Groveport, OH

I recently bought an investment property in this Columbus, OH submarket after several months of research, but it was only after I owned the property that nearby companies started laying off employees, and now I'm completely obsessed with reading the local newspapers in search of bad news. Even though my house is leased until 8/09, I'm constantly worried that I've purchased in a declining area, (but which I've researched thoroughly beforehand). When I last visited in July, it looked like a growing area with increasing population and employment.

Is anyone local to the area familiar with the current state of the Groveport submarket? Are there any employers moving into this region? Since this is south of central Columbus, I'm aware that it's not as desirable as living closer to the city and was prepared to accept lower rent/higher vacancy. But I am totally unprepared for all these sudden layoffs and the possibility for this fringe area to empty out.

I'm currently in CA, and have a great PM--but this is not a problem she can solve.

Edited: 06/26/2010 at 06:42AM

Richard Warren

Real Estate Investor · Las Vegas, Nevada

1825 posts
16444 Influence
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Icon_minipost Dec 18 '08, 11:01 AM

I think that you may be obsessing on this area a little too much. We are in a major recession nationally, you can't expect that this area will be immune. It's not that you bought in the wrong area, Groveport is just experiencing what the nation as a whole is feeling. Take a deep breath, the property is leased through August of next year. By then you should have a much clearer picture of where the country is economically.

:cool:

Edited: 06/26/2010 at 06:42AM

Douglas Christian

Real Estate Investor · Charlotte, North Carolina

361 posts
460 Influence
3 Awards

Icon_minipost Dec 18 '08, 05:34 PM

Richard makes a very valid point given the state of the economy NO CITY IS IMMUNE from vacancies and JOB LOSS. If that is what you are worrying about then it is no different than having a healty economy and having to evict someone for non payment. At least you have some residual income coming in now you should be focusing on how do I up my residual so I am protected if I lose my job.

Edited: 06/26/2010 at 06:42AM

Alex Price

Real Estate Investor · Cleveland Heights, Ohio

179 posts
242 Influence
2 Awards

Icon_minipost Dec 30 '08, 06:55 PM

I'm not in Groveport, however I'm in Cleveland about two hours north and the market here is amazing. I think a shift north might do the trick for you.

Edited: 06/26/2010 at 06:48AM

Eric Jozwik

Real Estate Investor · Columbus, Ohio

6 posts
50 Influence
1 Award

Icon_minipost Apr 24 '09, 10:09 AM

I live in Columbus, OH no need to worry it will rent. If you need some help in the future locally drop me a line. I help other out of state people.

Edited: 06/26/2010 at 08:02AM

Brandon Schlichter

Residential Real Estate Agent · Circleville, Ohio

206 posts
167 Influence
1 Award

Icon_minipost Apr 25 '09, 10:48 AM

Um......how can you NOT know about the groveport market?

The groveport area is where they're building the intermodal which will/is bringing anywhere from 20,000 jobs to 100,000 jobs to the area. I personally am buying properties in the area. Groveport has some really nice areas, and not too many bad areas, it can get pricey in some places though.

If you want to invest looking towards a advance in the market , look at the southgate (Southern Columbus )As properties are quite a bit cheaper.

None the less, I LOVE the Columbus/central Ohio market.

Edited: 06/26/2010 at 08:02AM

Eric Fete

Real Estate Investor

78 posts
230 Influence

Icon_minipost May 09 '09, 09:23 AM

I agree with the above. I work in Columbus and have live there for years. Overall it has weathered the recent storm fairly well. Looking forward to further deals in the area.

Eric Fete

Edited: 06/26/2010 at 08:11AM

Joe P

· West Virginia

127 posts
675 Influence
2 Awards

Icon_minipost May 09 '09, 11:19 AM

what do you guys think of East Comlumbus for rentals or flips?
I know the area is rougher, but prices are really low- 3 br 15k and up with 5k rehab and up?
Section 8 pays good rents.

Edited: 06/26/2010 at 08:11AM

Douglas Christian

Real Estate Investor · Charlotte, North Carolina

361 posts
460 Influence
3 Awards

Icon_minipost May 10 '09, 05:20 PM

I would say regardless of what someone tells you. Do the numbers if they come out the way you say I would go for it. The thing about the smaller investment properties is that appreciation does not affect them. Either a property CASH FLOWS or it doesn't. In the smaller markets everyone is so afraid like this thread did I buy in the right area. If it is not a war zone then GO FOR IT. If you get into one and the deal does not go the way it should at least you have not lost your shirt.

SUCCESS BREEDS SUCCESS

Edited: 06/26/2010 at 08:11AM

Brandon Schlichter

Residential Real Estate Agent · Circleville, Ohio

206 posts
167 Influence
1 Award

Icon_minipost Jul 24 '09, 12:30 PM

Personally, I'd rather be in the Columbus OH maket than any other Ohio market , lots of great deals and has been a good deal more stable than the other areas.

Edited: 06/26/2010 at 09:06AM