All Forum Posts by: Robert Ellis

Hello everyone,

Last weekend by sheer luck an amazing deal fell into my arms. My very close friend informed me that his mom (recently divorced) is looking to sell her home in Columbus, Ohio and relocate. The house is 2500+ sq ft and was built just a decade ago. The house is in a great neighborhood and needs new a garage door, new carpet, and paint. The home is easily worth 220k+. I can purchase it for 135k-140k, due to her current circumstances and the fact that her son is one of my best friends. I don't have that amount of money in cash. I do have a 700+ credit score and can get an FHA loan through a local bank, but the process will probably take longer than she is willing to wait (~3 weeks). I am looking for some advice and guidance from all you clever investors. I don't want to lose this deal because of funding. Should I look for local cash buyer to partner with? If so what is the best way to go about it since I am not suppose to do so on here?

Thanks, 

-Eugene

Hi,

I'm a newbie trying to learn as much as I can on wholesaling and dive in. I live in the Toledo area but don't want to really invest in this market, I'm from Michigan so I was going to focus on finding deals there but I am also interested in the Columbus area. If there are any wholesalers or anyone with knowledge of the Columbus area I could link up with please PM me or point me in their direction it would be much appreciated.

Jd Martin

I do not believe one strategy fits all.

However, REI is all about location, even within a small area, in my view.

Actually, I lived in Midwest for about 5 years. Columbus, oh.

Looking at the RE prices in Columbus, the sub 50 k properties are all in pretty rough areas.

Around OSU, price/sf is around $150-200/sf now. There is no more bargain left.

East of highway 70, the prices drop to < 50k in many occasions. But I know that area well. That used to be a war zone.

Five years ago, if you invested around the university, you win big. If you invested east of 70, your profit is less.

Therefore, there is nothing about ca versus other states. Every state has its own regional characters and investment strategies.

Even in Tennessee, the current prices have rebounded quite a bit.

I do not know which town you invest, but if you can find <50 k properties, with cap rate (not gross rent) above 10%, that will be a nice find.

Even in Texas, the available commercial properties are only around 8% cap, some even 6%.

That is really not that higher than ca.

I'm stationed in Columbus Ohio and I currently rent 4 Airbnb's. I've been doing this for about a year and have managed to save up while in school and working full time while maintaining 4 Airbnb's. As I rent I realize I am losing money and want to transition to owning and starting with a duplex or triplex. I'm looking for any kind of advice or guidance to get started!

I'm looking for feedback/opinions on the question of getting started in multi family (and I'm targeting 5 - 10 units for a first property), and starting locally or going to a "hot" market. 

I've seen the short lists that seem to all include Indianapolis, Columbus, Louisville, etc and I've heard the buzz, such as "anywhere in Ohio!". 

I understand the value plays and good cap rates available in those places. I've looked up employment numbers, population trends, per capita incomes, median home prices and see how good they are in Indy and Columbus. 

But, for example, have you looked at the map on Joe Fairless's podcast site showing the locations of all the people he has interviewed? Scroll to the bottom of any podcast page and you will find it. Sure, he has interviewed successful investors in Indianapolis, but also Myrtle Beach, Boise and Flagstaff. 

Have you ever looked up employment and per capita incomes for Grays Harbor, Washington? 

I have investable funds and happen to be in a position to relocate - I could go to Indianapolis or Columbus and stay a few years. Where I am now, western Colorado, is a little dry in terms of loopnet, etc., but of course there are multi family properties around. 

Is it too easy to be seduced by the hot markets, or believe that they are where you've got to be, or should I start where I am and do the digging to come up with one or two opportunities?

Hi all,

Long time reader but I haven't had anything to really post about but now I'm thinking about moving forward more into real estate outside of just owning a property to live in.

I currently own half of a duplex that I've been living in for seven years. My neighbor rents his side out. Both of these properties are in a very walkable urban area of Columbus, OH. I currently have a $1500 mortgage and my unit would rent for about 2200/month. I really want to invest in a duplex building, live in one half and rent out the other side. I can know that being a landlord can be time consuming and I'm trying to make the process as efficient as possible. I just don't want to get in over my head. However, these type of properties rarely come up on the market in the area I live in. Recently, I spoke to my realtor about a home that was being built for 650K about a 2 minute drive from my current home that will include a ADU (450 sq ft) that has a kitchen and bath. It should meet all the zoning requirements to rent out. It would probably rent for 1000-1100. My mortgage on this place would be about 2800/month including taxes and insurance based on the downpayment I can afford.

My question is would this property be worth it? Also, would it be a better idea to keep my current place and rent it as well or sell it? I have about 160K of equity in my current home. I don't relish the idea of managing my current home as well but I don't know if its a good idea to sell. It has increased in value about 5% per year over the last 7 years.

Gurjeet Singh all great suggestions. Thank you. I find myself doing this for some of the areas I'm looking to invest in.

Another issue I see is that, and as I said in another of my very recent posts. For me I have to use commercial financing because my DTI ratio is too high. When buying a commercial property I feel that values won't be as high as u may want them. After all it's mainly just investors who buy those and we all want to pay as little as possible. Where as with a single family you may get a price over listing value. People fall in love with a SFH.

All things to think about. I'd like to invest In some areas such as Fort Worth TX, Nevada, VA beach, Columbus OH, Tampa FL. But are just to far from where I live that I wouldn't feel comfortable.

@Robert Ellis Why would you ask for seller concessions when it should have been obvious the roof needed replacing when the offer was made? Making an offer when you know that you will later try to knock the price down further after the contract is signed is unethical.

Interested in getting quotes for a sfh rehab in the Columbus area, but not sure if I should be getting quotes for each item on my to do list or if I should have it quoted as a package and hire one GC. My thought is that working with one company would be easiest, but not sure if that's always the most cost effective option. What's your experience?