All Forum Posts by: Austin Steed

Hi Peter, I've got a good GC that you can use. I sent him to a client in the past and no complaints on over a 100k rehab. I can send you his info in a PM. 

Also just completed my first BRRRR property in Columbus and was a great success. I am living in the other half but still seeing some cashflows as the rent is higher than my mortgage. I should be able to re-fi for more than I put into the home. I'll go 100% LTV with a VA loan. Point is Columbus is a great place for BRRRR strategy and would love to talk with you more about it!

Everyone has given great advice. I would add that you have to think of Real Estate as any investment. Finance 101 is to invest in the highest returns with the lowest risk. Credit Cards have extremely high interest most of the time above 15%. For sure pay those off before you look into Real Estate. Columbus OH is seeing 6 - 7 caps in prime markets. Not even close to that 15! 

@Jaysen Medhurst great thanks. That makes sense. Going 100% LTV helps a lot with that too.

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I bought this home using a VA loan, 100% LTV and now I will be doing a cash out refi.

It just seems a little crazy that my CoC returns is (Inf). Is this a goal that you guys shoot for when you are doing the BRRR strategy?

Yes I agree with @Trent Ecklar.

Cap rates are still tight in primary markets. Investors locally, from other states and even internationally are looking at secondary markets. Columbus is one of those secondary markets. Very strong here still!

Commercial Brokers are segmented by market pretty heavily. What type of broker are you looking for? 

@Greg H. Amazing. Thank you for the info!

@Greg H. Doesn't HUD want to see that you are owner occupying the property, ie living in one of the units?

@Michael Deter Even if investors are lying about living in a unit I don't think it is worth the risk to me. As you can be fined 250k for doing so. See https://www.investopedia.com/terms/o/owner-occupan.... 

Also just put in a bid on this one for a client. This one is hot in Columbus! 

@Paul Cecil The investors I've worked with usually will close on the property then set up an LLC. The LLC mostly is the name of the address. Ex "123 Main LLC "would be the name. Then they transfer after closing. One good thing about setting it up before hang however is that there are no Dower rights.

@Mitch Messer could not agree more. I think that is the most common and easy way to divide ownership. 

@Paul Cecil LLC's in Ohio are fairly easy to set up and inexpensive. Just above $100. So having properties set up under LLC is fairly common and I have a few investors that do just that. Also note that you can transfer the title to an LLC after closing if you are okay with ownership being messy in the beginning with your partner.

Best of luck!