Just getting started as an investor in Columbus!
Member since 2021 · 11 posts · 22 votes
Hello everyone,
I'm new to the forums, as well as investing. I live in Portland, OR and don't want to get started here as an investor since the numbers simply don't seem to work out for cash flow. I've chosen Columbus as my market for various reasons and excited to start building my team. I've been taking the Zero To Freedom course through Semi-Retired MD to ramp up my knowledge of the industry.
I would love to connect with other investors as I have lots of questions moving forward and will be looking for recommendations.
Thanks in advance.
@Shawny Le - CDA is a great market! I own rentals in the downtown CDA area, have another under contract, and will start to pick up additional deals as I find them. As an investor in three states, I would caution you on investing out of state when you live in a great market, in my opinion. Do you have any connection to the Columbus area? If not I would recommend investing in your own backyard... One thing to consider is what is your, "unfair advantage"? From my limited perspective, it would be connections and expertise in the local Northern Idaho market, especially with all of the development and investment that is happening. Just my two cents. Good luck with your first deal!
Hi Sean,
Sounds like your looking to be a long term rent/hold investor (LRTH)based on looking for cash flow. I dabble in several areas of real estate, but my main focus is LRTH. I know a lot of people struggle in this market finding "deals" and even finding cash flow. I think they're just not capitalized well enough or they're looking for home runs every time. My opinion of LRTH is just finding good property that are in good areas. I'm buying mostly off MLS too. It's been a gold mine for me. Always happy to share my strategies if you want to connect.
Marc - would be great to hear what "good properties in good areas" means for your investing strategy.
Hi Sean,
Sounds like your looking to be a long term rent/hold investor (LRTH)based on looking for cash flow. I dabble in several areas of real estate, but my main focus is LRTH. I know a lot of people struggle in this market finding "deals" and even finding cash flow. I think they're just not capitalized well enough or they're looking for home runs every time. My opinion of LRTH is just finding good property that are in good areas. I'm buying mostly off MLS too. It's been a gold mine for me. Always happy to share my strategies if you want to connect.
Marc - would be great to hear what "good properties in good areas" means for your investing strategy.
Sean - First, I noticed my dyslexic tendencies got best of me in my acronym. LRTH should be LTRH (long term rent hold). Next, what does "good properties in good areas" mean to me. Here's the list of my last 3 purchases:
Single-family attached home in Dublin for $185K, purchased in Nov 2020, rents for $1705, property was most turnkey ready... spent $2200 in additional improvements prior to renting. My all-in payment with PM costs is $1050. Current est. value = $210K.
Single-family detached home in Hilliard for $160K, purchased in Oct 2019, original rent for $1525 and spent about $7K in additional improvements, now it rents for $1650 but we remodeled kitchen. my all-in payment with PM costs is just under $1100. Current value = $225K based on 3 identical split levels on street.
Most recent purchase is Single-Family home in SE Columbus for $175K, purchased last month. We rent for $1350. my all-in payment with PM costs is $905. This home is the highest sale in the neighborhood, but completely turnkey... which to me means new kitchen, granite countertops, vinyl plank and wood flooring throughout, finished basement, newer mechanicals, etc. I know the person that did the remodel and thus know the quality.
Currently in contract for Worthington condo at $210K. will need to put new flooring in otherwise good for rent. Should rent for $1700. My all-in payment with PM and condo dues will be $1245.
Overall, my strategy is buying property that is in really good condition or easily updated to really good condition. "good condition" is very subjective, especially in the rental industry. I like my rentals look as nice as the high-end apartments that are built around Columbus. This gets me higher rents, less money spent on maintenance, and less vacancy issues. "Rental grade condition" is not an option for me.