All Forum Posts by: Josh Quinn

@Adam Gilbert

Wow that was all incredibly helpful! Thank you so much for the response! 

@Adam Gilbert @Mike G. @John D.

I'd like to be down in the Twin Palms area. The wind is a bit of a concern, but more so is the impact of what one sees when they look out their front door. Taking walks around those neighborhoods and having virtually every single house be perfect is a big selling point. However I am worried it's going to be too difficult to get in there in a way that cashflows at this point. I don't think I'd go over 500k and fear I missed the boat. I see some advantages of some of the northern neighborhoods from an appreciation standpoint and being closer to stuff. For people like me traveling with the kids, it's less of an issue as we just want to be at the house around the pool but I could see younger people valuing being more in walking distance to downtown. 

I'd be curious if there are any weird California tax things that might impact out of state investors. It seems like a logical instrument they would use to try and get a handle on out of reach real estate prices for residents. 

If any neighborhood associations have any sort of rules on maximum number of vacation rentals, if they'd have any sort of control over that. I know I saw some signs in our area that weren't super favorable to vacation rentals so I'd be a little concerned the neighborhood associations in masse could do something. Furthermore I feel like the sheer number of vacation rentals has likely been a large part of the surge in pricing over the past five years and wonder what would happen to my property value (and theirs) if they were to succeed in any action against vacation rentals. 

If anyone has an average monthly amount to throw into my spreadsheet for Gardner and pool maintenance I'd love to know that too!

@Mike G. or anyone else that would be willing to share your Palm Springs knowledge I would be really appreciative. Actually typing this from the rental we've been in the last two weeks. I was actively searching for single family rentals and possibly a vacation rental in a nearby resort town in Columbus, OH but I feel like the cashflow and appreciation potential is way higher here. Plus it would be something my family would actually use a couple of times per year. I am curious how many blind spots there are in my projections based on not really knowing what services and taxes will cost in this market vs. my own. Hope everything is going well for you so far!

@Amber Koontz thanks for sharing! Hope I can report a similar story soon! 

I might be playing it too safe but I am looking at buy and holds in areas with good school districts whereI believe there is a good chance of having tenants for multiple years. Beyond that though I am not super picky. UA, Grandview, Dublin, Hilliard, Bexley, Obetz, Reynoldsburg, Westerville, Gahanna... I might eventually get comfortable enough buying out of state but I want at least my first few to be within a half an hours drive or so. 

I would love to hear of any local meetups that I might be able to attend!

I am currently feeling pretty discouraged. I feel like I have a strong strategy set (one 2-4 plex per year as buy and holds plus a few vacation rental cabins in a nearby town for stronger cashflow) but after looking for almost a year on the MLS, Loopnet and various auction sites I am starting to not believe these deals are out there. I'm halfway through Brandon Turner's "Book On Rental Property Investing" and the examples in there really have me scratching my head.

I will admit I am a bit skittish, at least for my first couple of deals, at buying in a different market. Here (Columbus, OH) I'd say the average for a 4-plex one could get $600 per unit per month for is $400,000-$500,000 in any decent neighborhood. So, additionally, who is buying these properties?! How is anyone making these numbers work? 

How long did you hunt for your first deal? I really just want to get the first deal done. I know I'll learn a ton and subsequent deals will go better. I think I could even stretch a little bit on the 1% rule or any other viable metric but I can't go that far. 

Oh yeah that is for sure my preference as well. But being from Columbus you understand our market right now. Duplexes to fourplexes in any reasonably safe appreciation bet right now (Southern Orchards, Weinland Park, Merion Village, Franklinton, even Linden really) are all being split and turned into condos so it doesn't feel like a buy and hold investor can afford to get in right now. I feel like with Columbus' growth expectations there is tremendous upside in the next 5-10 years and I'd love to own more down here but I want to at least break even while I am holding. Leaving 270 feels like the only way I can do it right now. I feel like the only way I can do it is a complete gut job rental / auction, which I am not opposed to in the long run. I've personally rehabbed all three houses I've owned and have retail stores I have essentially built all of the fixtures for and feel like many of my operational skills from that are transferable to this. I am just looking for something safe and relatively turnkey for my first deal to learn the ropes. 

I am a newbie in a hot market. I don't feel like I have the connections or credentials to find "good" off market deals yet. I have some friends that flip and we've already spoken about doing a project in the near future but I have a baby coming in late October and I'd ideally like to make my first acquisition and have a tenant in place before that happens. 

I've started to narrow in on a strategy that I think is decent and I'd love to hear any feedback on positives or negatives of the idea. Initially I was turned off by the idea of condos but given my situation I feel like the positives of being a condo landlord outweigh the negatives. So at the moment I am looking at stable suburbs of Columbus, OH with good schools where I can get condos under $125,000 that I should be able to hit the 1% on. I don't think there is much upside potential for appreciation but the lack of exterior maintenance is appealing and my guess is that it's a good way to get long term tenants, i.e. families that are there for the school district and less likely to move. 

I like the idea of not having to spend too much on the first deal or two to get my bearings. I feel like I can't lose too bad if something goes wrong on a less expensive unit part of a larger complex if I do my homework regarding the HOA and assessments.

Positives and negatives of this? Would you personally choose single family homes over condos in similar areas? Anyone love or hate condos? 

To those upset about the lack of compensation, blogging and speaking means different things to different people at different times. I write and speak for free and not (though not as often as I'd like) depending on context. Writing helps me organize my thoughts and hone my message. In particular writing on outlets with large readerships that are not my own, in theory, raises my profile so that I can make more writing and speaking for myself. Like most people transitioning from full time business ownership and operations to speaking and consulting, I find value in just doing the work. The more I write or put keynotes together I find that I can with more clarity and efficiency. I welcome the opportunity to use my experience and offer help where I can. 

Hey Mindy, I submitted. While it would likely seem obvious based on my blog, as there is no option for adding a note during the submission process, I've owned several businesses over the past 15 years. I am interested in approaching this from the standpoint of a newbie who is trying to use real estate both to diversify with something a bit more stable from my day job (we own retail stores) and ultimately find more balance in life.