All Forum Posts by: Michael K Gallagher

@Nikki Yankowski very interesting question and observations! The advantages and disadvantages I think depend on the goals of the investment. For me if my end goal is flex-ability and appreciation I think I'd lean towards buying many SFR in the same development. Thats the only thing I can see being beneficial to doing it with SFR is that you can break off 1 or 2 and sell them to capitalize on some of that appreciation while keeping the rest for cashflow.

If however the goal is the lowest operational costs possible...I'd say all under one roof is the way to go, to your point, it's way more efficient and standardized that way.   

@Arn Cenedella thank you for this perspective, and detailed write-up! It is quite enlightening, and refreshing to tell you the truth.  Cheers, and thank you!

Hey @Damien Anderson I believe you are correct.  It sounds like there is some miscommunication on how many units are being purchased.  To your point that sounds crazy and like the bank does not realize its more than 2 units.  

My hypothesis on this subject is that the safest rental place to be in is the median/high middle rent prices.  So for me in Columbus OH my units are in the 1200-1400 range.  My theory is that in goods times, people are moving up and will want to move into a town house with a back yard, and updated fixtures...but also in a time of economic down turn, if someone is currently paying over 2K a month or had to sell their home...they will drop down to my range as well.  So in either economic situation I have a large tenant pool to choose from.  

Again just my theory using no data whatsoever...just some yankee logic.

@Daniel Carlson there is some great advice in here!  Especially from @Nathan James with his heart to heart recommendation.  That is probably the best course of action.  But to your logic I don'y think you are under any requirement to honor that "month to month" agreement.  As far as I understand it as long as you give notice to not renew the lease I don't see any issue.  But I also understand your worry about the moratorium, that is an area I am not familiar with those rules.  

I'm local you Cbus I live in Franklinton and have a duplex in South of Main, if you have any questions about anything as you start out don't hesitate to reach out, I'd be happy to help if I can.  

What part of town is your duplex in?

@Sam Cerreta I currently Live in Franklinton, my wife bought a flipped house here.  I also used to live in SOMA in a duplex my wife and I house hacked.  I'm an agent in the area and would be more than happy to talk any specifics with you and understand what your investors are looking for.  Anywhere surrounding downtown, with a couple of exceptions, qualify for Tax abatements.  Rents, again depending on the quality of the unit, range from $750/mnth to $1600/month depending on the block and the property.  As far as "affluence", goes I'd rank the areas as follows:

1) German village/Bexley

2) short north

3) Olde Town East

4) Franklinton

5) South of Main

6) Linden

7) Hilltop

However, Franklinton is great to live in, like anywhere.... don't leave your laptop in your backseat overnight, and you hear the occasional gunshot, but honestly that's anywhere close to downtown.

That's just my opinion from living in the city for almost 10 years and living in two of the mentioned areas.  but like I said if you're clients are looking for something specific or you'd like some boots on the ground support please don't hesitate to reach out... I literally live in Franklinton so happy to go for a walk and snag some pics for you or whatever you need.

Cheers, 

Michael

My favorite part so far...for comedic purposes, and please keep in mind this comes with some sarcasm.....I found things like: "The weights of the components are statistically optimized for each metro area in order to
best capture the underlying cyclical movements in the local area
economy." 

translation.... "we are fudging the numbers to make them look a certain way". I kid I kid! 

@Dave Meyer woooow you were not kidding at IN DEAPTH!!! this is fascinating though.  Looking forward to digging in. 

Just found him on tik tok using the hash tag “BiggerPockets” what a Sham. Anyone know if he’s still hold up in Portugal fleeing he’s lawsuits? Going to blowing up his comments so no one else is duped. All are welcome to join!

@Benjamin Kanevsky I'll be an Ohio guy on here and echo what @Remington Lyman said, Columbus is a great place to invest, but in my opinion you will need to alter your search strategy to get a good deal here.  Obviously I am not sure where your criteria came from, but, Central OH is basically built inside or outside the 270 loop.  So if you are outside the loop, or in the burbs that are just inside, where the good schools are, you are competing with people trying to find their primary residence, and the market for good school districts is crazy hot here, so SF houses are going for huge premiums and the top rents in the area just don't support that premium of a price.  

So, the good deals in the area, at least I think, are in small multifamily.  The rents support it better, and they are still very affordable and a large portion of the surrounding downtown area comes with 10-15 year 100% tax abatements.

Now if you go as far out as like Zanesville, or Delaware, or Marysville, honestly I don't know enough about those areas to comment, but you might find better deals in those areas that more closely fit your criteria for a SFR.

If you have questions about a specific area let us know, us "Ohio Guys" are always happy to chat.

Or you know...like @Michael P. said, "stay out, no good deals here"!  
  

Cheers, 

Michael