All Forum Posts by: Brendan Novisky

I am now looking for an insurance agent for a couple of duplexes in Columbus and it sounds like Rachel Ford is who I need to talk to. Would anyone mind sending me a PM with her contact info?

Please send me what you have in Ohio

@Dave Carpenter I haven't used the BP calculator for it but I have played with the numbers a bit on other calculators. I will run the BP one to see how it looks compared to the other calculators. Thanks for the idea.

@Dustin Beam

Yeah Ohio is pretty high in general on property taxes but that number seems higher than it should be for some reason. That is directly from the auditor site though.

Thanks for the input, I really appreciate the insight. I think I will pass and keep looking. 

@Allen Fletcher thanks for the advice. I have started with that mentality but haven't seen any properties that sellers are willing to part with under worst case assumptions. Maybe I should take that to mean that now I shouldn't be buying much unless I find the rare exception. 

I am looking at purchasing a 4-unit in Franklin county, OH and am looking for some other perspectives prior to putting in an offer. The details I know are:

Purchase Price: $289,000

Rents: range between $790-$875 (have not yet confirmed total gross income)

Taxes: $9,000

Utilities: All paid by tenants except trash

Desirable location that I expect to have stable growth but not massive appreciation

Mgmt: 6% + Lease up of full month (Currently long-term tenants want to stay)

The details I am estimating are:

Insurance: $2,800

Maintenance: 5%

Reserves: $300/door

At this point, when I do an analysis I can't see a way to get a decent return if the average falls closer to $790 but as the average gets closer to $875 I can see getting above 8%. Above 8% is acceptable to me but it may be a stretch with the numbers I am using. Any thoughts?

I agree with the previous recommendations to start listening to the BP Podcast and start going to COREE. I've only been there a couple of times so far since I'm also just starting out but that would be one of the best places to network and their meetings also have really great content. Good luck, it sounds like you are on the right path!

@John Horner

Thanks for the leads. I will get in touch with them to find out more!

Brendan

Hello,

I am currently looking for a broker to sponsor me in taking the Ohio real estate salesperson exam. I currently work full time already and really only intend to use my license in order to help with investing. Does anyone know of a broker either in the Columbus, OH area or south in Circleville/Chillicothe who would be interested in taking on an agent that intends to purchase properties but not pursue leads or other sales? Any help would be greatly appreciated!

Brendan

@Peter Lohmann

Thank you for the leads. I am not at all ruling out property managers who are not involved with sales. I will check out your site and be in touch soon.