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How to Select a Midwest Market with Todd Dexheimer, Episode 16

October 17, 2017

 

Out of state investing isn’t limited to dwellers on the East and West Coasts. After investing in his hometown of the Twin Cities, Todd Dexheimer realized he would need to expand to other markets to reach his investing goals. He developed his criteria and identified Milwaukee, Cincinnati and Lexington as new target markets. As the founder of S&D Real Estate Solutions, Todd owns and operates 140 units across three Midwest markets. He has owned everything from single-family homes, apartments, a mobile home park and even a ski resort. Listen as he shares his perspective on multiple markets and neighborhoods on this episode of Target Market Insights. Listen Now!

 

 

​Subscribe on iTunes, Stitcher, and Google Play.


Key Market Insights

  • Todd stared buying rentals, but ran out of money so he used flips to generate more capital

  • Stopped flipping when single-family flips became too heated to make profits without being heavily involved

  • Invested in out of state duplexes, but found they were hard to manage with a 3rd party property manager

  • Cap rates and profitability has diminished in the Twin Cites

  • $140k per unit for multifamily in Twin Cities seeing 2-3% rent increase

  • Not strong value adds in Twin Cities, even C class are selling for 6.5-7% cap rates

  • Looks for a city with good job creation, population growth and value-add opportunities

  • Cincinnati had strong affordability, good growth

  • Looks for average income to rent to see if rents are affordable for tenants

  • Look at crime maps, talk to brokers, property managers

  • Cincinnati neighborhoods: Northside, Mt Airy are areas with decent growth

  • Owns in Westwood and Cheviot, not as much growth, but stable cash flow

  • Walnut Hills, Norwood have higher potential for growth

  • Likes the stability of Lexington, steady population growth since 1860

 

Bull’s Eye Tips:

Winning Your Market: Diligence and Planning
Market Changes: Check national and local resources such as Marcus & Millichap, Colliers, CBRE, Cincinnati Bureau, REDI
Daily Habit: Every morning, try to work out and read through goals, review 10 year outlook

 

Resources

Cincinnati Economy Article


Best Business Books:

Am I Being Too Subtle by Sam Zell 

Think and Grow Rich by Napoleon Hill 

 

Digital Resources
BiggerPockets.com
LinkedIn.com

 

Tweet This:

“The Twin Cities does not allow you to let your property get too bad.” 
 

“I want a city with good job creation, population growth and affordability”


“Lexington has seen stable growth since 1860”

 

Places to Grab a Bite:
Twin Cities-
LaGrolla 

Cincinnati –
Ruth’s Chris

 

Connect with Todd:
Email: todd@sterlinggroupmn.com
LinkedIn: https://www.linkedin.com/in/dexproperties/
BiggerPockets: https://www.biggerpockets.com/users/ToddD23

 

Leave us a review and rating on iTunes or Stitcher. Be sure to check out more info at TargetMarketInsights.com.

 

 

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