All Forum Posts by: Derek Hanners

Thanks, 

Joshua Janus already gave me some of Reafco's connections!

I plan to use a couple of them.

Had a tenant do some serious damage to a property recently, and I'm looking for a contractor that specializes in rentals.
As in, isn't expecting a $40k kitchen remodel but more in line with what a rental property remodel would be.

Thanks,

Derek

I would tend to agree with Jonathon, student housing is a well known area. Also, a lot of the long term rental postings are pretty far out from campus.

Thanks for the feedback everyone, the quick responses are appreciated!

Thanks for your input and knowledge.

Hello,

I have lived in Columbus for a large majority of my life and I currently have 2 rental properties. I am wanting to buy a few more and I would like to get them here in Columbus but with the limit experience I have I am ... 'worried' I guess is the best word.

My concern is when I look at rentals on zillow the market sees flooded with rentals of all different types and a ton of those rentals have been up there for at least a couple months. I'd think the Columbus market was quickly growing with all the hospital and technology investments happening around the area. Are renters hard to find right now in Columbus? Is Columbus indeed a growing market (Children's Hospital, Wexner Medial, Intel, and other investments)? Or should I look in another location?

Thanks in advance.

Derek

Depends on how trustworthy they are and their financial situation.
Had a guy string me along for an extra month with words like this. He was a newer tenant with no prior evictions so I trusted him when he said that he was getting out and just needed to find a place for his family so they weren’t on the street. Meanwhile he bought a new car ... he left when I filed the eviction paperwork.

But if you trust them then you can save the hassle of getting your eviction costs back in small claims, and save a tenant that just had a turn of bad luck those costs too.

Good luck.

Hello,

I am relatively new to RE Investing and had some questions about expectations.

I don't want to have unreasonable expectations when it comes to my team members and I think I was spoiled by my first realtor that helped find a home to live in. She was FANTASTIC.

Specifically, what kind of expectations do you have of your Real Estate Agent, Lender and Property Managers? What things should I expect and not expect them to do?

Regards,

Derek

@Tanner Crawley

and 

@Dave Foster

Thanks for the advise. The only reason I was considering the OZ route is because I was reading if I had the house for 5 years that's one of the OZ milestones in which I can reduce my tax burden? The house hasn't been an OZ for 5 years though so I don't think it works this way? 

--That I have owned it for more than 5 years but not an OZ for 5 years.

@Megan Shay

No I do not, I am wide open to recommendations and welcome the help.

Edit:

@Megan Shay

The house is in Port Orchard. Do I need to find someone in the WA area or OH area?

Hello Cbus,

I moved back to Cbus a few years ago (born and raised here, just returning). I own a property in the Seattle area I plan to sell and reinvest the funds into the Cbus RE market. 

Turns out my Seattle property is in an opportunity zone. I was planning on trying to get a 1031 Exchange done with the sell of the house but now I'm wondering if the OZ path would be more fruitful. I've perused through the FAQ's on websites and the info can be a bit complicated. They have differing tiers based on how long you've owned it, how you reinvest, etc.

Long story short I'm looking for a local adviser of some sort to help me sort it out. Not sure if I should be looking for a RE Agent, lawyer or CPA though? Any advice or recommendations for a contact that can be helpful would be much appreciated.

Thanks!

Derek 

@Frank Geiger

The property is at $204k, I bought for $265k, comps are selling for $315k and zillow (I know it's not accurate, but still a tool I give SOME consideration to) puts it at about $350k. I have the rent a little low at the moment and could probably squeeze another $100/m out of it.

I have a little over 14 years left on the mortgage at the current rate.

I do like the idea of a free and clear property, and to be clear if I had this property close to where I currently live, I'd keep it for sure.

@Seth Ferguson and @Rob Mcclellan, thanks for your input, my heart tells me to keep the property as well, but my head is hesitant.