All Forum Posts by: Jesse Phillips

1&2. Columbus is not cheap & you have to be competitive to buy in good areas here (unless you just buy the cheapest properties on the market). So this market is for someone thinking long term not to collect some quick cash bc interest rate is not your friend at this second. To jump in now or not is a subjective answer. What's your alternative for investment if you dont do RE? Stock/bond? Are you happy with that return? Go for it. Are you in love with tax write offs from RE so you can diversify your investment? Are you low/medium/high risk takers? How much you know about a market to build your confidence and make informed decision? Did you have a team in a market yet? I am a Realtor/Property Manager/Lender in Columbus market and happy to answer further questions.
3. You need a good attorney here. They can ask you questions that you might not though of, e.g: if a team member wants out - what's the procedure? Who do what to maintain the partnership and how's the decision making process looks like? (simple as who open the bank account and manage it?). What's the dynamic of your partnership - friends, family? Are you material for a partnership - there are ppl can't be a good fit for a partnership.
4. When ppl get to where they need to be they can be generous to help others to get there. The pie is big for everyone no scarcity mindset needed.

@Jesse Phillips I’ll start with discussing partnerships. Make sure you have a formal, written agreement with at least one well defined exit strategy. Trust me, I have been burned twice by not doing this, it was expensive and extremely stressful. Once a lengthy court case was involved.

Partnerships can be defined however you want to set them up. By the amount of money put into the deal, by the amount of work put into the deal, one puts money, one works, there’s all types of scenarios you could come up with.

I don’t think the Midwest is saturated, I think there’s still good deals out there you may just have to look a little harder and they’re probably more expensive than they were 3-4 years ago. However they’re still less expensive than other parts of the country. I think you can still get good cash flow there.

I think there’s other cheaper markets in the country where you can buy properties for $15,000-$30,000 but I think it’s harder to get the renovations done, the property management handled, and as good a quality of tenants. It’s also likely that the properties are farther apart and will require more of a search to find.