Getting started with tental property in the Columbus, OH market.

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Getting started with tental property in the Columbus, OH market.

Matt LeDonne
Columbus, OH · Member since 2019 · 3 posts · 4 votes

I am looking to get involved with real estate, more specifically rental properties in the Columbus, OH market. I am looking for some guidance on getting started and things to consider when starting out. Things such finding the best agent suited towards my interests, any professional legal/financial items, etc. Appreciate the help!

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Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
7y
Originally posted by @Matt LeDonne:

I am looking to get involved with real estate, more specifically rental properties in the Columbus, OH market. I am looking for some guidance on getting started and things to consider when starting out. Things such finding the best agent suited towards my interests, any professional legal/financial items, etc. Appreciate the help!

Hi matt what kinds of properties? SFR? Multi? What class? A, B, or C? and then what pricepoint? Under 100k? i can point you in the direction i'm sure if you shoot me some info

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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    7y
    Originally posted by @Matt LeDonne:

    I am looking to get involved with real estate, more specifically rental properties in the Columbus, OH market. I am looking for some guidance on getting started and things to consider when starting out. Things such finding the best agent suited towards my interests, any professional legal/financial items, etc. Appreciate the help!

    Hi matt what kinds of properties? SFR? Multi? What class? A, B, or C? and then what pricepoint? Under 100k? i can point you in the direction i'm sure if you shoot me some info

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    2Reply
  • Matt LeDonne
    OP
    Columbus, OH · Member since 2019 · 3 posts · 4 votes
    7y

    @Robert Ellis Multi family is the goal. 2-4 units is the starting point I am looking at. Class B and above. I don't have a hard price point. The plan is to live in the property but that could change. I am not entirely sure what my financing options are in terms of loan amount and down payment, and considering that it most likely would be my place of residence. Right now, looking for more direction on first steps.

    1Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    7y
    Originally posted by @Matt LeDonne:

    @Robert Ellis Multi family is the goal. 2-4 units is the starting point I am looking at. Class B and above. I don't have a hard price point. The plan is to live in the property but that could change. I am not entirely sure what my financing options are in terms of loan amount and down payment, and considering that it most likely would be my place of residence. Right now, looking for more direction on first steps.

     We just listed a few like this. Class b multifmaily that were duplexes. you are probably looking at 250k range or higher. there's a super low shortage of inventory so honestly you might just be better looking on realtor.com on your own. on our three listings we had full price offers on all of them or above within 24 hours and one went 20k over list with no appraisal and another was cash. thats what you are competing with right now. make sure you have a good agent who can give you a list of at least 10 multifamily properties they've sold like the one you have and also make sure they have experience in multi offer situation. it's tough being a buyer's agent for multifamily properties right now. some of the agents on biggerpockets in columbus have offered on our listings and they can't even win them. finding an agent is easy in columb,s good luck! 

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  • James Lee
    Rental Property Investor · Jersey City, NJ · Member since 2018 · 3 posts · 1 vote
    7y

    Following this thread, as I am also looking to do the same. Class B, 2-4 unit with no hard restrictions on price. Mainly looking forward to next steps as well.

    1Reply
  • Isaiah Williams
    Rental Property Investor · Columbus, OH · Member since 2018 · 97 posts · 66 votes
    7y

    Columbus Ohio is a pretty tough market for B class properties as far as investing goes. Although not impossible on the 2-4 unit small multi family side, you would find it a lot easier to find B class commerical multi family properties in order to invest in and make a profit off of.  Theres just not enough cash flow potential with anything less than I would say 8-12 units. For 2-4 unit homes, you would probably be better off with C class properties. North Linden and Franklington are both two awesome areas that are definitely up and coming and there's A LOT of potential in those markets. I know about this $80k duplex in Franklington with a $1400 monthly rental income AS IS. I stick with c- class properties and do my best to fix them up and makd them "above average."

    1Reply
  • Trent Ecklar
    Real Estate Agent · Columbus, OH · Member since 2017 · 203 posts · 170 votes
    7y

    We are having great success this year with off-market multi-family opportunities. Find an agent that can use the on market properties to find the off-market properties. 

    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Matt LeDonne Line up your financing if you are using a conventional lender...we can make some recommendations if you are not sure where to start. Learn the market in as much detail as possible. Columbus is a tough market right now, but there is always opportunity either on or off market. 

    Best of luck.  

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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    7y
    Originally posted by @Isaiah Williams:

    Columbus Ohio is a pretty tough market for B class properties as far as investing goes. Although not impossible on the 2-4 unit small multi family side, you would find it a lot easier to find B class commerical multi family properties in order to invest in and make a profit off of.  Theres just not enough cash flow potential with anything less than I would say 8-12 units. For 2-4 unit homes, you would probably be better off with C class properties. North Linden and Franklington are both two awesome areas that are definitely up and coming and there's A LOT of potential in those markets. I know about this $80k duplex in Franklington with a $1400 monthly rental income AS IS. I stick with c- class properties and do my best to fix them up and makd them "above average."

     couldn't agree more with this, C class stuff in columbus is the best you can buy. look in whitehall

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  • Brandon Schlichter
    Real Estate Agent · Circleville, OH · Member since 2008 · 633 posts · 488 votes
    7y

    So what are the B class neighborhoods considered in Columbus? 

    0Reply
  • Isaiah Williams
    Rental Property Investor · Columbus, OH · Member since 2018 · 97 posts · 66 votes
    7y

    @Brandon Schlichter

    Places like Worthington or Westerville I would say? Honestly there really are not that many in the Columbus area.

    0Reply
  • Chris Taylor
    Cleveland, OH · Member since 2019 · 114 posts · 40 votes
    7y

    @Matt LeDonne

    I have been thinking of exploring the Columbus market but I think for my first investment I should stay closer to home. I hear Columbus is a growing market.

    1Reply
  • Juhriah Smith
    Contractor · Columbus, OH · Member since 2018 · 49 posts · 20 votes
    7y

    @Matt LeDonne  and @James Lee I dont know how creative or how much work you guys are looking to do but an idea that i am going to try in just getting a single family house that is about 2,000 sq ft + or - 200 and just try and cut in half I know there is a little bit more inventory on the single family side. I also know a couple guys if you need a little help I hope that helps. 

    0Reply
  • Joshua Hively
    Columbus, OH · Member since 2018 · 218 posts · 134 votes
    7y

    Welcome to BP @Matt LeDonne. I definitely recommend checking out some of the local meetups. There are some pretty solid ones here in town. Also if you are still looking for specific team members, feel free to message me. I am happy to share names of folks I am familiar with.

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