All Forum Posts by: Robin Panzera

Thanks all! The only reason I was looking locally was due to the fact that it's not just a STR it also has an ongoing retail business on site that we'd purchase as well as monetizing the living space. Thought local might be more willing to support the local community.

Thanks Mark. I'm looking locally initially. We're solid on a business lending side, it's the STR portion that we're hitting a wall on. Would much rather look at the business itself and not our global.

Hi all. I'm an active investor and Realtor in the Columbus market. But I'm looking to possibly get into a STR property but am having a tough time finding lenders willing to fund. Anyone have any recommendations? TIA!

Congrats!  It's nice to know there are still deals out there to be had!

To be honest, I think your overall repairs/capex/vacancy may be too conservative considering you're spending $10k up front to make improvements.  But without details on what that's being spent on I'm not sure.  I'll echo Rob here in that you need to figure out how to bill back water.  With a duplex that really shouldn't be too hard.  In addition, if you have a property where each unit has access to a yard or storage space, I'd have them take on the lawn care as well.  This keeps your ongoing "fixed" expenses as low as possible.

Finally, I'm with Jeffrey Hotz... The % / mo spent on a property manager will most likely be less than your time and effort.  A good PM has vendors that get in and out of the unit, screens tenants well and takes care of any of those late night phone calls.  Your time is more likely better spent looking for new deals.

Columbus has several varied areas.  Some you purchase for appreciation plays and some for cash flow.  At this time we like specific areas in Westgate (43204) and areas just east of Reynoldsburg (43232) on the lower end.  We also like the multi's in the better school districts of Dublin, Worthington and Westerville.   There are areas we do not recommend, which become obvious when you drive around.

Hope that helps!  There is no better way to go about doing this, however, than to book a flight and see the areas, regardless of which one you choose.

Hi Caren,

Welcome to BP!

There's not much to add that hasn't been covered  by @Jeff Wallenius    and @Clayton Mobley

But I do want to reiterate, that it's important to pick an area and focus on that.  Having too many "teams" in play can be a large handful for first time investors.  Spend time here on BP and continue to ask questions.

I will fully admit that I am biased and love the Central Ohio market.  Great labor force with strong education backgrounds.  We're the Capital and have numerous higher education options here (I know you've heard of The Ohio State University).  :-)

There are so many investing options to choose, you should arm yourself with as much information as you can, visit the areas and interview a "team".  I'd recommend working with someone who handles the process from start (purchase) to finish (placing tenants).  Get your asset stabilized and re assess.  

Good luck!

Hi Jakobi!

@Jakobi Moore Welcome to BP.  Our family has been investing in real estate here in Central Ohio for decades.  We help numerous investors find and purchase investment properties for buy and hold purposes and we also manage the properties.  Ask away and we'll help answer any questions we can!