All Forum Posts by: Remington Lyman

Hello

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $270,000
Cash invested: $10,000

Buy and hold invest for a least 10 years to maximize OZ tax benefits.

What made you interested in investing in this type of deal?

Cash flow, 10% appreciation rate (historically), opportunity zone.

How did you find this deal and how did you negotiate it?

Researched several sub markets in Columbus. Development plans and projections seem promising in Franklinton.

How did you finance this deal?

5% conventional, owner occupant.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Remington Lyman

@James Lucenti know you're trying to be helpful, but you know nothing about our market.

Evernest runs their Detroit ops out of Ohio. 
They seem to be good with Class A properties, some Class B, but don't seem to do well with Class C or D.

JMZ doesn't really do Detroit, but is a good competitor in the 'burbs.

Hi all....

I am a newbie real estate investor who lives in California and is inheriting rental property in Columbus Ohio. I'd love advice on managing properties (including possible property management companies) and am open to expanding/exchanging/remodeling/etc.  Some of them definitely could use work, but are in good areas IMHO.  I grew up in Columbus so have some knowledge of the area. Feel free to give me recommendations or self-nominate folks I should talk with.

Much appreciated!

Ravi

Quote from @Brie Schmidt:

Quote from @James Wise:

Quote from @Remington Lyman:

Quote from @James Wise:

Quote from @Brie Schmidt:

@James Wise - that's the truth though.  Cook County is roughly half the population of the state of Ohio.  So if someone comes to you quoting stats for the state of Ohio like they know your area, what are you going to do? Laugh at them.  

We have like 100 different markets within cook county and they are all very different

 lol Brie you're easier to wind up than a Timex.

 I agree with James. Cleveland is better than Chicago

 Now you're really winding up her bro. 

 I'm not wound up.  It's funny for us TBH.  It's like tourists coming here and eating pizzeria uno and saying they have had the best deep dish.  Nobody here eats that and knows it's because they read some stupid travel blog.  

When we see someone use general market stats we know they are a tourist

Side note: I grew up in Northern NJ and we had Pizzeria Uno nearby. It was the only deep dish we could find and I was IN LOVE with it. Though I've been in Chicago or almost 6 years now, I still haven't found better deep dish hahaha

@Ned Carey great point. I'm in Ohio and have found some rules about holding security deposites and accruing interest after 6 months. But I have to dive more into this. 

Hi there, I just wanted to come on here and see how everyone is able to find properties currently that will cash flow?

I am just starting out my real estate journey and I am looking for long term rentals at around 200-300k. I've done research on different areas that are supposed to be good for cash flow, however, when I run analyses with the rental property calculator on homes in these areas, none of them are cash flowing within the first few years. 

This is honestly pretty disappointing and I'm not sure if I'm doing something wrong or if people are unable to find cash flowing properties on Zillow, Redfin, and the MLS during this point in time because of interest.

Any advice on what I should do to get into this field with cash flowing properties or if I should change my strategy or look off market? And if so, how do I do that?

Thanks!

@Remington Lyman

That makes total sense — having a good manager really does make the difference between “owning a rental” and “running a hotel yourself.”

The tradeoff is real, though — that cut definitely eats into the ROI, but sometimes it's worth every penny for the sanity alone!

Do you feel like it’s been worth it overall for you? Or do you ever think about switching managers or tweaking how it’s run to keep more of the pie? Always curious how people balance peace of mind vs profit.

I keep hearing people say short-term rentals are “passive income,” but the more I learn and talk to other hosts, the more I wonder if that’s ever really true.

For those of you with multiple Airbnbs (or even just one!), when did it really hit you that it’s more of a business than “set it and forget it”?

Was it a certain number of properties? A guest horror story? Or did you hit a point where you had to bring on help?

Curious what made you shift your mindset — I feel like these are the stories new hosts never hear about until they’re deep in it!