All Forum Posts by: Dustin Faeth

Thanks for the input @Robert Auhll! The ARV is around $100k or so on this property. I received your email so I'll review that info and respond back to you.

Hey BP!

I'm currently in contract to purchase a duplex in Columbus, Ohio for $55k - both sides are currently rented at $600 per side ($1,200 per month total), and based on rent comps in the area, there is an upside to achieve $700+ per side once I turnover the units and make a few upgrades to the property.

Right now I'm looking for a private lender to help fund this deal and then I'll refinance the property with a local bank and cash out the lender in about 6 months, OR I'm also open to discussing terms for a possible JV partnership with a financial partner as a longer term buy and hold together as well. Feel free to private message me if interested and I can provide more info on the deal and we can talk terms.

Thanks for the feedback @Kyle H. and @Robert Ellis, that information is helpful so I appreciate it.  

Rob, I have a meeting with another attorney tomorrow to try to figure out the most logical path for getting this done, but feel free to PM me with your attorney's info if you don't mind and I may reach out for additional perspective.  

I'll let you know what ultimately happens with these other projects and can then look at pursuing additional opportunities like this if all goes well.  Thanks again!

Hey @Chad B.  I'm guessing you want a structural engineer to take a look at the foundation, and not just a standard home inspector?  I typically contact ProCheck Engineering for any foundation or structural issues and usually costs around $250 for an inspection and report.  If you're just looking for a standard home inspector, I always use Flinn Inspections and they do a great job.  Hope this helps!

Thanks for the feedback @Jeff B.  Was this property located in Columbus, Ohio or in California where you're located?

Hey BP,

Currently working on a couple projects here in Columbus, Ohio where we would like to convert a duplex into individual parcels that can be sold separately.  

I've consulted with some local attorneys and it seems there are a couple options for getting this done (each with their own set of pros and cons), but wanted to reach out and see if there are any local investors or other real estate professionals who have successfully executed something like this.

Any feedback is appreciated! 

Hey @Anna Milligan have you considered using a local property management company to lease up your property rather then trying to do it yourself?

Pretty much all property management companies will charge you one month's rent to lease up the property and you could then self manage once you have a tenant in place or you could have the same property management company continue to manage it for you also for a monthly fee.

I've been through the same struggles in the past trying to lease up my own properties and it was extremely frustrating and time consuming, so I decided the cost was worth it to leverage a PM company to do what they're best at and let them get a good , qualified tenant in place.  

All of the tenants the PM company has placed for me have signed a 1yr lease but stayed for 2 or more years.  Most of your success as a landlord is going to depend on the quality of tenant you get, so I like using a PM company that focuses on just that every day.  They have a database of potential tenants who are looking to rent properties just like yours, and they screen tenants for eviction history, criminal history, credit, employment history, etc., to ensure I get a good tenant in place, as quickly as possible.  

One bad tenant can cost you a lot of money in repairs, eviction cost, not paying rent, etc....just my 2cents from my experience so figured I'd share.  Best of luck!

Hey BP,

Our experienced team in Columbus, Ohio has another great rehab/flip property under contract and looking for a private lender who would like to work with us on this deal.  You will receive a recorded mortgage securing your loan in first lien position against the property.  Below is a brief summary of the numbers on this deal so PM me if you're interested and I can send you all the details, photos, etc....

ARV: $375k - $400k

Purchase Price:  $105,000

Estimated Repairs:  $155,000

Estimated Total Hold Time:  6-8 months

Scheduled Closing Date:  December 1, 2016

Hey BP,

I'm seeking a private lender who wants to partner with us on our upcoming rehab/flip project here in Columbus, Ohio.  We have a very experienced team and your investment will be secured by first lien position on the property.  Below is a brief summary of the numbers on this one, so feel free to message me if you're interested and I can provide you all the details of the project, photos, etc:

Purchase Price:  $180k

Rehab Estimate:  $130k

ARV: $415k - $425k

Thanks @Account Closed, I'll give you a call!