All Forum Posts by: Patrick Drury

@Bill Thach
A lot of my clients use Trusted property inspections. They give informative reports and include video walkthroughs with every report which is helpful

@Mike Musarra  
If you plan on doing a BRRRRR your best bet will be refinancing into a DSCR loan. They typically have 3-6 month seasoning periods depending on the lender. I actually have 1 lender that will do cash-out refi's with no seasoning requirements

@Mei Zhu
The biggest thing I didn't see on here is to cover your windows so people can't look inside and see it's sitting vacant. I made this mistake on my first rental I was renovating my first single-family and I left the blinds up on every window and you could see it was vacant and getting worked on and someone broke in and stole my copper plumbing. Also, if you need a dumpster for demo get it once you need it. Don't order the dumpster a few days in advance before they start work and let it sit. Depending on where the property is at your neighbors may illegally dump in it. 

@Noelle Mastelotto
Columbus definitely gets all 4 seasons and thankfully no natural disasters which is good. In terms of living in Columbus, it's affordable and the nice thing is you can be pretty much anywhere in 20-30 minutes. 

@Omri Avital
If you used to be a wholesaler and have experience finding off-market deals keep hitting the pavement either cold calling or sending direct mail till you find a deal that works. The best BRRRR deals are not going to be on the market they are going to be off-market

@Ryan Dunn
On average about 58 people move to Columbus every day. Columbus has a lot of job opportunities and population growth, especially with Intel coming to Columbus as well as Hyperion, which is a company that makes hydrogen fuel cells. Recently Amgen a leading biotech company invested 365M to open a new manufacturing site in Columbus. Forsee Power is set to have its North American headquarters in Columbus. They are a French EV battery maker. Columbus is home to the HQ of Wendys, White Castle, L-Brands, Hunnington, and the finance HQ of Chipotle. Columbus is also home to OSU, which constantly develops real estate, employs lots of jobs, and attracts students from the US and internationally to attend. 

@Saad D.
It's definitely still doable in midwestern markets like Columbus and Cleveland 

@Brandon Sarrett
Keep in mind just because the tenant is month-month and you can raise their rent doesn't mean they are going to pay it or can afford it. Also, I don't know anything about the property but if it's under rented it may not be in market rent condition. A unit renting for $700 probably can't go straight up to $1,200 overnight with no updates unless your property looks like the other ones in the area renting for $1,200 and offers similar finishes/ amenities. 

@Ben Adivi
I'll send some recommendations over 

@Sachin Amin
I'll send you a message. You probably should find a new lender. If I understand correctly you'll need 2 loans. One for each parcel if they really are on 2 parcels and zoned accordingly in Columbus. I just bought a similar deal in Columbus 16 units total spread amongst 4 parcels next to each other.