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All Forum Posts by: Robert Ellis

Robert Ellis has started 340 posts and replied 3219 times.

Post: Intermediate Level Investor with Legal Background

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Quincy Miller:

I have been involved with real estate since I was a kid. My parents have owned rental properties, built developments, and owned agricultural and commercial real estate my entire life and I was involved in helping out at an early age. I have been a career entrepreneur starting my first business at fourteen. After completing my undergraduate degree, I owned and operated bars and nightclubs. After selling my last bar business, I attended law school. During law school I began buying real estate in the Columbus, Ohio area. After graduating, I kept expanding my portfolio. I use my legal knowledge to write and review all my contracts with contractors, tenants, recording offices, I do my own evictions and litigation and try to help others with their legal and business issues. 

Hi Quincy, do you do all of these legal services for others in Columbus? We have a lot of questions about LLC and partnership setup, etc. If you do i'd love to connect. I saw you are also interested in Multifamily investing on your profile. Would love to see what areas you are targeting. Welcome to the forums!

Post: Just Wanted to Say Hello

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Keeton Byerly:

Younger 20s guy here, finishing college this Spring and Ive been a long time fan of this site. Relocating to Columbus! 

 Hi Keeton, I read your profile and saw you've been involved in some deals in the past, that is amazing! When I graduated from Ohio State it took me a few years to do my first deal on my own. We have a real estate team here and almost everyone relocated from out of town (West Jeff, Bucyrus, Toledo, Toledo, and Centerburg). Columbus seems to bring everyone because of the opportunities it has. I'd encourage you to fill out your profile more, post what you are looking for, etc on the forums. There are many great meetup groups and even more people locally that are willing to sit down and meet with you to help with your goals. Always try to grow and build your sphere of influence with investors, title reps, etc before you even know them. Good luck and I'd love to sit down and see who I can put you in touch with to help you be successful. I know so many people helped me when I first moved here to town. Many of them are still my mentors and friends. 

Post: COREE in Columbus, Ohio

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Tim Dye:

Hi @Rob- I've been to a few. No invite needed. They are typically very well attended. Content quality varies, so check the website for content each month before you go. I'm going to try and go a bit more regularly over the winter and into 2017. Hope to see you there! 

 Hi Tim, i'll be there tomorrow actually at the COREE monthly meeting I even nominated one of our deals for deal of the year. hope to see you at some. Our team is going to purchase a corporate membership so 2 of our team members could go to each one. Thanks for responding. We are excited for COREE and trying to help build it's presence so we can make it a great meeting. 

Post: Just starting out, can anyone help?

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Marcus Hendren:

Hi NA! I'm still a beginner myself and although my scope is small, maybe I can answer your questions with the actions I took to get started. I live and work in Columbus, Ohio and I figured the best place to start would be in my backyard. The first house I purchased was a 5 bed/ 2 bath house near Ohio State Campus. I sought out FHA financing for the low down payment. The house was ~$183,000 and so my down payment was about $6,400. If compound interest is the 8th wonder of the world, I surmise that leveraging real estate is the 9th. To skip over a bunch of non-essential details, I moved in four of my friends and had them pay the mortgage for me! Most people suggest you start out on a lower rung of the real estate ladder before landlording, but I feel I learn better when my feet is to the fire. Its been a fun couple years.

 Marcus, this is awesome to hear you did this around OSU. Did you do it while in College? I bought my first one after graduating from Ohio State and bought in Italian Village. Awesome you started so young!

Post: Who Is The Best Property Management Company in Columbus, Ohio?

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Patrick Sherwood:

@Robert Ellis we should be colleagues now. Thanks and I look forward to the information.

Best

Pat

 Thanks Pat, interview them all and see who you connect with the most. I always refer people who have been referred to me by other investors or past clients. Hopefully one works out!

Post: New to Columbus OH - market research

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Anderson Schulle:

Visiting Columbus Ohio from today until Saturday for some market research, getting to know some neighborhoods, and learn more about this city.

Looking to meet investors, realtors and property managers. Please contact me if you can meet.

I currently invest in DFW as well as Indianapolis and am considering branching out to this market as well. We buy rentals, do flips, wholesale properties and I also own a property management company. I'd be interested in doing something like that in Columbus as well.

Any tips and suggestions for my 3 day trip will be appreciated :)

 Hi Anderson, @Michael Hamby and I are both on the investment side of real estate in Columbus. He and I are both investors ourselves as well as agents so we'd love to connect with you while your in town. I sent you a PM as well to discuss further. 

Post: BRRRR ("fix and rent") in Columbus area

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Eric P.:

I'm curious if BRRRR ("fix & rent") works in the Columbus metro area. Essentially, the ability to have your purchase price + rehab costs <70% of the ARV, so after you rehab you can find tenants & then refinance to get all of your cash back. I'm sure there must be some areas / neighborhoods where this works? Of course, the other requirement is that the rental income is enough to cover your mortgage + expenses on the back-end. So this tends to work best in middle class neighborhoods.

Are there any licensed real estate brokers / agents who can help me find such properties? Not interested in Turnkey btw - I'd rather buy pre-renovation (not post-renovation) to capture the equity myself.

Hi eric, in columbus and with the BRRRR here I think it really depends on the area. Where some of the other commenters have said (linden) and other areas that are below 50k it is going to be tough to do that unless you have a lot of cash and have several properties. A lot of our clients that use this strategy purchase in areas where there isn't a lot of competition but where there are nice neighborhoods that still feel safe. The majority I would say are going to be B areas. Each zip code is going to be different but areas like Grove City, reynoldsburg, among many areas would be great for this. Let me know if you are ever in town and I'd love to help you identify a few areas that might be great areas for this Strategy.

Post: Columbus (Dublin) Rentals

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Sunny P.:
Originally posted by @Robert Ellis:
Originally posted by @Sunny P.:

Do you guys have a list of contractors that you work with in the Columbus area?  

I am looking for a cleaning person, carpet cleaning, painters, electrical, plumbing, etc.

Thank you

 Not sure if you got this answered but I have a great all around person that can do most of these things and has done for me and many clients personally that are always looking for new work. They are awesome. 

Hi Robert,

Can you connect me to this person?  Thanks so much  

 sent you a PM with her info. 

Post: I'm looking for Columbus, OH real estate investors

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Mark Crowder:

Are there any investors in the Columbus, OH area looking for partners or just to network?

 Hi Mark, 

@Michael Hamby and I are teaming up with another biggerpockets member from 

@Ed W.'s Dublin landlord meeting who has a lot of vacant properties here in town. If you go to the meeting you can meet with him. It's a great way to get started. I've never seen someone more willing to help out. His name is Brian and he has a few thousand vacant homes that he is working to get tracked down. We have an investment side too and try to help anyone out that we can. If you want to watch us work a few deals I'm sure we can figure something out. 

Post: How to find rental rates with no similar properties

Robert Ellis
Posted
  • Developer
  • Columbus, OH
  • Posts 3,623
  • Votes 1,730
Originally posted by @Zac Schmelzer:

I am in contract with a duplex that has been family owned/ lived in and never been rented. The neighborhood has been built up all around with very high end homes in Dublin Ohio. The only rentals I can find within 5 miles are high end condos and houses that offer association pool and gym. Those range from $1800-3200 per month. My thoughts are to do a high end remodel because the market will support it. Any thoughts on how to judge where to price rent?

 Hi Zac,

I pulled rental comps in dublin schools and zip code 43017 (just guessing here) if you mentioned Jerome. The median lease price per square foot this year for the 45 rental comparables I could pull is $0.98 / sq ft. There are rental amounts in dublin everywhere from $900 to over $3000 per month for the brand new condos. A lot will depend on the neighborhood, etc. I can send you plenty of comparables for rental if you are interested, just PM me and I can get them to you. Not sure on your square footage, finishes, general area, but with some additional info I'm sure I can help you out. Before I sold real estate I used to do a lot of leasing and we've leased in every price point. Hope this helps!

Rob