First Long Distance Out of State Rental Property!

42 Replies

Investment Info:

Duplex buy & hold investment in Columbus OH.

Purchase price: $120,000
Cash invested: $30,000

This is my first long-distance OOS purchase and hoping to BRRRR on my next deal.

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

After doing tons of research on the different markets and whether I should start with a single family or small multi, I found that a duplex in this area would best align with my goals and commitments.

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

My real estate agent brought it to me and negotiated from inspections.

How did you finance this deal?

I used a conventional loan from a lender recommended by my agent.

How will you add value to the deal?

The rents are below market so I'll be doing some cosmetic renovations to spruce it up.

What will be the outcome?

I will be able to increase the rents and build equity to eventually refinance for my next property.

Lessons learned? Challenges?

Make sure you read everything you're signing. It's easy to miss things when you're getting caught up in the moment.

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

My agent Remington Lyman and my lender First Ohio Home will answer any questions you may have whether you've had 50 years of experience or you're a complete newbie.

Feel free to connect with me and I'll answer any questions you may have.

On to managing my first property and the next deal!

Originally posted by @Andy Pham :

Investment Info:

Duplex buy & hold investment in Columbus OH.

Purchase price: $120,000
Cash invested: $30,000

This is my first long-distance OOS purchase and hoping to BRRRR on my next deal.

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

After doing tons of research on the different markets and whether I should start with a single family or small multi, I found that a duplex in this area would best align with my goals and commitments.

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

My real estate agent brought it to me and negotiated from inspections.

How did you finance this deal?

I used a conventional loan from a lender recommended by my agent.

How will you add value to the deal?

The rents are below market so I'll be doing some cosmetic renovations to spruce it up.

What will be the outcome?

I will be able to increase the rents and build equity to eventually refinance for my next property.

Lessons learned? Challenges?

Make sure you read everything you're signing. It's easy to miss things when you're getting caught up in the moment.

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

My agent Remington Lyman and my lender First Ohio Home will answer any questions you may have whether you've had 50 years of experience or you're a complete newbie.

Feel free to connect with me and I'll answer any questions you may have.

On to managing my first property and the next deal!

 Congrats on the deal in Columbus! Looking forward to many more!

@Andy Pham congrats on the deal. Mind sharing some of the current rents / expenses and your projections? I’m curious about the numbers in the Columbus area. I am currently looking to invest in a few out of state properties right now.

@Andy Pham I am taking baby steps, analyzing deals across many different geographies. Columbus is very high/prominent on my radar. I would love to chat with you sometime next week about your experience. Sent you a connect request.

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