All Forum Posts by: Carlos Quiros

Hi Dayton BP Family! I just went under contract on a 4-unit property in Springfield OH and am looking for a good contractor recommendation to walk the property for me, as I will be investing out of state. Please message me if you know anyone who has done good work for you in the past!

Was looking at a multi family in Springfield OH and on paper it looks good and cash flows. The neighborhood has less crime compared to other parts. My worry about Springfield is that it seems like a run down town and stagnant. I want my property to appreciate so I can take the equity in a few years and use it to buy another house. I don’t want to be stuck with a property in a town with no growth. I’ve thought about Dayton or other towns near Columbus. 

Does anybody have any thoughts on Springfield or any good markets for someone who is looking at the $150k range? 

Unfortunately, many people are forced to sell as they can no longer afford to keep their homes. I have spoken with numerous people recently who have stated this. I really feel for the seniors on fixed incomes who cannot afford to keep their homes or have to go without any insurance. It is a real mess. And there is no relief in sight on the insurance front so I don't expect the situation to get better anytime soon. 

But if you can find a good deal there is money to be made. It is unlikely to find a good deal on the market. You need to find off-market deals and preferably direct to seller. What kind of investing are you interested in? Buy and hold? Flipping? New builds?

I am located in New Orleans. Insurance here is a nightmare, putting a real damper on the market. Premiums have doubled, tripled, and even quadrupled for some. 

I have a podcast on the local real estate market in New Orleans. Check out this episode on insurance:  Episode 22: What in the world is going on with homeowners insurance in Louisiana?

Hello Carlos

It's fantastic that you can get help with your search from a local in New Orleans (NOLA). Properties in New Orleans often remain on the market for more than thirty to sixty days for a variety of reasons, some of which make the market distinct. Seasonal changes frequently impact the activity of both buyers and sellers, which causes variances in the speed at which properties sell. Demand in the local market and the state of the economy both have a big impact on how quickly transactions get through. Furthermore, sellers may price their houses higher than what the market will bear, which causes them to remain on the market for longer. Properties' length of time on the market may also be impacted by their condition, especially older or dilapidated properties that are typical in historic districts.

New Orleans presents a challenge when it comes to insurance rates because of its susceptibility to hurricanes and flooding. These hazards have the potential to dramatically raise insurance premiums, which could negatively impact rental properties' cash flow. Duplex or triplex insurance premiums can differ significantly depending on a number of variables, including building condition, coverage levels, and location. It's possible to anticipate paying between $1,500 and $3,000 annually for each unit, but to fully grasp the range of expenses, it's critical to obtain estimates from several insurance providers.

If you intend to keep one unit unoccupied for guests, a triplex could be a more practical and affordable choice. It will be essential to have precise estimates for prospective rental income and insurance expenses when determining whether or not your investment is feasible. I wish you luck in your hunt, and it will surely help to have a reliable local acquaintance act as your eyes and ears on the ground.

Feel free to reach out directly if you have any other questions/just want to discuss!

 near east side is on fire. we are building two triplexes in 43203. there are plenty of new builds, variance requests, at least 800 units going in to this small submarket over the next few years, very strong market. any downtown adjacent within 1.5 miles is where our focus is. higher rents, higher price per square foot exit, plenty of land to purchase right now, total control in new construction. I don't know much about amazon I wouldn't even say that's a driver in that small market. columbus as a whole is the driver not amazon.