Ep 012 | I Bought Apartments From Brandon Turner. Here's The Story.

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 emailWhat a master lease agreement looks like in practice and why both sides agreed in a heartbeatHow to reposition a distressed property before you own itWhy Cleves operates more like a tertiary market than a Cincinnati submarket, and why that works in your favorHow utility structure (water provider, electric vs. gas heat) directly impacts NOI and cap rateWhy $775 is a strong rent in Cleves and a warning sign in WestwoodThe Amazon wage effect and what workforce employment shifts mean for affordable housing demandWhy Three Rivers Schools drives rental demand from tenants who do not even live in the districtWhat 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 teaser00:45 – Welcome to the Cincy REI Show: The Brandon Turner episode02:00 – BiggerPockets era investing: What BP meant to investors who started 2012-201503:30 – The cold email: Slocomb hears Brandon on a Thursday morning podcast, builds a BP report, sends it to [email protected]: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 197808:00 – Why Cleves acts like a tertiary market inside I-27510:00 – Why quality property managers wouldn't touch 24 small one-bedrooms 20+ minutes from everything else they manage12:00 – Brandon's three property managers in just over a year: What went wrong13:30 – Slocomb texts Brandon the moment he hears the outro mention15:00 – Being surrounded by single-family: Why isolation from other multifamily gives you pricing control17:00 – Cleves Water Works: Less than half the cost per volume of Greater Cincinnati Water Works18:30 – All-electric, no gas: Tenant-paid heat, landlord-paid water only20:00 – The master lease structure: Brandon proposed it, not Slocomb22:00 – Queen City Pulse: Banks development, Newport Steel site, Conrad in Miami Township, Walnut Hills LIHTC, Cincinnati Park Score24:00 – How the deal worked: Brandon pays PITI, Slocomb collects rent, pays utilities and maintenance, starts turning units26:00 – Purchase price increased by 3 months of mortgage payments: Why the math worked for both sides27:30 – 15 occupied, 9 rent-paying: What the first 30 days of operations actually looked like29:00 – "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 Cincinnati33:00 – Why $775 works in Cleves but destroys NOI in parts of Westwood35:00 – Property manager transitions: Why the first 30 days cost the most and how to protect yourself37:00 – Three Rivers School District: Parents and grandparents renting one-bedrooms for the school address38:00 – Cleves hidden gems: Marilee's Hardware and Make A Mia Pizza39:00 – Closing thoughts and episode wrap