All Forum Posts by: Marc Rice

@Nicholas A Kligmann

Could you keep your home as a rental now and refinance at a 30 year note for a lower monthly payment, and then do an owner occupied house hack on a 1-4 unit?

I’d be cautious of moving into a bigger and more expensive house if you’re trying to save for an investment property (wasn’t sure if that’s what you meant by move into up into bigger house).

@Dov Klitnick

Communication is key, tell her you’re missing out deals because of her and find a better agent

Columbus, Ohio is a perfect market. With Ohio State University, as well as numerous other small private/state colleges located in the cities you can choose which sub-market you want to invest in. Lots of college housing is renting for $500-600/mo/bed. You'll have 11.5 month leases and normally annual turnover at the end of July.

Markets like Indianapolis, as well as Columbus, OH are great markets to invest in where you're money will go a lot farther and you'll be able to experience the growth of those affordable cities. A lot of buyers from out of state invest here in Ohio and continue to invest.

@Mia Duncan

I’d look in the Midwest for affordable rentals at $100k a piece. You could buy 4 of those at $25k down on each of those and get off to the races.

Another option is to BRRRR by buying a value add property and renovating it with your cash and then going to a bank at the end for a refinance to pull it all back out and to start again.

@Bradley Halvorson

Columbus is very hot right now with higher purchase prices starting usually around $70k for most buyers. The cash flow is a bit lower with 1% rules in C class neighborhoods but it’s hard to find 1% rules in A/B now.

Dayton, Cleveland, and Cincinnati are similar markets with lower price entry points and higher rent to price ratios.

There’s also sub markets around Columbus that allow you to invest and ride the Columbus wave without paying the Columbus prices such as Newark, Lancaster, Marysville, etc.

@Chandler Ryan Simpson

Best of luck on your journey! Networking with other local investors, agents, and vendors is a great way to start to build your momentum and team.

That sounds like a great and achievable goal. I wish you the best and would emphasize the importance of finding a good property manager, agent, contractor, and lender in your local market.

@Tyler Williams

8-12% is around the range in the Midwest. I'm hot markets like Columbus, it's getting tough to even get 10% CoC in C class neighborhoods just because it's becoming so hot and competitive. I think budgeting for 8% will eventually lead to 10% as rents increase over time and your systems become more lean.

@Charlie MacPherson

Good insight there! Lots of interpretation and nuances