All Forum Posts by: Marc Rice

@Nathan W.

BRRRR is a great strategy and Columbus is a great market. The BRRRR can be accomplished with single family and multi-family as well which makes it a great scalable strategy.

If you have any questions regarding finding property in Columbus, connecting with lenders, or property management feel free to reach out!

@Dezmin McCoy

To add, generally you don't want to quit claim the title into an LLC until about 12 months.

@Jayson Greenblatt

It's important to consider you're equity build up, as well as NOI when analyzing the rental property as an alternative investment to the stock market. It's very important to find a trustworthy turnkey company to work with who is going to rehab correctly and mitigate your capex.

@Michael Ch

Columbus, Ohio. It’s the only metro city in Ohio with a growing population and the continued development and job growth is fantastic. You’ll find strong cash flow, lower prices, and higher appreciation here.

You can find single/multi families in B-/C/C+ neighborhoods that are right around the 1% rule.

If you need any insight on the local market here happy to connect!

@Jimmy Woodard

Each of them will have certain concerns - try to compromise with them on security, screening, being available, professional management, and noise sensors to ensure their peace will not be disturbed. I recommend planting trees or doing what can be done to make your unit as “private” from theirs as possible.

Thanks @Steven Wilson for the intro!

@Joe Chillinsky the short north area is where we have most of our short term rentals and they do fantastic due to it being one of the most desired areas for living and night life.

Feel free to shoot me a message and I can run some comps for you. I primarily do 1bds and studios because I can always beat the market rent on those in well desired A/B neighborhoods. Let’s connect!

@Kurt Kleespies

Most lenders are 70% LTV on cash out refinance and require a 6 month seasoning period of you owning the property. Also many want proof or documentation of repairs you made to increase its value otherwise it most likely wouldn't appraise much higher than what you bought it for.

@Andres Andrade

Most banks need 2 year work history, unless you were a student directly prior which they’d consider that part of your employment time-clock as long as you’re getting a job in the same field as your major. Example: if you spent 4 years in college as an engineering major, then graduate and get a job as an engineer and have only been working 3 months, then the bank would view your work history as 4yrs 3mo.

@Lawrence Paul

I like some of the options @Dave Foster mentioned. I think at least take out a HELOC on the condo. I would caution pulling out too much cash on the refinance whereas the numbers become too tight to hold if it goes vacant.

You could look into doing a reverse 1031 exchange too if a new opportunity arises that you want to buy come available and then you could sell the condo to pay for the new property.

@Curt Bixel

I operate a short term rental hosting company that handles dozens of rental units in Columbus and we’ve seen great performance across our clients. Your operating expenses will be closer to 50% of gross short term rental income if you use a management company. Also I advise you USE a management company and not self operate as it’s a lot of work and details to iron out.