All Forum Posts by: Mikael Winkler

Hello @Matthew Bell and welcome to BP! Hop on the BP podcast, it's great. I lived on it for about a year hahaha and learned so much. Ask questions in the forums - they'll rarely go unanswered. 

Though it gets beat to death, I'd read Rich Dad Poor Dad. It won't really teach nuts and bolts about real estate but it's phenomenal for a mindset shift in how to think about assets etc. That book really started me off in real estate. 

Good luck and if you have any questions, ask away

Welcome to BP! You certainly won't be short of resources on here, good luck!

I agree with @Brandon Goldsmith. Building a great team on the ground is extremely important. In the markets of interest, reach out to local professionals who can give you insight and feedback. Start analyzing as many properties as you can, even if you don't intend to buy, so you can get used to running the numbers etc.

Regarding Columbus, obviously biased because I live here, it is a great market. OSU is the second largest university in the country, which spurs a lot economic growth in and of itself - especially considering the supporting OSU hospital system. We also have a diverse industry base - insurance, tech, apparel, e-comm- to name a few. Many of the neighborhoods around downtown have plenty of opportunity to hit those numbers you're looking for, with value add. 

There are a ton of reasons why Columbus is a great market; however, I think it's important to evaluate markets based upon your individual goals.

@Brad Peralta

Those are good areas. They have been pretty hot for awhile now, though, so it may be harder to find reasonably priced properties at this point. However, you may be able to find some off market stuff through direct marketing etc. Seems in that general East side area, South of Main and Driving Park, along with a few other neighborhoods, are seeing some activity from investment spilling over out of OTE and Franklin Park. 

@Berron J.

Yeah, I agree with the above sentiments. I'm in Ohio, and the HML I'm working with does require to fund through an LLC, but each company is different. I would recommend an LLC just in general, though. My personal opinion, it's best to separate assets from personal. You can set one up yourself for pretty cheaply online, or spend a few extra dollars to have an attorney do it.

agree with @Robert Ellis. You should be in good shape on the 750/month with at least 2 bedrooms in the unit. Most areas around downtown still offer opportunity for rehab value-add, as well as, lower barrier to entry. 

@Michael P. 

Haha dig the sarcasm man. 

@Michael K Gallagher definitely providing some fantastic information. What BP is all about!

Hey @Brad Peralta! Columbus is definitely a great market to consider. Many of the neighborhoods surrounding downtown are great for appreciation, cashflow, and still a relatively lower barrier to entry. These will probably be closer to the C/C-. Some of those zips would be 43205, 43206, 43207, 43203, 43211, 43222. Many of these zips do have pockets that one may consider B. However, there's plenty of opportunity there. My first house hack was in 43207, and it's turned out great thus far.

I agree with @Steve Morris. The banks do seem to be more strict this time around. Granted, I was a kid during the 2008 crisis. But, from what I've obviously heard, it was the Wild West in lending. 

We actually have a flip going that recently fell out of contract because the buyer couldn't fulfill all the lending requirements, after having been pre-approved. Luckily back in contract with another buyer. Along with traditional, hard money got reeeally tight for awhile, as well. Though those are also starting to loosen up.