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Shannon Kearns
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New investor/homeowner eager to learn and network 🤓

Shannon Kearns
Posted Mar 15 2023, 08:39

Hi all!

First off, thank you to BiggerPockets for all the amazing content you produce. The handful of YouTubes plus Dave M.'s webinar on multi-family have already taught me so much. 🙏🏻

A bit about me:

ATX > Columbus (yes, I made that move). Looking to purchase my first home in Columbus in the next 3-12 months and am interested in a multi-family, so I can tap into house hacking. Really eager to dive deep into this space and learn learn learn. I know very little about buying a home and even less about investing, so to say I'm a "newb" is likely an understatement. That said, I'm a fast learner.  

Areas I'd like to learn about:

- All things about owning your first rental property 🎉

- Top areas and reasons to invest in C-bus. I've never lived here and know little about the neighborhoods. Since I'll be living and investing in the same home, I def need some lessons on neighborhoods.

- Different financing methods, e.g., Partner investing. 

- Property management. I suspect I'll be the prop manager for my first multi, but I'm interested to learn the cost of outsourcing this, as I have quite a demanding job

- Building a roadmap

My goal in investing in real estate:

Like many, I'd love to be less dependent on my salary (eventually, not dependent at all). I work in tech, and I have a very demanding job, and it doesn't match w/ my lifestyle long-term. In 3-5 years, I want to take 6 months off work to pursue my other interests: 1) getting my yoga cert and 2) starting my own e-comm business. To do this comfortably, I'd like a monthly passive income versus having to dip into savings. I also hope to be a snowbird, so I can spend half the year here in Ohio with my family and the other half in warmer areas (San Diego or somewhere in Cali).

So great to meet everyone, and I look forward to connecting!

User Stats

893
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793
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Jimmy Lieu#5 New Member Introductions Contributor
  • Real Estate Agent
  • Columbus, OH
793
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893
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Jimmy Lieu#5 New Member Introductions Contributor
  • Real Estate Agent
  • Columbus, OH
Replied Mar 15 2023, 09:16
Quote from @Shannon Kearns:

Hi all!

First off, thank you to BiggerPockets for all the amazing content you produce. The handful of YouTubes plus Dave M.'s webinar on multi-family have already taught me so much. 🙏🏻

A bit about me:

ATX > Columbus (yes, I made that move). Looking to purchase my first home in Columbus in the next 3-12 months and am interested in a multi-family, so I can tap into house hacking. Really eager to dive deep into this space and learn learn learn. I know very little about buying a home and even less about investing, so to say I'm a "newb" is likely an understatement. That said, I'm a fast learner.  

Areas I'd like to learn about:

- All things about owning your first rental property 🎉

- Top areas and reasons to invest in C-bus. I've never lived here and know little about the neighborhoods. Since I'll be living and investing in the same home, I def need some lessons on neighborhoods.

- Different financing methods, e.g., Partner investing. 

- Property management. I suspect I'll be the prop manager for my first multi, but I'm interested to learn the cost of outsourcing this, as I have quite a demanding job

- Building a roadmap

My goal in investing in real estate:

Like many, I'd love to be less dependent on my salary (eventually, not dependent at all). I work in tech, and I have a very demanding job, and it doesn't match w/ my lifestyle long-term. In 3-5 years, I want to take 6 months off work to pursue my other interests: 1) getting my yoga cert and 2) starting my own e-comm business. To do this comfortably, I'd like a monthly passive income versus having to dip into savings. I also hope to be a snowbird, so I can spend half the year here in Ohio with my family and the other half in warmer areas (San Diego or somewhere in Cali).

So great to meet everyone, and I look forward to connecting!


 Hi Shannon, great to meet you and warm welcome to Columbus Ohio! I made a similar move - from Portland, Oregon to Columbus, Ohio here, and didn't know anyone or ever moved to Columbus before. I made the move purely because I wanted to be a full time real estate investor. Now, I can gladly say that I am super happy about my move here and have no regrets! I purchased my first house hack when I moved and got started renting out my bedrooms. Afterwards, I got into BRRRRs and flips and have been doing that ever since. I'd love to connect and help you out with getting started investing here in Columbus and walking you through all the steps here - especially with how to buy your first house, financing, and property management. I'm a local agent and investor here and work primarily with other real estate investors in this area!

User Stats

4,654
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5,130
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Remington Lyman
  • Real Estate Agent
  • Columbus, OH
5,130
Votes |
4,654
Posts
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
Replied Mar 15 2023, 09:54
Quote from @Shannon Kearns:

Hi all!

First off, thank you to BiggerPockets for all the amazing content you produce. The handful of YouTubes plus Dave M.'s webinar on multi-family have already taught me so much. 🙏🏻

A bit about me:

ATX > Columbus (yes, I made that move). Looking to purchase my first home in Columbus in the next 3-12 months and am interested in a multi-family, so I can tap into house hacking. Really eager to dive deep into this space and learn learn learn. I know very little about buying a home and even less about investing, so to say I'm a "newb" is likely an understatement. That said, I'm a fast learner.  

Areas I'd like to learn about:

- All things about owning your first rental property 🎉

- Top areas and reasons to invest in C-bus. I've never lived here and know little about the neighborhoods. Since I'll be living and investing in the same home, I def need some lessons on neighborhoods.

- Different financing methods, e.g., Partner investing. 

- Property management. I suspect I'll be the prop manager for my first multi, but I'm interested to learn the cost of outsourcing this, as I have quite a demanding job

- Building a roadmap

My goal in investing in real estate:

Like many, I'd love to be less dependent on my salary (eventually, not dependent at all). I work in tech, and I have a very demanding job, and it doesn't match w/ my lifestyle long-term. In 3-5 years, I want to take 6 months off work to pursue my other interests: 1) getting my yoga cert and 2) starting my own e-comm business. To do this comfortably, I'd like a monthly passive income versus having to dip into savings. I also hope to be a snowbird, so I can spend half the year here in Ohio with my family and the other half in warmer areas (San Diego or somewhere in Cali).

So great to meet everyone, and I look forward to connecting!


 Welcome to Columbus! I moved here in 2012 from CT. Started purchasing property in 2017. Pleasure to meet you

  • Real Estate Agent Ohio (#2019003078)

Reafco Logo

User Stats

202
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213
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Ashley Cross
  • Lender
  • Columbus, OH
213
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202
Posts
Ashley Cross
  • Lender
  • Columbus, OH
Replied Mar 15 2023, 10:15

Hi Shannon! Nice to meet you. I moved to Columbus in 2019 and I’ve been investing locally ever since. I didn’t start with house hacking but I’ve worked with many investors that did & have multiplied their units incredibly fast. It’s okay to jump into things without knowing everything. You’ll learn a lot if you surround yourself with good people and you’re willing to learn. Good luck with your journey! 

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Kristen L Garner
  • Lender
  • Phoenix, AZ
229
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353
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Kristen L Garner
  • Lender
  • Phoenix, AZ
Replied Mar 15 2023, 10:19

Hi, nice to meet you! I personally invest in Indiana (my hometown) but I work with a lot of investors in your area.  I'd be happy to connect and chat. Best of luck!

  • Lender Tennessee (#2189887), Nationwide (#2189887), Washington (#MLO-103098), Oregon (#2189887), New Jersey (#2189887), North Carolina (#I-210621), Idaho (#MLO-2082189887), Colorado (#100531120), Idaho (#2189887), Texas (#2189887), Nevada (#76744), Montana (#2189887), Arizona (#1034355), South Carolina (#MLO - 2189887), Ohio (#MLO-OH.2189887), Michigan (#2189887), IL (#031.0074060), Georgia (#2189887), Connecticut (#LO-2189887), Indiana (#53742), Florida (#LO93837), and California (#CA-DFPI12189887)

  • 213-880-0434
  • http://kristenloans.com
  • [email protected]

User Stats

509
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Austin Steed
  • Real Estate Agent
  • Columbus, OH
569
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509
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Austin Steed
  • Real Estate Agent
  • Columbus, OH
Replied Mar 15 2023, 10:35

Welcome to Columbus and BP! 

You're in two great places to start your investment journey. There's people investing here from all over the country if that helps you see why it's a good spot to invest haha. 

  • Real Estate Agent OH (#2016002609) and OH (#2016002609)

Lim Realty Group Logo

User Stats

63
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Replied Mar 15 2023, 10:51

Welcome!  I’m new to the game but investing and living in Columbus.  I can tell you based on recent experience not to be too ambitious on the scope of your first rehab haha.  

User Stats

3,665
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3,421
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Steven Foster Wilson
  • Rental Property Investor
  • Columbus, OH
3,421
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3,665
Posts
Steven Foster Wilson
  • Rental Property Investor
  • Columbus, OH
Replied Mar 15 2023, 13:00

Hey Shannon, welcome to BiggerPockets! It's nice to meet you. I'm a local investor and I was born and raised here in Ohio. Would be happy to connect with you. All the best!

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
3,616
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7,028
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
Replied Mar 16 2023, 03:10

@Shannon Kearns hopefully you find out cut & paste info below educational:

Beginning investors need to STOP believing all the fluff about rental investing, especially with the overheated real estate market trending to historic norms. Many believe unrealistic assumptions and often apply those assumptions to the wrong property classes.

In our OPINION (always verify yourself!):

Class A Properties:
Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.
Vacancy Est: Historically 10%, 5% the more recent norm.
Tenants: Majority will have FICO scores of 680+.

Class B Properties:
Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.
Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.
Tenants: Majority will have FICO scores of 620+, some blemishes, but should have no evictions in last 5 years

Class C Properties:
Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation. Can try to reposition to Class B, but neighborhood may impede these efforts.
Vacancy Est: Historically 10%, but 15-20% should often be used to also cover nonpayment & evictions.
Tenants: majority will have FICO scores of 560-600, many blemishes, but should have no evictions in last 2 years. Verifying previous 2-years of rental history very important!

Class D Properties:
Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciation
Vacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.
Tenants: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

User Stats

7
Posts
6
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Shannon Kearns
6
Votes |
7
Posts
Shannon Kearns
Replied Mar 16 2023, 04:07
Quote from @Drew Sygit:

@Shannon Kearns hopefully you find out cut & paste info below educational:

Beginning investors need to STOP believing all the fluff about rental investing, especially with the overheated real estate market trending to historic norms. Many believe unrealistic assumptions and often apply those assumptions to the wrong property classes.

In our OPINION (always verify yourself!):

Class A Properties:
Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.
Vacancy Est: Historically 10%, 5% the more recent norm.
Tenants: Majority will have FICO scores of 680+.

Class B Properties:
Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.
Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.
Tenants: Majority will have FICO scores of 620+, some blemishes, but should have no evictions in last 5 years

Class C Properties:
Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation. Can try to reposition to Class B, but neighborhood may impede these efforts.
Vacancy Est: Historically 10%, but 15-20% should often be used to also cover nonpayment & evictions.
Tenants: majority will have FICO scores of 560-600, many blemishes, but should have no evictions in last 2 years. Verifying previous 2-years of rental history very important!

Class D Properties:
Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciation
Vacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.
Tenants: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Make sure you understand the Class of properties you are looking at and the corresponding results to expect.


 Thank you kindly for this!!!! Super insightful and helpful guidance on how to beging thinking about these things. 

User Stats

7
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Shannon Kearns
6
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7
Posts
Shannon Kearns
Replied Mar 16 2023, 04:07
Quote from @Steven Foster Wilson:

Hey Shannon, welcome to BiggerPockets! It's nice to meet you. I'm a local investor and I was born and raised here in Ohio. Would be happy to connect with you. All the best!

Great to e-meet you! I'm finding there are a ton of agents on here, trying to navigate it all. 

User Stats

7
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Shannon Kearns
6
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7
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Shannon Kearns
Replied Mar 16 2023, 04:09
Quote from @John Mullen:

Welcome!  I’m new to the game but investing and living in Columbus.  I can tell you based on recent experience not to be too ambitious on the scope of your first rehab haha.  

Thank you for this advice! Fortunately, I'm not interested in a rehab. I don't have the time for it right now (or the know how hahaha). Maybe eventually! 

User Stats

7
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6
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Shannon Kearns
6
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7
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Shannon Kearns
Replied Mar 16 2023, 04:09
Quote from @Kristen L Garner:

Hi, nice to meet you! I personally invest in Indiana (my hometown) but I work with a lot of investors in your area.  I'd be happy to connect and chat. Best of luck!


 Amazing, thank you! 

User Stats

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Shannon Kearns
6
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7
Posts
Shannon Kearns
Replied Mar 16 2023, 04:10
Quote from @Ashley Cross:

Hi Shannon! Nice to meet you. I moved to Columbus in 2019 and I’ve been investing locally ever since. I didn’t start with house hacking but I’ve worked with many investors that did & have multiplied their units incredibly fast. It’s okay to jump into things without knowing everything. You’ll learn a lot if you surround yourself with good people and you’re willing to learn. Good luck with your journey! 


 Thank you for the reassuring words, great to e-meet you! 

User Stats

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Shannon Kearns
6
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7
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Shannon Kearns
Replied Mar 16 2023, 04:11
Quote from @Jimmy Lieu:
Quote from @Shannon Kearns:

Hi all!

First off, thank you to BiggerPockets for all the amazing content you produce. The handful of YouTubes plus Dave M.'s webinar on multi-family have already taught me so much. 🙏🏻

A bit about me:

ATX > Columbus (yes, I made that move). Looking to purchase my first home in Columbus in the next 3-12 months and am interested in a multi-family, so I can tap into house hacking. Really eager to dive deep into this space and learn learn learn. I know very little about buying a home and even less about investing, so to say I'm a "newb" is likely an understatement. That said, I'm a fast learner.  

Areas I'd like to learn about:

- All things about owning your first rental property 🎉

- Top areas and reasons to invest in C-bus. I've never lived here and know little about the neighborhoods. Since I'll be living and investing in the same home, I def need some lessons on neighborhoods.

- Different financing methods, e.g., Partner investing. 

- Property management. I suspect I'll be the prop manager for my first multi, but I'm interested to learn the cost of outsourcing this, as I have quite a demanding job

- Building a roadmap

My goal in investing in real estate:

Like many, I'd love to be less dependent on my salary (eventually, not dependent at all). I work in tech, and I have a very demanding job, and it doesn't match w/ my lifestyle long-term. In 3-5 years, I want to take 6 months off work to pursue my other interests: 1) getting my yoga cert and 2) starting my own e-comm business. To do this comfortably, I'd like a monthly passive income versus having to dip into savings. I also hope to be a snowbird, so I can spend half the year here in Ohio with my family and the other half in warmer areas (San Diego or somewhere in Cali).

So great to meet everyone, and I look forward to connecting!


 Hi Shannon, great to meet you and warm welcome to Columbus Ohio! I made a similar move - from Portland, Oregon to Columbus, Ohio here, and didn't know anyone or ever moved to Columbus before. I made the move purely because I wanted to be a full time real estate investor. Now, I can gladly say that I am super happy about my move here and have no regrets! I purchased my first house hack when I moved and got started renting out my bedrooms. Afterwards, I got into BRRRRs and flips and have been doing that ever since. I'd love to connect and help you out with getting started investing here in Columbus and walking you through all the steps here - especially with how to buy your first house, financing, and property management. I'm a local agent and investor here and work primarily with other real estate investors in this area!


 Thank you kindly for the thorough response! Will connect with you directly. There are a lot of agents via BP, so I'm trying to navigate it all. 

User Stats

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Scott Allen
  • Real Estate Agent
  • Columbus, OH
330
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294
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Scott Allen
  • Real Estate Agent
  • Columbus, OH
Replied Mar 16 2023, 12:06

@Shannon Kearns Welcome to Columbus and BiggerPockets. You're on the right track!

Reafco - Columbus, OH  Logo

User Stats

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Replied Mar 19 2023, 10:08
Quote from @Shannon Kearns:
Quote from @John Mullen:

Welcome!  I’m new to the game but investing and living in Columbus.  I can tell you based on recent experience not to be too ambitious on the scope of your first rehab haha.  

Thank you for this advice! Fortunately, I'm not interested in a rehab. I don't have the time for it right now (or the know how hahaha). Maybe eventually! 

Totally understandable.  Being open to rehabs opens up lots of potential properties, but that newfound margin may all go towards hiring a GC and subs to do the work for you.  Shoestringing it by self-performing all the work takes longer but it's what was achievable for me and my business partner on our first go-round.