Flipper/Rehabber · West Hartford, CT · Member since 2013 · 128 posts · 52 votes
Does anyone currently invest in Columbus GA? I was sent the financials on a 30+ unit apartment community which appears to have some good upside apart from cashflowing if purchased as-is. All units are 2/2, 1000 sqft and rent for an average of $675. I'm seeing anywhere between $725-$750 for a 2/1, 1000 sqft in the surrounding area.
Can anyone share some thoughts on the area? I know Fort Benning is a staple in the area along with a handful of larger companies including AFLAC. Is this an area worth looking into?
Apartment Syndication · Southern California · Member since 2015 · 71 posts · 194 votes
9y
@Taylor Shapiro, I have owned a 75 unit property in Columbus for a little over 3 years now. The short version is Columbus is relatively flat in terms of job growth, population growth, and rent growth. And while military spending looks good for the next 4 years, I would be extra cautious about buying a property that relies heavily on a base. Any big budget cuts or troop deployments can quickly put your property in jeopardy.
As is often the case with most cities in the U.S., the north side of town is the better place to be (I have never been able to find a reason for this very prevalent trend!). Higher incomes, better retail, and the majority of the growth. The further south and east you go, overall the demographics get weaker.
Would I buy a property in a market like Columbus? Absolutely. I have in the past and more then doubled the value of the properties, plus created double digit cash flows. The key is to make your money when you buy - your value creation has to be based on finding a property that is well below market and bringing it up to today's market, and not banking on the market to carry you. If the market does increase, that's just a bonus. So that means compared to a booming market like northern Atlanta, in Columbus you would be even pickier about location, demographics, the price you are willing to pay, etc.
For me the bottom line is this - I don't actively hunt for deals in Columbus, but I would definitely buy the right property in the right part of town for the right price. In doing so, I would only plan on improvement from my efforts, and not from an overall increase in the market.
Investor · Columbus, GA · Member since 2015 · 190 posts · 79 votes
8y
@John Watson, Great post!
I finished a four unit in FT Mitchell a few months ago and ended up buying PM software and self managing. After calling 5 diff property managers (one of which was bickerstaff) in the area, only 2 called back. Of the 2, only 1 showed up to interview on time.
Maybe I just had bad luck or maybe it was because the property is in Ft Mitchell but i wish you the best of luck.
Investor · El Paso, TX · Member since 2012 · 74 posts · 16 votes
8y
@Joel Owens your insight in this feed has been very helpful. I'm using the data in this feed to assess a 30 unit property in Columbus, but I will definitely pass because I will fit the criteria of a 1031 exchange buyer with a short fuse (lol) in 3 months, thank you for articulating what I experienced as a single family home investor in Columbus. I will be leaving this market because of it has been flat since 2010, and I'll have use the rent to own exit strategy. But thanks!
Investor · Columbus, GA · Member since 2015 · 190 posts · 79 votes
7y
I did a deal breakdown video of a 4 unit i completed in the area a while back that you may find interesting. I cashflow about 12k a year from it and its my most profitable deal in terms of cashflow right now.
Rental Property Investor · Tennessee and Georgia · Member since 2016 · 21 posts · 8 votes
7y
I have had pretty poor luck with property management in Columbus, Ga. Bickerstaff was exceptionally poor. I hit the gold mine last year and found a smaller company that does an awesome job. PM me if you are still searching for someone and I am glad to put you in contact!
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
7y
Originally posted by @Account Closed:
@Anthony Dooley what areas do you recommend investing in Columbus, GA?
As usual, the answer is "it depends." Any area is a good area if your criteria is being met. What kind of ROI are you looking for? Are you talking about wholesaling, or actually investing? Buying and holding is what I always recommend, but if you are a rehab/resell guy, the area would be different than if you wanted the most cash flow per month.