All Forum Posts by: Ryan Mainwaring

@Mikael Winkler No visitors to my knowledge.  The rehab was scheduled to take 6 months but ended up taking 8 months.  We used a contractor prior to Plaid who had never done a project this large or rehabbed a old home.  

@Mikael Winkler Thank you.  On this we ran into no structural issues at all.  When vacant, there is high chance it was used for extracurricular activities... 

Investment Info:

Single-family residence fix & flip investment in Columbus.

Purchase price: $40,000
Cash invested: $141,000
Sale price: $230,000

Rehabbed the interior & exterior of a 4 bedroom and 3 bathroom single family including changing the property from a top and bottom duplex to a single family home. Located in upcoming Franklinton.

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

The area is improving and we wanted to help Columbus improve the downtown areas

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

We found this deal on the MLS and made a fair offer based on our numbers.

How did you finance this deal?

Private money

How did you add value to the deal?

Pulled comps in the area

What was the outcome?

We flipped the house within a year

Lessons learned? Challenges?

Plan additional 10% for contingency for unforeseen repairs and increased timeline.

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

We worked with Plaid Properties to finish this rehab correctly and save the deal.

@Michael K Gallagher Great question.  We turned this into airbnb but projected long term rent to be $1200 for this 2 bedroom and 1 bathroom.  We came to this projection because the bedroom and 1 bathroom next door rents for $1200:).  

This property is located south of Southern Orchards and North of Vassor Village, for reference.  

@Harjeet Bhatti Thank you for the clarification on fannie Mae guidelines.  

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $100,000
Cash invested: $15,000

Completely rehabbed the interior of a 2 bedroom and 1 bathroom single family home. Located south of Southern Orchards.

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

The area is improving and we wanted to help Columbus improve the downtown areas

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

We found this deal off the market and made a fair offer based on our numbers.

How did you finance this deal?

Traditional lending

How did you add value to the deal?

Pulled comps in the area

What was the outcome?

We are holding it as short term rental

Lessons learned? Challenges?

The property went according to plan

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

Yes we worked with Plaid Properties to rehab the property and Housepitality to manage our property

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $66,000
Cash invested: $113,000

Rehabbed the interior & exterior of a 3 bedroom and 2 bathroom single family. Located in upcoming Franklinton.  As you will see in the lesson learned section, this was a deal where we made a lot of mistakes but we applied those lessons to all our next properties and have since not repeated them.   

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

The area is improving and we wanted to help Columbus improve the downtown areas

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

We found this deal on mls and made a fair offer based on our numbers

How did you finance this deal?

Private money

How did you add value to the deal?

We pulled 3 bedroom & 2 bathroom comps of area above Sullivant

What was the outcome?

We are holding it as long term rental

Lessons learned? Challenges?

We learned a ton on this property. The main lesson we learned was work with contractor who has done a full rehab of old homes and does quality work otherwise your rehab numbers will be completely wrong. Ours were off by 72% as we started to rent it, jumped to 85% once we had to replace the main water line for sewage, and finally to 106% after first tenant moved out and we decided to fix all the bad repairs by the first contractor (tile, baseboard, paint and etc) and damage from the tenant.

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

Yes we worked with Plaid Properties to rehab the property. Plaid properties is the second contractor we worked with, we have had no issues with the work they did, and a bonus they are helping us repair the work done by other the contractor at a below the market price.

@Harjeet Bhatti Thank you for your response.  We are hearing that from our current lenders, I was wondering if any lenders go up to 75% via conventional loan.  

@Mikael Winkler Great points and hope you are right

Has anyone worked with a traditional lender(Fannie Mae loan) in Columbus Ohio post covid19 that will lend 75% of ARV for cashout refinance on a duplex?