Also is this you, it looks like you left the rentalstarter pages high and dry.https://www.facebook.com/MidOhioRentalshttp://www.midohiorentalhomes.com/future-rentals/
The phone numbers are the same,
Couple pointers to help you if it is
Flat black cupboards with polished nickel hinges will sell faster and is cheaper and takes less to maintain in a rental.
The wood panel is horrible it should always be ripped out and replaced rental or not.
Might want to buff the stains out of your hardwood
Most of your properties listed are functionally obsolete ie, no closet lack of bathroom faculties HUGE drawbacks
How are you comparing Residential vs Commercial properties that is a no go for comps or even rental evaluations.
Competitor #1 – RL Collins (Typical townhouse apartment)
~1000 Square Feet
2 bed, 1 bath
$750/month rental rate
Competitor #2 – R Isaacs (Typical multi-family housing)
~800 Square Feet
2 bed, 1 bath
$600/month rental rate
1. – Property identification (Performed as a daily management task)
We use multiple sources to locate properties. These include, but are not limited to – For
sale by owners, local and regional MLS systems, word of mouth from business
associates and personal referrals, county foreclosure data, Governmental disposition
offices (HUD, VA), Sheriff sales records.
Your failing to find your best deals with this strategy, no free education in real estate so I will leave it at that.
A repair list is taken along and a precursory rehab estimate is performed. Due to the
management’s background in real estate and foreclosure rehab, a repair estimate can
usually be generated within 30% accuracy. This then is estimated in a worst-case
scenario, and noted in the inspection report
30% that is way to far off, you need to be with in 10%. Every wholesale deal I have ever done I have gotten with in 5% of the repair cost worst case is always the case for me, when I tell a investor its going to take X amount to rehab it they know I am going to be pretty spot on. But I have a way I do that as well to make sure I am on point.
Why are you registered in hong kong?
Question about who owns this property
Currently owned investment properties
Property #1 – Mill Street
Status – In Rehab (Expected Completion 1/10/2014)
Purchase Price - $26,500
Estimated total rehab cost $60,500
Current total cost - $59,500
Expected Monthly Income - $1,050
Total market value - $115,000
Fixed monthly costs (Taxes, Insurance, Repair escrow, Vacancy) - $271
Net yearly return – 15.45%
???where is your holding cost factored into this? electric water and so forth?
It shows that someone beside you or your company own this piece of property, this means it is safe from investor going after it if something was to happen.
Can you explain why?http://pickaway.iviewauditor.com/Data.aspx?ParcelID=A0540820001000
searched the entire county records for any properties listed on mill street and could not find your company owning one of them. Same with union
In our area there's a severe lack of amenities on properties to rent. The vast majority are multi-family houses that are extraordinarily small (700-800sf two bedrooms mostly).
The hardwood stains are there after sanding 5-6 times plus two coats of polyurethane. The cost to have a professional come in and fix it was going to be in the thousands, instead we chose this option and did it for a few hundred bucks. I've shown homes in this area that have sold in the high 100s/low 200s and they've had similar stains. Most people realize that when a home is 135+ years old, with original hardwood floors there may be issues with them.
I'm comparing rental incomes - 2br apartments vs 2br apartments (of whatever variety we have), 3br freestanding houses to 3br freestanding houses. I could expound on the numbers pulling from larger comp pools & examples but so far no one other than yourself has asked for them.
I just named a few sources off the top of my head on how we procure properties. I could go into the 20-30 other ways I look for properties, but i've been told by around a dozen people so far that the 35pg business plan is too long, if I expounded more like you're asking to this point it would be more than 50 pages. I wouldn't mind doing this if I knew it would attract more, larger investors, but at this point I haven't seen the value. This isn't to say I won't do it.
If I state i'm hoping to be within 30% of a rehab estimate but end up being 3% consistently, then I've underpromised and overperformed. If i oveprromised and underperformed, stockholders would be the ones not to benefit.
We use the HK entity to feed the investment capital to the US based LLC that we hold. My hope behind this was to avoid issues that might occur from foreigners investing directly in US based properties. We consulted with legal council and they felt that this was the best corporate structure.
The property you linked to is not a property we currently own, it however is one that we are under contract on. At some point in the future it will show the US based LLC as the holding entity for it. All our properties carry a minimum of $500,000 dollars of insurance, we will be also adding a $2m+ blanket policy on the LLC itself to further prevent issues that might arise. If you search the auditor's website again for all properties on Mill street, you won't find my name on it unless you search for the exact parcel, then go into recent sales. They don't update the owner database (or search by owner's name) for anywhere from 6 months to 1 year after the sale has taken place. This further compounds the problem with using non MLS derived comp searches because they don't integrate well with our backwoods auditor systems.
The property we list on the website as union is actually a multi-home lot on one parcel. The auditor actually shows it on south Scioto. Once again if you would get the newsletter updates/emails they would state that these two properties are on their way to closing, we don't own them yet.
The holding cost was factored into the rehab cost, and not onto monthly maintenance. If there are holding costs I will personally cover them so we don't go over-budget.