I bought a dump in Columbus, OH

17 Replies

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $80,000

I just purchased this 4 unit. I will probably have to put about $100,000 into it. I hope to rent it out at $3.000 a month. I want to refinance it and get most of my money back.

What made you interested in investing in this type of deal?

It is a brick 4 unit (2bd 1 ba) on Rodgers Ave in Franklinton. I wanted to purchase this because the seller was motivated to get rid of it since it requires a lot of work. I hope to get all of my money back when I refinance it and cash flow $1,500/month

How did you find this deal and how did you negotiate it?

I cold-called the seller.

How did you finance this deal?

Cash

How did you add value to the deal?

I am currently renovating it, new electrical and new plumbing. I will put A/C in the building. Fixing the structural issues on the outside.

What was the outcome?

I do not know yet.

Lessons learned? Challenges?

I am about to learn a lot. Currently working on getting all of the tenants out.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent. I am working with a lot of subcontractors.

@Noman Qureshi What stopped you?

@Kevin Miller I have a book of subs that I used for different tasks. I am acting as the general contractor.

@John Manner It is not. If you look at my bio you can see the inside. Fortunately, I found a fantastic demo person that hauled everything away

@Remington Lyman

Congratulations!

Putting 100k into a 4 unit - what’s your estimated time to complete rehab?

Removing tenants - is Ohio considered landlord friendly in terms of speed of removal?

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