Hello BP family! My name is Charles, I am a new investor looking to enter in the Columbus market. I am very excited and pumped for this journey! My strategy I plan to use is buy and hold, I have a goal of acquiring my first property before the end of the year. Any advice given would be highly appreciated from local investors. Thank you all and Is wish everyone success in their real estate journey.
@Charles Day Welcome to the Columbus market. My advice depends on what your goals and strategies are. I personally invest in small multifamily properties around the city center. I try to stay in B neighbourhoods but I recently picked up a 4 unit in a C-/D+ area
First thing I would do is make sure your financing is all squared away.
Once you know your monetary constraints you can set up a search with a Realtor to those parameters or look for off market deals of course.
I've got some lenders in the Colunbus area that I can pm your way. Remember with some lenders you can use 75% of rental income (even potential with some LO's) to help your debt to income ratio.
I am also interested in buying my first rental income property and am new to Bigger Pockets. When looking new the OSU campus, I noticed that they are many renovated properties that are part of the Ohio State University Homeowner Incentive Program. Do these homes that are part of this program increase the attractiveness of the investment? They seem quite a bit more expensive than the average value in the area probably because of their recent renovations. This is my first post on the site so should I throw out an address here so someone can evaluate the income potential for me? Thanks to all.
@Remington Lyman Hello, thanks for commenting. I plan on using the the BRRRR strategy. I'm still in the process of understanding the whole strategy My goal is to acquire 20 single family properties in great neighborhoods.
@Austin Steed thanks for commenting and for the recommendation. Yes I would love for you to pm the contact information for the lenders you have. I appreciate that.
Sent. Cheers to investing in Columbus brother!
I am also looking to invest in this market. Honesty just getting started with my research. I want to start with SFR and then move into multi family. Long term buy and hold/ BRRR method.
Will be following your journey.
@Geoffrey M Hersch Single-family homes near The Ohio State University are expensive because you can get high rent from college students. You can also underwrite the property with 0% vacancy. I would recommend getting with a Realtor and start analyzing deals. Typically, properties near the university do not cash flow as well due to the high demand for college rentals.
@Austin Steed thanks my friend
@Remington Lyman Thanks for that! There are several 100% Renovations near OSU that are gorgeous. One, particularly, a duplex with 4BD/2BA in each unit would rent for an estimated $4,800/month. Selling for top dollar I assume at $586k. It does cash flow but with the high loan amount I'd have, I could probably buy several lower priced properties. This is when my analysis paralysis starts.
Hi, @Charles Day ! You've picked a great area to start investing in. Austin is correct on using the potential rental income to qualify for the loan - it's a great tool to use when debt to income ratios are tight. Let me know if you have any questions about the area or financing!
@Benjamin Piecenski thanks a lot, I appreciate it