All Forum Posts by: Patrick Drury

@JR Hinds
When analyzing a market a lot of people look at job opportunities and population growth. Also, it comes down to what are you looking for cash flow, appreciation, or a hybrid. The Midwest is a great place to start looking for cash flow. I live and invest in Columbus OH, which is a great cash flow/ appreciation hybrid, and it's been seeing a lot of growth over the past few years. Columbus can attribute a lot of attention over the years to OSU, Batelle, and Columbus is the HQ for companies like L-Brands, Wendy's, White castle, and soon-to-be chipotle. On top of that, there has been lots of rumbling about Columbus OH with the announcement of the new intel plant that will be coming to Columbus. Also, as of recently, Hyperion announced in the past few months they will be moving to Columbus. 

@Anthony Edward
You should look into doing a house hack for your first deal. You would buy the property and live in one unit and rent the other unit out. With a house hack, you could put low money down, which will allow you to get into your first deal with less capital, and eliminate the need to pay for housing/ rent. Lastly, if the deal is good enough, you might cash flow a little, but in this market, it's really hard to achieve the last point I mentioned. 

@Nikko Tountas

Typically Yes. Some lenders might not require cash, and as an alternative, you could use an IRA, stocks and I believe some are starting to use Crypto (do your own research on the crypto). As for the amount down It depends on what you are doing. If you are buying an investment property and do not intend to live in it your down payment will be different than someone who intends to live in it (given they have an owner occupant loan they can use). For example, you could buy a single-family investment property and not live in it and put 15% down and for a multi-family, it's typically going to be 25% down. Now, this is where it gets different you could buy a 1-4 unit and live in one of the units and put 3.5-5% down. Hope this helps!

@Dominic Castleberry 
A verbal agreement means nothing. You can't enforce a verbal agreement there must be a signed purchase contract in place for it to be enforceable. 

@Damon James 
If you are working with an agent reach out and ask for sales comps which will give you a good idea of the ARV. If you aren't working with an agent you should start. The only other way is to try and look for closed sales comps through Zillow and realtor.com which is pretty inefficient.

@Jerome Morelos 
Those bathrooms are in really good shape for the most part. They just might need to be freshened up with some cleaning and new caulk and will be in great rental shape. 

@Noah Lomax

Every out-of-state investor I have seen try to manage remotely from out-of-state typically crashes and burns. I would recommend you use a property manager instead of trying to save a few percent. 

@Sebastian Johnson
There is absolutely no formula. They really do just try to sell almost anything in Columbus for whatever price they can. 

@Shannon Park
I would recommend looking at Columbus OH. It is a nice hybrid of Cashflow and appreciation. As for ways to narrow in on a market I would recommend looking at population growth and job opportunities. 

@Gavin McDonald
Population growth and job opportunities are the biggest ones. I live and invest in Columbus OH which is a good example of a place that fits those metrics.