All Forum Posts by: Marc Rice

@Keith Knuppel

My friend and business partner who I do short term rentals with just moved from Columbus to Raleigh as well. We’re evaluating doing vacation rentals in the western NC mountains. I’d love to connect to learn what results your seeing in the coastal markets there. We evaluated Wilmington for a bit too.

@Marcos Gonzalez

The Midwest has some great markets to offer with affordable price points. Homes start at $50k for single families in solid markets out here.

I recommend buying a home that cash flows so that even if the market goes south you can still hold it and not be forced to sell. In your example, it sounds like you're 100% banking on appreciation which is a speculative idea. Why not just buy a modest home you can afford that probably will appreciate the same amount but one that you can rent out the bedrooms in to cash flow OR one that you could rent out for a profit if you need to move out?

I'm sure as forbearances come expired there will be a lot of foreclosures, but only for those who are ready and knowledgeable on how to buy those deals. Foreclosures is a niche deal method and you'll want to be knowledgeable on your local sheriffs office as well as how local banks sell their REO assets.

The issue is most lenders won't appraise a property on STR income therefore if you sell it far above comparable comps in that neighborhood it won't appraise. So yes agents aren't valuing the house on the increased in rental income but to be fair if they did it would never appraise. A double edged sword unless you're dealing with a commercial/cash buyer.

@Matt Carruesco @Erik B. The Midwest is great for cash flow and many markets within also come with a lot of appreciation. There are also a lot of markets that have no appreciation and a declining population. In strong markets such as Columbus, Ohio you’ll find deals around the 1% rule and can do closer to 1.5% rule in C class neighborhoods. In A class neighborhoods here though it’s very competitive with 5-6% cap rates.

Overall wherever you invest it’s important to have a great local team of a realtor, property manager, contractor, and lender.

@Joe S.

You could build an ADU on the back to generate more revenue, turn it into a short term rental, or sell it.

@Radhika Paliwal Ohio is a great state with a strong economy that has seen a lot of growth. Most of this growth is around Columbus, OH with the increase in job growth and population. There are other cities such as Dayton, Cleveland, and Cincinnati that offer better cash flow than Columbus but in regards to a strong balance of cash flow and appreciation you cannot beat Columbus. I’d encourage you to build a local team wherever you invest in (agent, property manager, contractor, lender).

@Cherisse Buddy The Midwest is great and Ohio especially.

@Bryce Efaw

Glad you’re starting early! If you need anything in Columbus feel free to reach out.

@Aidan Sorenson

Focus on one thing, and become an expert at it and results will follow. It’s easy to get caught up in the infinite ways to find deals. Cold calling has worked for me, cold texting works well too if you have the right systems. Focus on one though then scale it with VAs.