All Forum Posts by: Matt Stewart

If you win the bid, or sometimes even if you're the high bidder with a little time to go, they'll call you to go over the process.  The times I've won they've given me a couple days to sign and return docs along with the deposit/em.  Definitely get your own title insurance, although it will cost a bit more.  Once the title work is complete and the seller is ready to close they'll contact you again to ask when you want to close.  It's all electronic signing and via email.

@Jennifer Meier  It shouldn't take any time at all to get a building permit if you have all the info and drawings that they require.  I pulled a building permit about a month ago, walked in and showed them what they needed to see, plans approved, walked out with the permit.  Whole process took about an hour.  Your contractor isn't being entirely truthful with you.

Add me to the list - NEVER use their title company.  I've made that mistake twice and I was an idiot for doing it that many times!  Doesn't matter if it costs more to use your own title company, just do it.  It will save you money, time, and headaches in the long run.

@Glenay Coleman  If you're willing to do a little bit of work you can get everything you need from public records for free.  Check out the Franklin County probate court website.  Be advised that unless something has changed from the last time I was looking into it, the court usually will not approve a sale for less than 2/3 of appraised value, even if the executor agrees to it.  There may be cases where you can request a new appraisal that would support a lower value, but be prepared for that obstacle.  Good luck!

@Kyle Hyatt  I've been a fix and flip guy in the central Ohio area for about 12 years.  It's as challenging now as it's been since I've been in real estate.  My team and I are still focusing primarily on flips, but beginning to add on some rental properties as well.  Build your team, boots on the ground are vitally important.  Feel free to reach out if there's anything I can do to help!

I can see the logic in putting personal belongings into storage to CYA, but if it was me everything would be in the dumpster and the locks changed on day one.  Do you think the bank puts everything in storage when they do a cleanout after foreclosure?  If utilities are off the property will be considered uninhabitable by the city.  Don't overthink this.  Get 'er done! 

@Carlos Mezquita  I've got a contract on a duplex in Groveport.  Should be closing on it in a few weeks.  Let me know if that's an area you'd be interested in.

@Ryan Ocarroll  I don't think you're going to find a quick and easy answer to your question without having a big margin for error.  There's too many variables to just punch numbers into a formula and come out with anything close to a reliable rehab estimate.  You need boots in the ground locally to be your eyes first of all to determine what needs to be done.  Then start getting estimates from different contractors.  After a while you'll get a feel for the time and expense of most things.  

Always build in a cushion to your numbers because there is always things that come up during rehab that are not expected or accounted for in the initial budget.  You can budget for a new roof, but then once it's torn off you may find rotted plywood or fascia.  It's normal to find plumbing issues once you start tearing out kitchens and bathrooms.  Also keep in mind that everything is relative to the general condition of the property.  Those doors and trim that look good enough to keep when you first walk through a property in bad shape will look pretty rough once everything else around them is new and/or freshly painted.  

Bottom line, don't look for the quick and easy way to estimate your rehab expenses unless you're going to build in a big cushion for what you're going to miss by taking a shortcut.

I have just one criteria that I look for - profit.

It's all just numbers.

@Account Closed  I'm primarily a Columbus and surrounding area investor doing mostly fix and flips.  I've never done a deal in Zanesville, but I have done one in Lancaster and another near Newark.  The biggest difference I've noticed in these smaller markets is the smaller buying pool which equates to more time on market before you close.  Now maybe that's not as big an issue if you're a buy and hold guy, but it's something to keep in mind.  

I find myself peeking out into these smaller markets from time to time.  It does seem like there's opportunities there if you take the time to learn the market.