Updated over 9 years ago on . Most recent reply
BRRRR ("fix and rent") in Columbus area
I'm curious if BRRRR ("fix & rent") works in the Columbus metro area. Essentially, the ability to have your purchase price + rehab costs <70% of the ARV, so after you rehab you can find tenants & then refinance to get all of your cash back. I'm sure there must be some areas / neighborhoods where this works? Of course, the other requirement is that the rental income is enough to cover your mortgage + expenses on the back-end. So this tends to work best in middle class neighborhoods.
Are there any licensed real estate brokers / agents who can help me find such properties? Not interested in Turnkey btw - I'd rather buy pre-renovation (not post-renovation) to capture the equity myself.
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I am new to the forum and real-estate investment. But my family has done essentially Fix & Rent in the Columbus metro area for ~18 years.
If you are looking for working class neighborhoods I would recommend you look into North Linden (43211), South Linden, or Northland (43229). I am getting $715 with an $20,000 + $10,000 rehab in the 43211 area code. In some areas there are always a couple of streets that can be pretty low-end but a majority are just working class people. You would probably have to drive around to get a better sense.
I hope this information helps! PM for a real-estate contact here in Columbus.