All Forum Posts by: Ryan Mainwaring

@Mikael Winkler I hope people start living again.  The decontamination is thanks @benjamin vail our property manager

The address is 919 bellows avenue

@Mikael Winkler Thank you!  We definitely took a hit in revenue for march and april.  In March we saw the following in Columbus Airbnb market:

• Since late February, we have have had about 85% of reservations cancelled
• City wide occupancy of about 20% vs normal for this time of year is about 65%.
• Whole home listing drop from 1400 to 800 homes
• Revenue cut in half

In May, it started to come back with our properties getting close 80% of projected revenue.  

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $72,500
Cash invested: $74,400

Completely rehabbed the interior of a 3 bedroom and 2.5 bathroom single family home and added a bedroom and bathroom. 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 off market and we made a fair offer that worked with comps in the area

How did you finance this deal?

Private money

How did you add value to the deal?

We pulled 3 bedroom & 2 bathroom comps in franklinton area

What was the outcome?

We are holding it as short term rental and got a great surprise when the house appraised for 76k more than estimated during cash out refinance.

Lessons learned? Challenges?

Plan for complete rehabs to take a month longer than estimate because of unknown issues.

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

Yes we worked with Ben Hulshof (mortgage broker) to cash out refinance the property and Plaid Properties to rehab the property.

Thank you for the compliments.

@Mikael Winkler We self managed for the from August 2018 to August 2019.  Then we switched to managed short-term rental in august 2019.  

Link to it today

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $83,000
Cash invested: $51,000

Rehabbed the interior of a 3 bedroom and 1.5 bathroom single family. 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 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 short term rental

Lessons learned? Challenges?

Plan additional 10% for contingency for unforeseen repairs.

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

Yes we worked with union mortgage to cash out refinance the property and Plaid Properties to rehab the property.

@Aaron Bihl  Thank you for sharing your history.  Glad to see the Hospital really helped you and your family.  

This area has changed a ton in the last few years, for example this property is on miller avenue in driving park. A few years ago I would have only bought properties in southern orchards, old oaks and merion village but now I would buy in those areas plus driving park, all areas down to vasslor village, and all areas down to reeb-hosack.  The city plus private investors are doing a great job to make this area nice and safe.

43205 and 43206

@Zeke Liston Thank you

@Aaron Bihl Thank you.  When was the last time you were at the hospital?  How's Texas?  I am from Houston myself.

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $50,000
Cash invested: $100,000

Rehabbed interior and exterior of house including built a single car garage

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

The area is improving and we to provide housing for the nationwide children workers

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 from 2 lenders

How did you add value to the deal?

We pulled 3 bedroom & 2 bathroom comps of area above e Livingston.

What was the outcome?

We are holding it as long term rental

Lessons learned? Challenges?

Plan additional month to build a garage to partner with City on specs.

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

Yes we worked with keybank to cash out refinance the property and Plaid Properties to rehab the property