All Forum Posts by: Remington Lyman

Hey @Rick Martin. My brokerage specializes in commercial multifamily properties in the Columbus, Ohio area. I personally invest in small multifamily just north of The Ohio State University but our investors have properties all over the city. We also do property management for all of our investors and have a list of contacts for all of your lender and title needs. Please let me know if you would connect and I can show you around my city!

@Rich Somers I am a Realtor, Property Manager, and Investor in Columbus. If you are looking to get into the fastest-growing Midwest City I might be able to help you out!

@Rosanna Bido You should sit down with a mortgage banker and go through your finances. They will tell you what you need to do to get approved for a mortgage. If you want I can connect you with some awesome lenders. Additionally, I am a Realtor in Columbus, OH. I can set you up on an MLS search so you can start looking at properties that match your criteria.

Josh Quinn If you want I can add you to my multifamily MLS distribution list. I sometimes see some turnkey properties that would definitely allow you to break even. I also regularly call off the market looking for deals as well.

@Josh Quinn I do not have any experience with owning condos but I have put some through my pro forma and none have worked for me.

I prefer small multi family because you have a lot more control over them. HOA could decide to raise fees at any time.

Investment Info:

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

Purchase price: $338,000
Cash invested: $25,000

Well cared for Duplex! 5bd 2 ba and 4 bd 1 ba.

As of 2019-07-17 rented for $2,025 and $1,620

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

My college buddy and I were renting. We decided to save on rent by buying a duplex. Once we got into it we did some additions and rented out our extra room and the other side. We start getting paid to live there.

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

We found it on the MLS and negotiated the sales price down.

How did you finance this deal?

We used a 30 year fixed rate mortgage

How did you add value to the deal?

We added a wall to the finished attic which added another room.

What was the outcome?

We lived for free then moved out and beat the 1% rule. Jump started our real estate investing career.

Lessons learned? Challenges?

Lots of lessons learned here.

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

Yes, we worked with an agent and a lender. I am now an agent myself so I would recommend myself. We used Chase as a lender.

@Tom S. Thanks!

Do I need the original lease or is a digital copy fine? I want to know if I can give my original lease to my tenants and just keep a digital copy on file.

I own a doublex. I rent out 1 unit and the extra bedroom on the side I live in. I was wondering if I could also start to rent out the basement on my side. It is unfinished but has windows and you can remove to get out.