The Cincinnati Real Estate Investing Show
Slocomb Reed Bought Brandon Turner's Distressed 24-Unit Apartment Using A Master Lease.. A Year after being the agent who sold it to him. Here's the full story 👇🏽 In 2019, Slocomb cold-emailed Brandon Turner a BiggerPockets buy-and-hold report on an off-market deal in Cleves. Brandon replied in under an hour. Within days, Slocomb was representing him as a buyer's agent. A year later, Brandon was done with it, three property managers in 14 months, and he wanted out. The deal structure Brandon proposed: a master lease starting the day due diligence cleared. Slocomb and his partner took over operations, collected rent, handled maintenance, and started turning units, while Brandon continued paying the mortgage, taxes, and insurance. What you will learn: * How Slocomb sourced a deal directly from Brandon Turner via a cold BiggerPockets email * What a master lease agreement looks like in practice and why both sides agreed in a heartbeat * How to reposition a distressed property before you own it * Why Cleves operates more like a tertiary market than a Cincinnati submarket, and why that works in your favor * How utility structure (water provider, electric vs. gas heat) directly impacts NOI and cap rate * Why $775 is a strong rent in Cleves and a warning sign in Westwood * The Amazon wage effect and what workforce employment shifts mean for affordable housing demand * Why Three Rivers Schools drives rental demand from tenants who do not even live in the district * What transitions between property managers cost you, and how to protect yourself on day one 📲 Follow @thecincyreishow so you never miss a conversation like this one. A five-star review helps us keep bringing neighborhood-level expertise to every episode. Timestamps: * 00:00 – Cold open: The master lease teaser * 00:45 – Welcome to the Cincy REI Show: The Brandon Turner episode * 02:00 – BiggerPockets era investing: What BP meant to investors who started 2012-2015 * 03:30 – The cold email: Slocomb hears Brandon on a Thursday morning podcast, builds a BP report, sends it to brandon@biggerpockets.com [brandon@biggerpockets.com] * 05:00 – Brandon replies in under an hour: "Can I call you in 15 minutes?" * 06:00 – Acting as Brandon's buyer's agent: Off-market, 24 units in Cleves, built in 1978 * 08:00 – Why Cleves acts like a tertiary market inside I-275 * 10:00 – Why quality property managers wouldn't touch 24 small one-bedrooms 20+ minutes from everything else they manage * 12:00 – Brandon's three property managers in just over a year: What went wrong * 13:30 – Slocomb texts Brandon the moment he hears the outro mention * 15:00 – Being surrounded by single-family: Why isolation from other multifamily gives you pricing control * 17:00 – Cleves Water Works: Less than half the cost per volume of Greater Cincinnati Water Works * 18:30 – All-electric, no gas: Tenant-paid heat, landlord-paid water only * 20:00 – The master lease structure: Brandon proposed it, not Slocomb * 22:00 – Queen City Pulse: Banks development, Newport Steel site, Conrad in Miami Township, Walnut Hills LIHTC, Cincinnati Park Score * 24:00 – How the deal worked: Brandon pays PITI, Slocomb collects rent, pays utilities and maintenance, starts turning units * 26:00 – Purchase price increased by 3 months of mortgage payments: Why the math worked for both sides * 27:30 – 15 occupied, 9 rent-paying: What the first 30 days of operations actually looked like * 29:00 – "We were told no one would ever pay more than $575 in Cleves." Slocomb got $650 before he even owned it. * 30:30 – Amazon's distribution center and the wage floor shift in western Cincinnati * 33:00 – Why $775 works in Cleves but destroys NOI in parts of Westwood * 35:00 – Property manager transitions: Why the first 30 days cost the most and how to protect yourself * 37:00 – Three Rivers School District: Parents and grandparents renting one-bedrooms for the school address * 38:00 – Cleves hidden gems: Marilee's Hardware and Make A Mia Pizza * 39:00 – Closing thoughts and episode wrap
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