Buy and hold Grove City, Ohio and surrounding area

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Buy and hold Grove City, Ohio and surrounding area

Ida Powers
Grove City, OH · Member since 2017 · 27 posts · 8 votes

Hi All, 

I wanted to get some advice and bounce some ideas off of you. I currently live in Grove City because I commute to my job to Wilmington, Ohio. I own and rent a house in Raleigh, NC. Originally bought that to live in and rented it out to friends to move closer to family in Columbus, Ohio. Tenants are great and my house has already appreciated a decent amount!  I am considering buy a house in the Grove City area to live in for a couple years and then rent out. I'm currently paying $1130 in rent a month and I have money for a down payment and then some.  My only hesitation is that I want to move out west in 2-3 years. In your opinion, is it worth wasting money on rent if I have the capital to buy a house right now? How difficult would it be to manage the property with a property manager from afar? My family does live here in Columbus so I will be back a few times a year to check on things but I wouldn't want to burden them with managing my property unless is was absolutely needed. 

Thank you in advance! I really appreciate any advice or insight you can give me!

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Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
9y
Originally posted by @Ida Powers:

Hi All, 

I wanted to get some advice and bounce some ideas off of you. I currently live in Grove City because I commute to my job to Wilmington, Ohio. I own and rent a house in Raleigh, NC. Originally bought that to live in and rented it out to friends to move closer to family in Columbus, Ohio. Tenants are great and my house has already appreciated a decent amount!  I am considering buy a house in the Grove City area to live in for a couple years and then rent out. I'm currently paying $1130 in rent a month and I have money for a down payment and then some.  My only hesitation is that I want to move out west in 2-3 years. In your opinion, is it worth wasting money on rent if I have the capital to buy a house right now? How difficult would it be to manage the property with a property manager from afar? My family does live here in Columbus so I will be back a few times a year to check on things but I wouldn't want to burden them with managing my property unless is was absolutely needed. 

Thank you in advance! I really appreciate any advice or insight you can give me!

 I would encourage you to purchase the home. The average home in Grove City is around $170k this year and for that amount in rent you could easily be getting equity every year. Plus grove city in my personal opinion is one of the best areas to invest in single or multifamily. We just listed 14 units there and have had a lot of interest. My mechanic just bought a house there and one my friend's who's a teacher. Not to mention Grove City has the highest number of transactions per zip code in all of Central Ohio. I think it was Ohio Health or Mount Carmel that just moved several hundred jobs out there as well. Really solid place to buy a single or multifamily property. 

[email protected]786-494-6766
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  • Matthew Tringali
    Property Manager · Charlotte, NC · Member since 2017 · 68 posts · 39 votes
    9y

    Hi @Ida Powers , we have a lot of clients that do exactly what you described.  They bought a house and lived there and whether they planned to or not, ended up moving out of town and renting it out with a manager.  That setup works really well for them.  Just make sure you hire a property manager you like and trust will treat it like their own.  Good luck!

    0Reply
  • Ian Kurela
    Specialist · Charlotte, NC · Member since 2016 · 239 posts · 117 votes
    9y

    Credit Alejandro Salomon for this (not on BP)

    I suggest purchasing that second SFR in Grove City and renting until you move out West. The excess cash flow from the rental will help offset (most likely) a large chunk of your rental expense. Secondly, you will be growing your equity through the rental. This is especially advantageous if the rental is more expensive than your rental. When you move out West you could absolutely have your family property manage if you give them a cut, I don't see what's wrong with a proper family contract.

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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    9y
    Originally posted by @Ida Powers:

    Hi All, 

    I wanted to get some advice and bounce some ideas off of you. I currently live in Grove City because I commute to my job to Wilmington, Ohio. I own and rent a house in Raleigh, NC. Originally bought that to live in and rented it out to friends to move closer to family in Columbus, Ohio. Tenants are great and my house has already appreciated a decent amount!  I am considering buy a house in the Grove City area to live in for a couple years and then rent out. I'm currently paying $1130 in rent a month and I have money for a down payment and then some.  My only hesitation is that I want to move out west in 2-3 years. In your opinion, is it worth wasting money on rent if I have the capital to buy a house right now? How difficult would it be to manage the property with a property manager from afar? My family does live here in Columbus so I will be back a few times a year to check on things but I wouldn't want to burden them with managing my property unless is was absolutely needed. 

    Thank you in advance! I really appreciate any advice or insight you can give me!

     I would encourage you to purchase the home. The average home in Grove City is around $170k this year and for that amount in rent you could easily be getting equity every year. Plus grove city in my personal opinion is one of the best areas to invest in single or multifamily. We just listed 14 units there and have had a lot of interest. My mechanic just bought a house there and one my friend's who's a teacher. Not to mention Grove City has the highest number of transactions per zip code in all of Central Ohio. I think it was Ohio Health or Mount Carmel that just moved several hundred jobs out there as well. Really solid place to buy a single or multifamily property. 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    1Reply
  • Zac Schmelzer
    Investor · Galloway, OH · Member since 2014 · 11 posts · 2 votes
    9y

    Great place to own property. I own and manage many properties there. Main thing is the going prices can be a little high for numbers to work for a rental. 

    0Reply
  • Michael Hamby
    Flipper/Rehabber · Pensacola, FL · Member since 2015 · 220 posts · 99 votes
    9y

    Hi Ida, 

    I think it is worth buying a house as long as the numbers make sense after you move out.   With a $1130 payment you could afford something pretty nice and lock a good interest rate while they are low.   If you purchased a Multfamily that would would help you earn cashflow now as well.    I can also refer you to a property manager that I know that does a fantastic job.    

    0Reply
  • Ida Powers
    OP
    Grove City, OH · Member since 2017 · 27 posts · 8 votes
    9y

    Thanks for all the advice! I will start moving forward with buying my next buy and hold property :-) 

    0Reply
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