All Forum Posts by: Matt Stewart

@Barak Yakobovich  Columbus is a great place to invest and you'll find no shortage of Realtors ready to tell you that.  But just a little reality check for you.  Columbus is ultra competitive right now.  Wholesalers who are having steady success are spending a LOT of money each and every month on marketing.  They have teams of people working deals 7 days a week.  This isn't to discourage you, but know what you're up against.  You're going to have a lot of competition.

Next, it's not going to be easy to find deals in C neighborhoods for $120k.  Most of what you see at that price range is in Linden or Hilltop, and those are D class neighborhoods.  I'm broad brushing it a bit but those are also high crime areas that I have always avoided.  There are C class neighborhoods in 43232 and 43207, but it's going to be tough to find anything at the price range you indicated.  If you can bump your price range up to $150k you'll have more options in better areas.

Earlier this year I really stepped up my direct mail and other marketing to motivated sellers in the Columbus Ohio area. Momentum has been building to the point now where I've nearly maxed out the private lenders that I'm currently working with. I hate the idea of turning away solid deals so I'm looking at new funding options. The numbers on the most recent contract are $186k purchase + $30k rehab, $300k ARV. Property is located just east of Columbus with about 1 acre of land.

I've completed over 100 flips dating back to 2008 and have a crew and plenty of subs to get the work done.  I have done 50/50 split deals in the past, but I think there are better options now with rates still relatively low.  I do have a couple traditional lenders that I can work with, and I'm not really looking for hard money.  But I'm open to any recommendations, suggestions, or interest.

@Lucy Iburg It depends on the type of sale. If this is a foreclosure then you're at the mercy of the court and would most likely lose your deposit. If it's an REO then you have better options. I'd just ask them and see what they say.

@Isaac Fridmann  If you're planning to use hard money you need to figure in interest payments on the loan.  That may be your biggest expense when it comes to holding costs.

The one thing I've learned to stay away from is foundation and structural issues.  I'm not talking about a bowing basement wall.  Those are easy enough to deal with.  But if you've ever tried to level out floors in a hundred year old house it can be a nightmare.  If there's a sag in the floors or stairways aren't level I'll walk away no matter what the numbers are.

I'm more particular about location and in particular the neighbors.  If the house across the street has six cars at it and half of them are parked in the yard it doesn't matter what you do to the one you want to buy.

Not sure if it applies to your situation, but usually when I get that smell it's from the plumbing.  A dried out P-trap or someone opened up a clean out and didn't put it back on correctly.  It doesn't take much sewer gas to really smell.

Most liens are wiped out by the sheriff sale.  If there's a tax lien then the proceeds from the sale would need to exceed the amount of the tax lien.  That won't be a problem for you in Franklin County.  Look out for any IRS tax liens.  Those may not get extinguished by the sale.

I always have my title company issue an owner's policy after I've won the bid and the court confirms the sale.

The Columbus area is great, but prepare yourself for high demand and low inventory.  The majority of listings are receiving multiple offers and going for list, or sometimes well over list.  It's highly competitive right now.

@Joe Miller  There's a facebook group called The Cream.  You'll find lots of wholesalers there.

You always learn a lot more from your mistakes.  One of the ones I learned from early on is to make sure you look at the neighboring homes.  You can always polish a turd, but you can't polish your neighbors turd.

Pics look great!  Nice rehab!