Columbus , OH questions

12 Replies

Hello all ,

I've been doing some research Into different markets , Columbus Ohio strikes me as a good investment area .

Is any body able to provide me any info on the following zip codes :

43206 ,43204, 43224,43205,

Thanks in advance for any advice and feedback ,

Depends on what you're looking for. There will be many section 8's in these zips.

All of those zips have war zones in them except for maybe 43224, North Linden.

In any of these areas you can easily (without marketing for motivates sellers) be all in at $20k-$25k (purchase plus repair), expect $1,000 tax, $500 insurance and $600-$650/month in rent.

There are parts of North Linden where I know investors are getting as high as $800/month for a 3/1, but it has to be on a good street and in good condition.

Hope this helps!

Medium logo 5545John Horner, Core Developments LLC | [email protected] | 614‑664‑3174 | http://johnbuyshousesohio.com/

@John Horner thanks for the insight , I've been running through the zip codes on spotcrime.com and they seem to have lower crime rates then other comparable price ranges in alternate cities ,

Do you think there is any real value to

Be had in these areas in the long term holding of them ?

Would you invest in any of these zips?

Frank, when you ask whether there is any "real value" to be had in those areas in the long term, I assume you are asking about appreciation. Of the 4 zips you mentioned, I would say that with the exception of the western 1/4 of 43206 you should not count on significant appreciation. Yes, 43206 and 43205 are seeing an influx of investor money and an improvement in the area surrounding Children's Hospital, but I personally would not look at those areas as an appreciation play. I could be wrong—the hedge funds working those areas seem to be banking on it. But for me, I think it's being too speculative. I would focus my money on cash flow in those areas.

As @John Horner said you, there are rough areas in each of the zip codes you're looking at. You'll probably want to talk with someone here who knows the best areas (there are several of us on BP).

I would say the question you need to ask yourself is: if you can buy and fix a property for $25k (which you can find fairly easily with the right help) and get $3,500-$3,800 NOI per year, does that meet your investing goals?

Medium cpr logo facebookCorey Liepelt, Capital Property Renovation | [email protected] | 614‑526‑4131

I agree with others, the lower zip codes are war zones, I purchased property in 2011 and rent out with high cap rate and good cash flow for 2 years. All of sudden tenants stoped paying and almost tore down the unit and stole everything.  Property Mgmt got them evicted same moth, but it was too late. Lesson learned, you get what you pay for, visit and spend the night at property before buying it, check if houses boarded up and there is crime, the answer is simp

I'm currently looking at the Columbus market for a future purchase anyone who is a real estate agent or knows of a repeatable property manager in that area please contact me via direct message thank you

Frank Dec are you currently working with a Real Estate agent in the Columbus OH area?

I stay soooooooooo far away from Columbus. Suffice to say, not my cup of tea.

- Got taken to lunch by my realtor, contractor, property manager, my tenants

- Got scammed by a guy who posed himself as a MF lender

- Got bullied by a real estate lawyer to sacrifice half my deposit for doing nothing wrong.

A not so warm welcome.. got out with my teeth kicked in..

That is not to say the market may not be for you!

Originally posted by @Ram Srinivasan :

I stay soooooooooo far away from Columbus. Suffice to say, not my cup of tea.

- Got taken to lunch by my realtor, contractor, property manager, my tenants

- Got scammed by a guy who posed himself as a MF lender

- Got bullied by a real estate lawyer to sacrifice half my deposit for doing nothing wrong.

A not so warm welcome.. got out with my teeth kicked in..

That is not to say the market may not be for you!

 Sorry you had a bad experience here, I hope it was a fluke.  

Medium logo 5545John Horner, Core Developments LLC | [email protected] | 614‑664‑3174 | http://johnbuyshousesohio.com/

What type of property did you have issues with here in Columbus? Was it a MF or SF? I've never heard of these issues. Sorry about your experience, I dozens of deals a year in Columbus (where I am located) with no issues. Maybe you just need the right person on the ground?

Medium rellisteam circularlogoRobert Ellis, REllis Group At Key Realty | [email protected] | (614) 943‑9520 | http://REllisGroup.com

@Robert Ellis

Actually there were three separate instances

58 Unit Rhodes Commons - I was looking to purchase the property but could not secure insurance. Was well within the time to cancel my offer (still within due diligence period), and the seller would refuse to sign the cancellation so I can get my earnest money back. I had no choice or go through the courts. on a 10K deposit being out of country is not worth the time and stress.

20 Unit at Roosevelt. A fraudulent lender who was posing as a lender to my deal. This after I went through the process of going through a mortgage broker. Lost about 4K in appraisal and inspection costs. + 3K in lender fee which was never returned as it was a scam.

2 Unit  property in Bexley Ohio - Green Realty the property manager did not even secure damage deposits for the first tenant he found. The tenant stopped paying and had to be evicted after 1 month. In 1.5 years of holding the property, the property manager made $2500 and I made $200. I had no financing on the property, and yes I made a total of $200 in 1.5 years. 

I Purchased for 55,000 put 5,000 of work into it and sold it for $45,000. The realtor Kay Strait looked after her own interests rather than mine. She ended up being the realtor on commission when I bought and when I sold and arm wrestled me in giving her an extra $1000 in commission for selling it for a loss of $10,000. Not to mention, the contractor who initially did the work on the property claimed he had done work and billed us for $5K worth of work but later we found out that he did a quarter of the scope of the work that he was supposed to do. 

So YES, after 1.5 years of exploring the market, after 500+ hours in the market, I lost approx $30K US.  This is exclusive of a 100K CAD coaching program ( Steve Martel) I spent which claimed to help Canadians invest in the US... and then it turned out that the coach with bankrupt.

 So Yeah, I would say I got my teeth kicked in pretty hard. I made my share of mistakes Yes, I do feel like everything that could go wrong went wrong in my time in Columbus.

Comparatively I have made 70K NET in Canada over the last 1.5 years.

Originally posted by @Ram Srinivasan :

@Robert Ellis

Actually there were three separate instances

58 Unit Rhodes Commons - I was looking to purchase the property but could not secure insurance. Was well within the time to cancel my offer (still within due diligence period), and the seller would refuse to sign the cancellation so I can get my earnest money back. I had no choice or go through the courts. on a 10K deposit being out of country is not worth the time and stress.

20 Unit at Roosevelt. A fraudulent lender who was posing as a lender to my deal. This after I went through the process of going through a mortgage broker. Lost about 4K in appraisal and inspection costs. + 3K in lender fee which was never returned as it was a scam.

2 Unit  property in Bexley Ohio - Green Realty the property manager did not even secure damage deposits for the first tenant he found. The tenant stopped paying and had to be evicted after 1 month. In 1.5 years of holding the property, the property manager made $2500 and I made $200. I had no financing on the property, and yes I made a total of $200 in 1.5 years. 

I Purchased for 55,000 put 5,000 of work into it and sold it for $45,000. The realtor Kay Strait looked after her own interests rather than mine. She ended up being the realtor on commission when I bought and when I sold and arm wrestled me in giving her an extra $1000 in commission for selling it for a loss of $10,000. Not to mention, the contractor who initially did the work on the property claimed he had done work and billed us for $5K worth of work but later we found out that he did a quarter of the scope of the work that he was supposed to do. 

So YES, after 1.5 years of exploring the market, after 500+ hours in the market, I lost approx $30K US.  This is exclusive of a 100K CAD coaching program ( Steve Martel) I spent which claimed to help Canadians invest in the US... and then it turned out that the coach with bankrupt.

 So Yeah, I would say I got my teeth kicked in pretty hard. I made my share of mistakes Yes, I do feel like everything that could go wrong went wrong in my time in Columbus.

Comparatively I have made 70K NET in Canada over the last 1.5 years.

Thanks for sharing! Canadian need to understand there is no get rich quick and our market is just as good as the US when you know where to look. I have seen growth and ROI of up to 40% a year in Canada, with minimum cashflow.

very sorry to hear about all of this. If you are still open to working in Columbus I'm sure we could work together. We just started going after 50-500 units in Columbus for our investors so if you are still interested please let me know and as we come across any larger complexes I can keep you updated. 

Medium rellisteam circularlogoRobert Ellis, REllis Group At Key Realty | [email protected] | (614) 943‑9520 | http://REllisGroup.com

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