All Forum Posts by: Reece Iovine

If you house hack a multifamily property the rents of the other side can help you qualify for a larger laon so that is something to consider.

However I have bought 3 duplexes in columbus ohio with a partner. Not because i needed one but because I was nervous to get started in real estate and wanted someone to share the risk/reward with. 

If you don't want to invest oos in a cheaper market maybe bring on a partner that can help you qualify for a larger loan. Just make sure roles/responsibility is well defined otherwise arguments can arise in a partnership.

Columbus OH and the surrounding suburbs could be a great start for you. Personally I prefer the urban core of Columbus for its rapid appreciation and a good deal can still provide good cashflow as well!

I've purchased 3 duplexes so far in Columbus and together they have increased my wealth due to strategic value add renovations as well as increased my monthly cashflow to around 1600+. 

I'd be happy to chat more with you about Columbus, shoot me a PM if you're interested

I've house hacked 3 duplexs so far here in columbus ohio. It was a great way to grow my wealth, but now its time for me to scale bigger. Next up BRRR a 5-10 unit if I can find one ??? Love the columbus market, it can be challenging but still offers good cashflow and great appreciation!

BRRR all the way :) I think many of us started this way. It allows you to leverage the advantages flipping provides while eliminating the cons.

Add value to a rental, maybe even house hack a duplex. Live in it for a year while making some cosmetic fixes, then pull some cash out or take out a HELOC if the equity is high enough in a year in order to buy another property. Its tax free access to your wealth and you retain the asset that should continue to cashflow for you for the live of the asset!

I agree with @Steven Foster Wilson, another thing I like to look at is the over all dollar amount of cashflow not just the coc percent.

If you do an owner occupant low down loan you might have 30% coc because you have such little money in the deal, however your actual cashflow is only say 100 dollars on a duplex.

This might still be a great deal but I'd be careful, what if the market tanks and you need to drop rents 100 bucks a side to get the deal leased up. Now you are negative cashflow.

On an ideal value add deal I look to have profirma cashflow of 15% or more and $250 per unit. But this won't be the same for all markets its just a safety thing I keep an eye on. 

What @Steven Foster Wilson said, however a lot of banks will also have portfolio options. For example I just closed a 30 year cash out refinance on an investment duplex with huntington at a 3.625 APR. Cash out will be higher than purchase loan but goes to show that there are more options out there than just your fannie fredies.

Hi @Jay Styles round trip from LA to columbus ohio on spirit is only 230 bucks...I can guarantee it wont be the most comfortable flight lol, but the returns on your investment here in cbus might be worth it. I bought my first duplex here in columbus ohio for 164K or 8200 out of pocket. $15K can go a long way in columbus and columbus is appreciating quickly while also offering strong cashflow in most neighborhoods. PM me if you'd like to chat about my market!

Hi @Stephen Lee I'm a realtor in columbus ohio and am partial to investing in columbus :) I can't speak to point 1 however I'm sure I can connect you with an attoney to answer that question... however point 2, everyone offers online pre approvals. I'd be happy to point you to my go to lender in columbus ohio and chat with you about my market to see if you'd like to add it to your oos search.

Hi @Cesar Castillo, have you considered adding columbus ohio to that list? We have a strong diverse employment base, growing population and properties are still priced at a point where good cashflow and appreciation can be achieved. I'd love to help you on your oos search and can refer you to some property managers, contractors, etc.