Smaller pockets hoping to be bigger someday
Hello! I'm excited to be a part of the BP community. Really looking forward to the journey ahead.
I've got a modest sum of money that I would like to use to get started in real estate investing. I have studied, and studied more - while there is obviously much more for me to learn, I am ready to start reaching out and networking and talking to people. I know the real learning will come with that first deal.
I moved to Columbus, OH from Portland, OR about a year ago... spent 10 years in Oregon. TBH, i didn't really know anything about Columbus other than OSU is here. Seems like I missed the investment boat by a few years. Sad, considering the same thing happened to me in Portland...had I bought a house there in 2011, i'd be sitting on 300% appreciation. Insane. But that wasn't my goal back then so can't worry about it now.
My goal now is to try do multi-family BRRRR and hold for cash flow. I gather this is everyone's goal so it's a bit crowded. Maybe it's impossible. I would love to hear if anyone has had any success doing this! However, there aren't any 4 families in Columbus, it seems. In fact, of the duplexes I've analyzed in Cbus...the math is not working out. Doesn't mean there aren't any deals, I guess, but the purchase price is too high and rents too low... Maybe I need some help analyzing deals - I could be overly conservative in my numbers but it seems prudent to assume high expenses (10% vacancy, cap ex, prop management). Also, after factoring in rehab costs...I'm not convinced the ARVs are high enough to make BRRRR feasible.
Lastly, I am originally from the St. Louis area and know that city very well. My family is still there so I'm back often, enough that I'm considering it as a place to invest also. That said, I'm considering anywhere within 5-6 hours of St. Louis and central Ohio. I met with a realtor in STL this past weekend, she said she would e-mail me some examples today and I never heard from her. Guess I'm not that big of a priority. Sad.
Thanks all, hope to connect. If you're in Cbus or STL, let's meet up!