All Forum Posts by: Account Closed
Account Closed has started 0 posts and replied 38 times.
Post: So I go view a property that appears to be an amazing deal....
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
I was showing a property to a family with two teenage children. I went back into one of the bedrooms and saw wet streaks running all down one wall. The streaks had not been there a moment before. I was trying to figure out what was leaking. The mother came in and asked what I was doing and I told her I was trying to find whatever had started leaking down the wall. "Oh, that's holy water," she said. "My son threw holy water on the wall." Another time I showed a property where the owners were about half moved out, and they had left an enormous, ferocious dog in a crate in the garage, and a cat in the basement which was filthy with spilled food and cat excrement surrounding an overflowing litter box. When people peeked into the garage the dog burst into a growling, snarling fit and when they opened the door to the basement the stench hit them at the same time the cat tried to escape. The wife of the couple I was with cowered in the dining room and told her husband, "You go look. You're brave."
Post: What about the Columbus, OH market?
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
Great answer, Peter Lohmann. As a realtor in the Columbus area, people frequently ask me where the best neighborhoods for investors are located. They don't want to use my services and pay me a commission, mind you, they just want to pick my brain. Obviously, I'm not going to do all the work to find them a bargain and then stand by while they go directly to the seller and make an offer. Trying to get something for nothing rarely works out well. Likewise, trying to make a bundle on low-income properties is a tough proposition if you mean to be responsible landlord and/or property manager. You can, of course, move up to more expensive properties, but many of the same challenges apply. I have seen properties that rent for well over $2000/month trashed by careless tenants. The bottom line is, this is not an easy business.
Post: What about the Columbus, OH market?
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
Mike,
How much rehab are you prepared to do? Low priced homes in rent-ready condition are extremely rare here. Columbus properties in the price range you are looking for will almost certainly need work.
Post: long distance managing
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
Be very choosy about the property management company you select. Get referrals and read your contract carefully. I've seen quite a few that do nothing other than collect the check.
Post: I'm off to a good start, but I need advice.
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
I agree with John and Douglas. Pull some much-needed cash out of the Phoenix house, provide yourself and your family with a safety net, and purchase one or more revenue-producing properties with the remainder. Also, think about the expenses of maintaining properties in areas far from you. How are they managed, and at what expense? Those properties could be losing more value than you think due to lack of proper upkeep. "Accidental landlords" often do not have an exit plan for their investments, a plan that includes eventually selling the properties. There are great materials available from this website that will help you on your way to building a solid investment business. Good luck!
Post: Newbie from Columbus, Ohio
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
Gary, Welcome to BP and good luck with your plans! We are starting Columbus area meetups and I hope you will join us for the next one.
Post: Excited newbie-Cincinnati, Ohio
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
Welcome to Bigger Pockets! The information and support here are terrific.
Post: Would you consider college to be essential when going into a field such as real estate?
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
I think college is helpful, especially if you have studied business or marketing, but far from essential. Learning is essential, but if you are a self-motivated, entrepreneurial type, you can seek out the information you need. Surround yourself with good, capable people, ask their advice, and read everything you can get your hands on. Good luck!
Post: Wholesaling and the Law
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
As I understand it, you need to be sure that you are not misleading people into thinking you can sell them properties you do not own. To be clear, you are selling your interest in the property, not the property itself. My attorney son says, "Always think about contracts as if you will be going to court. Clearly state everything that everyone agrees to in the contract, no matter how friendly everyone is when the deal is made."
Post: New Member from New York Ciy (investing in Ohio)
- Involved In Real Estate
- Pickerington, OH
- Posts 45
- Votes 3
Welcome Cheryl,
This community is great for support and information. I'm a realtor in the Columbus, Ohio area. Let me know if I can help.