All Forum Posts by: Connor Johnson

@Frank Lo Most of them are in the sweet spot but we have around 20 units on the other side of fourth. 

The campus market is highly competitive and not much meat on the bone in the area in my personal opinion. Student housing is great and is the majority of the portfolio we manage. Its great due to the fact they have co-signers so in a way you have guaranteed rent. As Steven mentioned above 11-Lane are the areas where you can get great rent, I would focus my energy on finding ways you can add livable space to your deals. Most opportunity for deals is going to be on the right side of Fourth st (12TH-15TH) further away from campus but still some deals to be had in the area 

I highly suggest owning your own rentals, property management is all of the problems and none of the benefits of owning property. From what your saying it make much more sense goal wise to invest in real estate. 

What I would do in this situation is charge a $250 non refundable pet fee and $25 per month per pet. If they pay on time and you have 1.5 month rents deposit that’s a solid position to be In. May be a lot to evict but if you think they will cause 10k in damage then proceed. To touch on a point above you could give them the right to remedy. Also ask the handy man is the house destroyed? I allow 2 pets max, this is a good learning lesson for the future tho! 

In Columbus 50k is going to get you into a neighborhood that is pretty dicey, I think you can deploy this plan in any Midwest city with a little digging. If you had any questions about the city feel free to PM I have had great success with small multifamily thus far. 

There are several areas in Columbus that are solid. I think it more depends on your goal, are you looking for pure cash flow? Appreciation? Campus market is TIGHT, but there is a lot of opportunity on the southside of Columbus and west side (Franklinton). Sub 200k duplex's where you can meet the one percent rule with a little digging and ride the wave of appreciation as they are up and coming areas. 

We use 525 credit score, three times the rent in monthly gross income and no prior evictions, felonies or bankruptcies. If they can meet that works for us. We rent A-B properties. 

I think monitoring it is good for now and once it becomes an issue if it does then take action. Legally I don't think there is anything you could do as of now to mitigate the issue. We had a tenant at an apartment building similar to this one and was never an issue. Unit was a burden to turn when she did move but other than that was fine. 

Being born and raised in Columbus I am bias but it is a great market apperception has been insane to say the least, secondary markets are great as well with the majority of suburbs having fantastic schools and they have less competition. We have a 20 unit building in Westerville that was a killer deal and pulls 950 plus rents. If you want to connect, more than happy too. 

What is your long term goal? I would hold and use another owner occupied to go about buying another property of if you have a influx of deals coming to you 1031 into something bigger. I think this comes down more so to your long term vision of where you want to be and if this property will be apart of the equation.