Columbus, OH · Member since 2016 · 4 posts · 0 votes
Hello All,
I've been looking into purchasing property in the Columbus area and just wanted to meet up with people who have experience in house fixing and flipping and/or rental properties. I've been a Mortgage Underwriter for 8 years and looking to transition into investing! I've recently assisted a friend of mine in rehabbing a home he purchased from the city Land Bank he is currently occupying and think I want to flip those first. Mostly because they are between $2k-$10k in areas that has been getting offers from larger companies that want to purchase the land. What are your thoughts on this? Any advice is welcome! Also should I consider getting a Real Estate license for Ohio although I solely want to invest?
Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
9y
Just do as much due diligence as possible. The counties surrounding Franklin are starting to get into the landbank deal as well. I've been looking at properties they are proposing to be used in their countywide landbanks and from what I can tell some would make great deals, others would be disasters for new investors.
Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
9y
Just do as much due diligence as possible. The counties surrounding Franklin are starting to get into the landbank deal as well. I've been looking at properties they are proposing to be used in their countywide landbanks and from what I can tell some would make great deals, others would be disasters for new investors.
Investor · Hamilton, OH · Member since 2016 · 272 posts · 77 votes
9y
Welcome to BP, @Darrio Pope. I'm from Cincinnati here. I can't answer your question about the land bank, but getting a license is probably not a bad idea. It'll give you direct access to the MLS which will be invaluable for finding deals or if not, running your own comps. The fact that you'll earn a small commission on your own deals is just gravy and the learning process to become one won't be wasted either if you're going into the business.
Just do as much due diligence as possible. The counties surrounding Franklin are starting to get into the landbank deal as well. I've been looking at properties they are proposing to be used in their countywide landbanks and from what I can tell some would make great deals, others would be disasters for new investors.
Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
9y
Landbanks are more or less where municipalities go in and take properties from negligent/bad landlords who leave properties un-kept for years, take them , mow the grass and re-sell them to people who will take care of them, otherwise they get torn down.
Columbus, OH · Member since 2016 · 4 posts · 0 votes
9y
Brandon Schlichter first off I appreciate your and the others responses. I can see how some deals would be great just because of the high cash flow possibilities on rental properties. With buying homes directly and not paying a mortgage I can really bring in a lot of cash (granted that's if I choose a property that requires more work than expected). The rents in the area I am looking at is approx. $700-$800 and the homes are on the market in that area are between $49k-$75k. I assisted my friend earlier this year and he only spent $8,000-$10,000 total on the home and replacing the sink, toilets, tubs and kitchen and bathroom tiles as well as other minor repairs. The home was purchased for $3900 with the rest going towards the rehab. I know each situation is different but is this rare or within reasonable expectations? Also with the numbers given and if it's likely would you try to flip the property or rent it out and us the BRRR strategy?
Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
9y
rent it out.
If you've got a decent lender that will refinance for higher than your cost basis that is the route I'd go. Put cash in your pocket every month, keep the property and get a lump sum, depreciation, and leverage.
Investor · Columbus, OH · Member since 2016 · 30 posts · 59 votes
9y
I used to work for the Columbus landbank and yes, they have some great deals. Usually get what you pay for and need to put in a bit more since they're pretty far gone, but some of those neighborhoods are really coming around too, so you have lots of upside potential. Best of luck!
If you're looking meet Columbus investors, there will be a FREE meeting next Thursday (October 20th) for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. The meeting starts at 6:00 PM.
You can arrive at any time but from 6:00 - 6:45 PM they'll have a Q&A which is very helpful for newbies. After that there is usually a featured speaker on an important topic.
There’s typically a good mix of attendees - usually one or more attorneys, a number of agents, many experienced investors, landlords, flippers, rehabbers, contractors, lenders, etc. This will be a very good opportunity for networking and to meet people active on BP (and those who don't use BP).
The meeting will end around 9 PM but the room will be available for networking till about 10. As stated above, except for any food or drink you order there is no charge to attend. Attendance is usually around 40 - 55.