All Forum Posts by: Michael Petruziello

Hey BP, 

Anyone in Columbus, Ohio know of a lender that will do a cash-out refi of a commercial multifamily property? I am looking for 75% LTV. Unfortunately, my current lender was just purchased by another institution and my loan officer told me to stay away because appraisals were coming in way too low.

Thanks in advance, 

Michael

@Eric Johnson I want to preface this reply by stating that I did not see your original post regarding your search for wholesalers. You are in a GREAT position, however I can tell you that your price range is way too steep for most wholesalers to work with because most investors don't have access to a large amount of liquid capital like you. In turn, wholesalers will only market to properties under $100k (+/-) because the cash buyers pool is a lot greater. 

My suggestion would be to cut out the middle man [wholesalers] and invest in your own strategic marketing campaign to the properties that would fit your criterion. 

Hope this helps. Good Luck!

GREAT REHAB OPPORTUNITY IN COLUMBUS, OHIO (South Side) 

Estimated After Repair Value Range: $160,000 - $180,000
Estimated Repairs: $40,000 - $50,000
Estimated Rehab Profit: $60,000 - $80,000

This is a contract assignment opportunity. The repairs have already begun on this property which include but are not limited to new windows, framing, siding, furnace, duct work, electrical (wiring, panel), etc. You'll just need to finish up the plumbing, drywall, painting, flooring, cabinets, fixtures, etc. In addition, the previous owner framed an additional 1.5 baths and a laundry room!

Taxes are low and holding costs are minimal at less than $200/month. 

Here are some great 2016 comps that are right next door.

MLS 216014809 - 580 Reinhard Ave. Columbus, Ohio 43206. Sold Price: $160,000.

MLS 215013527 - 624 Reinhard Ave. Columbus, Ohio 43206. Sold Price: $139,900.

Click the following link for pictures: 552 Siebert St. Photos

Please PM or call me at 614-465-MOVE if you would like to schedule a showing. Thanks!

Hello BP!

We are expanding and are actively looking for cash buyers to add to our buyers list. You will receive instant notification of our opportunities before they hit Bigger Pockets.

Please send me a private message or email me at [email protected].

Thanks for your time,

Michael

Zach Crawford There are deals everywhere in Columbus. My recommendation would to be to create a targeted marketing plan to identify and acquire off-market properties and/or to establish relationships with local, reliable wholesalers. Good luck and please let me know if you any questions!

Good Morning Bryan, 

I just sent you college request with a message.

Michael

FYI: This family has occupied the property since 2011 and plans on staying for the foreseeable future. In turn, the repairs are optional and only needed if the family leaves the premise or if you decide to terminate their month-to-month lease.

Jill Rankin Vega I have a really good, investor friendly agent I work with. Please PM me if you're interested

Recent Area Comps:

MLS 216009232 - 2471 Atwood Terrace Columbus Ohio 43211. Sold Date: 6/17/2016. Sold Price: $47,000. DOM: 11

MLS 216013311 - 2663 McGuffey Road Columbus Ohio 43211. Sold Date: 7/15/2016. Sold Price: $36,000. DOM: 64

MLS 216019329 - 2450 Lexington Avenue Columbus Ohio 43211. Sold Date: 7/13/2016. Sold Price: $38,000. DOM: 12

Quick Rehab or Rent to Cash Flow Long Term!! Columbus, Ohio. This is a great deal for novice or experienced investors.

We just got this property under contract from a landlord that owned it for over 11 years. 

This property is currently occupied (month-to-month). The same tenants have been there for over 5 years and currently pay $650/month (neighborhood average is $684). Tenant pays all utilities and does all landscaping. 

ESTIMATED ARV: $36K - $47K
ESTIMATED REHAB PROFIT: $10,000 - $15,000
-or-
ESTIMATED RENTAL CASHFLOW: $400+/month 

- Newer roof, Newer Windows, W/D Hook-up, New Stove/Oven, Newer A/C unit

- Repairs are MINIMAL: estimated $3K - $6K. Patch drywall, patch ceiling, interior paint, junk removal, repair bent gutter, replace ceiling panels from water stains (leak has been fixed), replace bedroom doors, replace shower tub, replace backdoor

- Holding Costs are MINIMAL: $45.67/month property taxes, $50/month insurance

Click the following link for pictures: 1935 Minnesota Ave Photos

Please respond to this post, PM, or call me at 614-937-7278 if you have any questions, need access, or would like to make an offer. Thanks!