All Forum Posts by: Remington Lyman

Good evening,

I am interested in house hacking in the Columbus Ohio area. I was having trouble finding a good deal until my realtor suggested we look for properties where Section 8 is strong.

Running the numbers on these properties the potential profit looks pretty favorable! That concerns me- if it were this "easy" everyone would do it. What is the downside to section 8? Does anyone have any experience in Columbus OH with Section 8 (CMHA here) specifically? 

Thanks! 

Hi all! Currently in Southern California (so priced out of the market) and looking to start my REI journey out of state. I've been spinning my wheels for a few months now trying to find the right market and strategy. In an ideal world, I'd like to invest in small multi-family homes with some reasonable value-add opportunity. I'd like to at least break even on the cash flow side, but be in a place where, over time, there will be reasonable rent and property value growth. I don't have the ability to house hack and have no prior experience in the RE industry or construction, though I am a corporate/real estate lawyer, so that might help in some way. A few questions I'd love to pose to this group:

1. Would I be likely to meet out-of-state investors at local SoCal meetups? 

2. For out-of-state investors, how did you land on your market? Did you have previous experience there or connections to start building a team?

3. Without house hacking, what's the best way to scale efficiently? 

4. I've been having a hard time finding reliable rent info online. How do you find going rental rates for properties based on size/layout, etc.? Is there a paid service with that info or do you just use average/median figures from Zillow, etc.?

Thanks all!

-Ben

Good morning BiggerPockets, I'm John from Missouri and am ready to dive in after reading along for six months. I'm a non-professional rehabber who's completed 4 major projects, 3 of which were my own homes. As I progress through life and careers I've taken a serious interest in the financing side of things, specifically private lending. I'm eager to connect with professionals and amateurs alike, and hope to learn as much as I can while sharing my own experiences. Hope to see you in my discussions!

Hi All!

I am an agent and investor in San Diego, but I like cash flow and a little appreciation of course. Where are places to invest? I prefer landlord friendly states. Where do you invest, do you have good agents to find deals, lenders, property managers, contractors/handymen?

Thanks in advance!

Anthony

Hi BP community,

I’m new to real estate  investment and looking to purchase my first rental property. While I live in Maryland, I’m open to investing out of state if it makes more sense financially.

I used to live in Dallas,Texas  prior moving to MD, hence I am familiar with the DFW area and have a local realtor there as well. Though I have considered TX for investing, the high property taxes give me pause. I’d like to find a market that strikes a balance between cash flow and long-term stability, and I plan to work with a local property manager since I won’t be self-managing.

Here’s what I’m looking for:

• Budget: Up to $350K
• Strategy: Buy-and-hold rental, preferably turnkey or close to it
• Goals: Solid cash flow and equity growth potential
• Requirements: Landlord-friendly laws, low to moderate property taxes, growing or stable job market

I’d love recommendations from experienced investors about:

• Cities or neighborhoods you’ve had success in
• Tips for vetting property managers remotely
• Things you wish you knew before buying out of state

Thanks in advance for your guidance. Excited to learn from this community and looking forward to interact with other investors here!

My husband and I just bought a duplex in Ohio. Both sides already had tenants. 

A few days after closing, the duplex started having major sewer issues. Sewage and drain guys needing to come out to the property multiple times in multiple days. To make a long story short, it needed 2 new main sewer lines which cost well over $10k. While the new lines were being inspected, the city stated that the duplex only had 1 water line/meter coming in (which we knew about and pay the bill for) and that the property must have 2, so they were going to look into contacting us about having to add an additional water line to have both units be separate. I don't see any reason for this and have never heard of this. 

Is this how it goes sometimes? I feel like we are getting screwed left and right here, and that nothing is going right. Do all duplexes need all utilities separate? Is this just a particularly nit-picky city trying to get extra money? 

Quote from @Mark Zolendziewski:

Just closed on a piece of land, also own the two next to it. Looking for two family builders any recommendations are welcomed. In the Columbus Ohio area

Hey @Mark Zolendziewski, welcome to the BP Forum! I know a duplex/triplex builder in Columbus. Can you share the zip code where it's located? My client does mostly new builds inside 270. 

Hello, I am still fairly new to Real Estate Investing having only 1 single family home that I rent through a Property Manager in Ohio. Unfortunately I haven't had a great experience with them going 2 years into renting the property. My issues are simple: a huge lack of communication and timely responses to my inquiries... whether via emails or voicemails. It's a miracle if I ever manage to actually speak to them on the phone. I want to be supportive as it's a small operation but I'm just not getting the type of professional response that I want in a Property Management company. 

That being said, I am considering making the switch to a new Property Management company. I could use some advice.... what does the process look like once I identify a company I want to take over for managing the property? If I do go this route, I will obviously give the current management company notice (after reviewing the contract), but are there challenges to be mindful of when switching Property Management companies from afar? Is a trip to the area required or should I be able to switch Property Managers from afar fairly easily?

Does anyone have any advice on changing to a new Property Manager without having to go back to Ohio and meet in person? Has anyone here done this before?

Any advice you have would be greatly appreciated!

Kindest Regards,

Michael 

I’m looking for wholesalers in my local market in Ohio. I haven’t had luck finding distressed properties and am looking for a chance to find some. Does  anyone know of where to look to find wholesalers?

Other than Zillow, and Redfin. What websites or software will allow me to find better deals, off market deals, foreclosures, or anything that might be better.