Looking to purchase 4-Plexes in the Columbus Oh area

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Looking to purchase 4-Plexes in the Columbus Oh area

Marc DuLaney
Columbus, OH · Member since 2017 · 17 posts · 14 votes

Hello fellow Bigger Pocket members. I am looking to purchase multi-family properties (preferably 4-plexes) in the surrounding Columbus Ohio area. Please feel free to reach out to me if that is something you may happen to come across. Thanks a bunch!!!

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  • Chase Vance
    Investor · Columbus, OH · Member since 2018 · 54 posts · 47 votes
    7y

    @Marc DuLaney Hey Mark, that is awesome!! How do you plan on acquiring it & finding the 4plex?

    I am actively looking for a 4plex as well to house hack with a cheap loan (whether vacant or with 3 units currently occupied), and continuously add value to it, with the goal of moving into a conventional loan (not FHA). This will be my first investment. 

    My big thing is that I am contemplating between a listed 4plex or an off market 4plex. There are benefits to both, but the true value-add opportunity is in the off market deals that you can traditionally finance through a mortgage lender, unless you have enough cash to acquire yourself or with a partner and the deal is priced at a discount. 

    It seems the trick to finding a 4plex around Central OH is to find the seller first before any investor/wholesaler finds them. When you're the direct source, you have all the control and buying power. You have to approach the seller/owner correctly too though. 

    I am a long-term apartment guy and my goals include reaching 100 units then 1000 units, and I am developing a plan of action to scale quicker, through creative acquisition such as private money syndicating/partnering. I'd rather have 20% of a huge deal than 100% of a small deal. 

    Let's connect outside of BP!!!

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

    Hey @Marc DuLaney Have you settled on an asset class or location?...there are 232 neighborhoods in Columbus and 21,000 multifamily properties...

    I'd be glad to connect if you want to talk shop...looks like you're local, so if you want to grab a coffee sometime feel free to reach out.

    Best of luck

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  • Marc DuLaney
    OP
    Columbus, OH · Member since 2017 · 17 posts · 14 votes
    7y

    @Chase Vance Thanks for reaching out Chase. Currently, I have an agent that sends me leads on a daily basis, but most of them I can search for on the MLS (Redfin.com , Realtor.com, Zillow.com etc). I was wanting to get into direct mail marketing so I could potentially have more leads which in turn could lead to more opportunities for me to find a property, but that is still in the works.

    I also couldn't agree with you more with trying to find a seller before any other investor/wholesaler finds them. That is the tricky part as you mentioned. I believe direct mail could help with that so we could lock in potential deals before they go in the MLS and get first dibs at them.

     I am also wanting to hold these properties that I acquire for the long-term. My goal is to acquire at least 2 properties each year that cash flows 500/month for the next 3-5 years. Once that goal is met, I believe I could potentially quit my 9-5 job, focus on growing my business even more and really be financially free (which is my ultimate goal!!!) 

    I would love to connect outside of BP!!!

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  • Marc DuLaney
    OP
    Columbus, OH · Member since 2017 · 17 posts · 14 votes
    7y

    @Brandon Sturgill Thanks for reaching out Brandon. I wanted to start out with small multi-family properties (preferably 4-plexes) in the surrounding Columbus Oh areas (Westerville, Gahanna, New Albany, Reynoldsburg, Worthington, etc). The location is pretty important to me because I plan on buying and holding any property that I acquire so I don't plan on selling anytime soon. 

    I would love to sit down and collaborate. 

    2Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    7y
    Originally posted by @Marc DuLaney:

    Hello fellow Bigger Pocket members. I am looking to purchase multi-family properties (preferably 4-plexes) in the surrounding Columbus Ohio area. Please feel free to reach out to me if that is something you may happen to come across. Thanks a bunch!!!

     Welcome! 

    [email protected]786-494-6766
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    0Reply
  • Juhriah Smith
    Contractor · Columbus, OH · Member since 2018 · 49 posts · 20 votes
    7y
    I know a guy that is really good bird dog if interested. I also know that an off market or on market deal that is a multifamily project is going to require a lot of work and something you probably don't want to do twice. please PM and let me know if you need some help. Thanks,
    0Reply
  • Joshua Hively
    Columbus, OH · Member since 2018 · 218 posts · 134 votes
    7y

    @Marc DuLaney I am also in Columbus and just recently closed on our first deal. A 4 unit! We found ours by networking with a property manager in the neighborhood that we wanted to invest in. Feel free to reach out if you want to chat.

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  • Marc DuLaney
    OP
    Columbus, OH · Member since 2017 · 17 posts · 14 votes
    7y

    @Joshua Hively Thats amazing!!! How did you come across finding the property manager that you ended up getting the deal from?

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

    @Marc DuLaney It was just a family owned business. C.R. O'Neil. They are brokers, agents and property managers. I was doing due diligence on a duplex that happened to be in a flood zone and I then found out that they managed the property next door. Since they have been around for like 100 years, I thought they might have a good idea of what my risk exposure was in that area. During our meeting he told us about a few properties that might be for sale. A week or so later, the seller of the duplex died and we made an offer on the 4 unit he told us about. Us and the seller were motivated. He accepted our offer and we had no request to remedy.

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  • Marc DuLaney
    OP
    Columbus, OH · Member since 2017 · 17 posts · 14 votes
    7y

    @Joshua Hively Wow that's amazing!! I'm looking for a reputable property management company and being around 100 years say A LOT!!! Thanks for sharing your story and also the property management company. I plan on giving them a call to see if we would be a good fit for each other. :) 

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