Where are the Columbus OH investors at?
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Chatsworth, CA · Member since 2016 · 190 posts · 224 votes
6yThat's awesome, congrats on those big deals! I'm also in SoCal and am closing on my second duplex in the last two months in Columbus. I'd love to eventually get into a bigger property like the ones you picked up. The market in Columbus is a bit aggressive but there's tons of great properties/opportunities. I can't wait to actually visit some day.
I have a great agent and property management company that I've been really happy with. Toughest part from what I've heard from other investors is finding good contractors. My management company has their own that they use and will manage jobs for a 10% fee which isn't bad especially for smaller jobs since I'm remote. For bigger jobs that could be a lot of money but bigger jobs may need more babysitting and checking on quality so maybe it's worth it.
15 Replies
- Chatsworth, CA · Member since 2016 · 190 posts · 224 votes6y
That's awesome, congrats on those big deals! I'm also in SoCal and am closing on my second duplex in the last two months in Columbus. I'd love to eventually get into a bigger property like the ones you picked up. The market in Columbus is a bit aggressive but there's tons of great properties/opportunities. I can't wait to actually visit some day.
I have a great agent and property management company that I've been really happy with. Toughest part from what I've heard from other investors is finding good contractors. My management company has their own that they use and will manage jobs for a 10% fee which isn't bad especially for smaller jobs since I'm remote. For bigger jobs that could be a lot of money but bigger jobs may need more babysitting and checking on quality so maybe it's worth it.
- 6yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Originally posted by @Ki Lee:
Hey Buckeyes!
I'm new to town, sort of. My name is Ki and I'm from Southern California. I've visited Columbus several times since about this time last year, but last month my partner and I planted a flag here by closing on two portfolios, a 36 unit and 24 unit apartments. We love Columbus, and are excited about our journey here. We met a lot of great people and built a fantastic team. We'd love to meet even more new friends. We would love to network, share ideas/contacts/ and find other ways to add value to each other. We fly into Columbus several times a year, and would love to go to an OSU game and/or have a beer in Short North. I would love to connect with any investors/brokers/lenders/legal counsels/accounting experts/contractors/handymen and more!
I am trying to take more clients to games this year. I love going to them, regularly get free tickets from my athletic connections
- Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes6y
Originally posted by @Allen Tracy:
That's awesome, congrats on those big deals! I'm also in SoCal and am closing on my second duplex in the last two months in Columbus. I'd love to eventually get into a bigger property like the ones you picked up. The market in Columbus is a bit aggressive but there's tons of great properties/opportunities. I can't wait to actually visit some day.
I have a great agent and property management company that I've been really happy with. Toughest part from what I've heard from other investors is finding good contractors. My management company has their own that they use and will manage jobs for a 10% fee which isn't bad especially for smaller jobs since I'm remote. For bigger jobs that could be a lot of money but bigger jobs may need more babysitting and checking on quality so maybe it's worth it.
I'm a local and never worked in a different market, I'm curious how Columbus is considered aggressive vs other markets?
- Chatsworth, CA · Member since 2016 · 190 posts · 224 votes6y
I submitted 23 offers on 13 different properties before I got my first one accepted. I've noticed that properties are going for over asking to buyers paying cash and some have no contingencies including not even having an inspection. Blows my mind. Some of these properties would be great deals if you could get them just below asking, they end up being just good to ok deals at the prices they're going for. Lots of out of state buyers just trying to get into the game so they're overpaying slightly which includes myself.
- Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes6y
Originally posted by @Allen Tracy:
I submitted 23 offers on 13 different properties before I got my first one accepted. I've noticed that properties are going for over asking to buyers paying cash and some have no contingencies including not even having an inspection. Blows my mind. Some of these properties would be great deals if you could get them just below asking, they end up being just good to ok deals at the prices they're going for. Lots of out of state buyers just trying to get into the game so they're overpaying slightly which includes myself.
Apologies but I snooped, I found what I think is your duplex on 21st in South Linden via our auditor website. I live in and invest just north, in North Linden, and am familiar with that little pocket south of that school in South Linden. It will be really interesting to hear what issues that property gets, as that has historically been a really challenging C-/D area.
I agree this market is cutthroat, I am always looking at REO and lately people have been stealing the keys out of lockboxes and jamming the locks, and the auctions get bid up closer and closer to ARV. The wholesalers are relentless too.. I can't even imagine what its like from a broker standpoint who sees more internal workings of this market.
- Chatsworth, CA · Member since 2016 · 190 posts · 224 votes6y
Yeah that's the property I got just a month ago. Unfortunately I was under the impression that it was a solid C area and not C-/D area. After I purchased it my property manager said I got lucky because if it was just a few streets down it was a really bad area. I'm a little nervous about it but one side is a 13 year tenant who takes great pride in the place and really looks after it. The other side is newly renovated and we just placed a new tenant who is an injured vet on section 8 (my first time with section 8). He's got a good history and is a bit older so I'm hoping he works out. Eventually I'll be able to rehab the other side and add some value but for now I'll leave things alone, fingers crossed on the location. I purchased mainly for cashflow so I don't expect property value to rise much in the next five years.
The other one I'm closing on next week is located in Hilltop. I had another investor tell me he'd never buy anything in Hilltop but my agent and property manager said like all other bad areas there are good streets and bad streets and that this location should be good. It's another duplex with one side remodeled and vacant. I'm a little nervous about the Hilltop area also but I'm also looking for cashflow on this one.
I was under contract on a duplex in Franklinton but backed out after the inspection. I hope to eventually get some in some better areas and lose a little cashflow to gain some property value and peace of mind. What areas do you like investing in?
- Chatsworth, CA · Member since 2016 · 190 posts · 224 votes6y
@Account Closed I'm also always looking for great contractors/handymen. Seems like they are hard to come by in Columbus.
- Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes6y
Originally posted by @Allen Tracy:
Yeah that's the property I got just a month ago. Unfortunately I was under the impression that it was a solid C area and not C-/D area. After I purchased it my property manager said I got lucky because if it was just a few streets down it was a really bad area. I'm a little nervous about it but one side is a 13 year tenant who takes great pride in the place and really looks after it. The other side is newly renovated and we just placed a new tenant who is an injured vet on section 8 (my first time with section 8). He's got a good history and is a bit older so I'm hoping he works out. Eventually I'll be able to rehab the other side and add some value but for now I'll leave things alone, fingers crossed on the location. I purchased mainly for cashflow so I don't expect property value to rise much in the next five years.
The other one I'm closing on next week is located in Hilltop. I had another investor tell me he'd never buy anything in Hilltop but my agent and property manager said like all other bad areas there are good streets and bad streets and that this location should be good. It's another duplex with one side remodeled and vacant. I'm a little nervous about the Hilltop area also but I'm also looking for cashflow on this one.
I was under contract on a duplex in Franklinton but backed out after the inspection. I hope to eventually get some in some better areas and lose a little cashflow to gain some property value and peace of mind. What areas do you like investing in?
I have a hyperlocal approach, I live in and invest only in north linden. Keeping myself to one area means i can study the market closely, know the different types of housing/layouts that are common, where the crime/junkie nexuses are, and most of the guys i hire are all in NL also. Also being out in the community and being known as an honest easygoing guy who pays cash means i can get offmarket deals directly at times. I talk to all the neighbors of my rentals and help them out when I can, its a friendly diverse area with high demand so it makes it fun... I also know each block down to almost individual houses so makes deal analysis fast as well.
All that said, i know bupkis about Franklinton etc. If i have to get on a freeway its too far! Haha
I also dont have any good experiences with GCs here. I function as my own GC and handyman, have good trades guys ive found within the community, really is a trust builder when the guy paying and the guy working know where eachother live! - 6yDavid AcostaPro MemberWilmington, NC · Member since 2014 · 208 posts · 144 votes
Congrats on the recent success @Ki Lee -- looking forward to following along!
- Chatsworth, CA · Member since 2016 · 190 posts · 224 votes6y
Originally posted by @Account Closed:
Originally posted by @Allen Tracy:
Yeah that's the property I got just a month ago. Unfortunately I was under the impression that it was a solid C area and not C-/D area. After I purchased it my property manager said I got lucky because if it was just a few streets down it was a really bad area. I'm a little nervous about it but one side is a 13 year tenant who takes great pride in the place and really looks after it. The other side is newly renovated and we just placed a new tenant who is an injured vet on section 8 (my first time with section 8). He's got a good history and is a bit older so I'm hoping he works out. Eventually I'll be able to rehab the other side and add some value but for now I'll leave things alone, fingers crossed on the location. I purchased mainly for cashflow so I don't expect property value to rise much in the next five years.
The other one I'm closing on next week is located in Hilltop. I had another investor tell me he'd never buy anything in Hilltop but my agent and property manager said like all other bad areas there are good streets and bad streets and that this location should be good. It's another duplex with one side remodeled and vacant. I'm a little nervous about the Hilltop area also but I'm also looking for cashflow on this one.
I was under contract on a duplex in Franklinton but backed out after the inspection. I hope to eventually get some in some better areas and lose a little cashflow to gain some property value and peace of mind. What areas do you like investing in?
I have a hyperlocal approach, I live in and invest only in north linden. Keeping myself to one area means i can study the market closely, know the different types of housing/layouts that are common, where the crime/junkie nexuses are, and most of the guys i hire are all in NL also. Also being out in the community and being known as an honest easygoing guy who pays cash means i can get offmarket deals directly at times. I talk to all the neighbors of my rentals and help them out when I can, its a friendly diverse area with high demand so it makes it fun... I also know each block down to almost individual houses so makes deal analysis fast as well.
All that said, i know bupkis about Franklinton etc. If i have to get on a freeway its too far! Haha
I also dont have any good experiences with GCs here. I function as my own GC and handyman, have good trades guys ive found within the community, really is a trust builder when the guy paying and the guy working know where eachother live!That's great, that would be the number one way I would like to invest and definitely the surest way to get good safe deals and save money on repairs. I even have experience in construction and do most of the repairs on my primary home. The cost of Los Angeles and most of California in general just makes it impossible to invest here without having millions in cash which is why many out of state people are investing in Columbus.
- Schaumburg, IL · Member since 2020 · 6 posts · 4 votes6y
@Allen Tracy
I’m considering investing in Columbus as the Chicago market seems to be trending downward. I was wondering if you would kindly share your experience investing there.
- Chatsworth, CA · Member since 2016 · 190 posts · 224 votes6y
Originally posted by @Shawn Jorgensen:
@Allen Tracy
I’m considering investing in Columbus as the Chicago market seems to be trending downward. I was wondering if you would kindly share your experience investing there.
It's a very competitive market but there are plenty of properties both on market and off market. There's everything from turnkey down to full gut rehabs. Plenty of single and multi family places. If you want the 1% rule you'll need to be in the C neighborhoods. There are properties for sale in all types of neighborhoods from A down to D so make sure you have a good agent and property manager to let you know which one the property is in. There are investors from everywhere there so you'll have to be ready to bid against large investing companies that are local as well as many out of state investors. I've been seeing most properties going to asking price or even slightly higher so make sure when you're running your numbers you see how much higher you're willing to go over asking price.
- 6yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Originally posted by @Shawn Jorgensen:
@Allen Tracy
I’m considering investing in Columbus as the Chicago market seems to be trending downward. I was wondering if you would kindly share your experience investing there.
I would recommend investing in Columbus, Ohio. I started house hacking and now I am purchasing properties on commercial notes. I plan to scale bigger and bigger and one day get into syndication of larger deals.
- Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes6y
You can take me to a game @Remington Lyman
- 6yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Originally posted by @Zeke Liston:
You can take me to a game @Remington Lyman
I guess you are one of my clients now...
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