance from before signing? That's the one clause I'd want a lawyer to draft twice, be…
Reply · 3 points
When a deed conversion is the exit, what did the lien actually cost to carry to that point?
What did it cost to actually dispose of them once the deed was in hand?
Reply · 3 points
When a park's bridge loan rate cap expires mid-business-plan, who actually eats the cost
Walking through a lot of MHP turns means I see the deferred infrastructure bills that operators didn't budget for, and the ones that got hit by an unhedged rate window on top of ca…
Reply · 6 points
The $30k to $42k jump is not surprising to me at all. In turnover work I see that kind of wall damage get missed on every pre-list walkthrough, and it only shows up once somebody p…
Reply · 6 points
What actually moved my cousin out of it was when he ran out of courses that promised something new. The vocabulary got repetitive and he started noticing it himself, that was the e…
Reply · 9 points
My agent found the house I ended up buying and I still don't know if I would have found it myself
You're an appraiser sitting with a question you'd answer in ten minutes on a comp adjustment, but the discomfort is because you can't control for the counterfactual. That's the par…
Reply · 8 points
The market dropped and I had not renovated yet, so the question was whether to push forward or stop
What zip or price tier is this, because 280k with 360k comps is not the same problem in every Ohio market.
Reply · 8 points
When a property has two strong angles, does leading with the wrong one actually cost days on market
The people saying "lead with water every time" are not wrong but they are describing a different problem. What they mean is that the emotional hook closes faster, and that's true f…
Reply · 5 points
The assumption that paying on time buys you breathing room is true right up until it costs you your insurance coverage, and then it stops being true very fast. I walk through light…
Reply · 10 points
My GP told me my basis step-up is worth almost nothing now and I cannot stop turning that over
The Texas deal comparison is where I would push back. You are comparing ten years of OZ appreciation you cannot control against a rent roll you can underwrite today, and that secon…
Reply · 7 points
Six properties in four months with zero matching paperwork, that ratio tracks exactly with what I see walking through turnovers on this type of stock. What is the hard money commi…
Reply · 12 points
The fourplex example is doing a lot of work in your argument and I am not sure it should. Nine days in February versus 28 days in January is barely a sample, and February in Clevel…
Reply · 13 points
Sewer lateral size just killed three weeks of work on a 1940s freight depot in Fentress County
What unit count would actually pencil if you dropped to 8 or 9 apartments instead of 14?
Reply · 13 points
The 24-unit number that should scare you more than $7,000 is what that figure implies about your tenant base before you even close. Late fees at scale are not random, they cluster.…
Reply · 23 points
Walk enough punch list jobs and you see the same thing in storage that you see in residential: the numbers get presented the way the seller wants them read. What I have never seen …
Reply · 26 points
The estate attorney saying it's "held in good faith" is doing exactly what you'd expect from someone who doesn't want to put the answer in writing because the answer isn't good for…
Reply · 19 points
What does your title search and comp pull actually cost you in a deal that falls apart after you've already spent the time?
Reply · 12 points
Is a 30-year deed restriction on park-owned homes protecting me or just killing my exit?
The defunct nonprofit angle is worth more than two calls. Oklahoma Housing Finance Agency in OKC has logged restriction holders from that era of rural housing deals, and sometimes …
Reply · 14 points
Does anyone in Phoenix run rooming houses as multifamily or do they underwrite them separately
Three numbers don't match and one is the legal one, so which count is the owner using to set asking price?
Reply · 14 points
The one thing I never see work is people trying to negotiate the equity payment down to almost nothing because they read that subject-to should be "zero down." Every time I hear th…
Reply · 12 points
@amaraokoye isn't a luxury agent, I'm just a turnover worker who stages apartments for $800 all-in, but I walk through enough high-end rentals between jobs to notice what furniture…
Reply · 15 points
Has anyone here actually bought rural land in Spain and run the numbers on agricultural income?
What does your actual net look like after vacancy and maintenance on the Akron units, per door?
Reply · 11 points
The one thing I never see work is underwriting the NNN income as the primary return and then being surprised when the real exit is a land play. Sponsors know this going in and the …
Reply · 8 points
Address keeps getting rejected and I finally figured out why it matters more than people think
Sevier County took us eleven weeks, not three.
Reply · 14 points
Asheville specifically is brutal for this right now because a handful of operators locked in long agreements during the 2021-2022 frenzy when owners were desperate for anyone credi…
Reply · 9 points
Is there a way to figure out if timber rights are separate before I lock up a parcel
The thing I have never seen work is calling a title company you used in a different county and assuming their standard product covers hand-indexed deed books from 1963. They run th…
Reply · 13 points
The part that got me was how much the loan amount actually moves the funding cost. I assumed transactional lenders had more of a flat-fee floor and the difference between 57k and 7…
Reply · 19 points
Where the interest actually lands on a wrap once the K-1 reaches a passive investor
The thing your accountant is describing has a name in wrap accounting, it is called gross-up treatment versus net reporting, and the IRS expects gross-up on a wrap held as a note i…
Reply · 7 points
Described the other tenants in my listing once and got a harassment complaint from the person I described.
Reply · 9 points
