All Forum Posts by: Jason Allen

Columbus, Ohio is a great market for this. You can easily find deals where you're all in at 70% of the ARV.

As stated above, most of the agents in my office can refer multiple contractors. I'd shoot for the one that the agent uses for his own personal projects.

I think this all depends on the market. Some markets are experiencing sharp declines while others are maintaining stability and even appreciating. Investing in a market with a strong and growing economic base can help reduce the chances of depreciation. 

 I'd suggest investing in Columbus, Ohio. The local housing authority just approved a substantial increase in the housing voucher rates. So, a property that already meets the 1% can meet the 1 1/2% rule with the right section 8 tenants. 

Your dad can help investors flip houses without having any skin in the game. By just charging them for the work and learn what the investors are doing that works. Then he can replicate what they are doing. Typically, you should try to be all-in on a property for 70% of the ARV (After repair value). For example, if you think a property would be worth 500k after rehab, and it needs 100k worth of work, you should purchase it at no more than 250k. Rehab 0f 100k + purchase price of 250k = 350k. 350k is 70% of 500k.

You can start by house hacking a SFH or multi-family. If buying locally is not an option, you can look to buy out of state.

Built in rent escalation every year.

 There are an abundance of affordable deals here in Columbus, Ohio! It is not unusual to for our investors to get a duplex for under 200k.

You should open a business account. Typically, you'll form an LLC, obtain an EIN, deposit the funds you intend to use for the down payment into this account, and use these funds to make the purchase.

Lenders who work with investors who are foreign nationals usually require a significantly higher down payment. 40 - 50%, unless you can find a partner who is US based.