All Forum Posts by: Account Closed

Currently rehabbing a carriage house that I may turn into an Airbnb in Grove City. Do you more experienced Airbnb investors think the market for short term rentals will be strong in 2021? On the fence about making it an Airbnb vs long term rental. Columbus rental market is strong in demand right now but I am not so certain about Airbnb. 

@Remington Lyman There are few "multifamily" properties listed on the MLS in Grove City right now. However, when I bought this place it was listed as a SFH but had a carriage house in the back(ADU on top of the garage/ mother in law suite). It is a legitimate dwelling as its metered separately and has its own address. In this town there are a few Duplexes and homes with ADU, but you have to look at each listing sometimes they are only listed as a SFH.

I agree that househacking is a safe move in this environment given the market. In Ohio inventory is low but on the outskirts of larger cities and small cities prices are still affordable. Depends on where you look. During the shut down, I purchased by 1st househack and live for free while living in the unit above the garage. Getting some experience but still taking baby steps. 

Welcome to Columbus!! - This market is hot right now. Hopefully the tide will turn soon...

Facebook Marketplace is good for listing rooms as well as trulia.

If you are looking to invest out of state with modest appreciation and cash flow that is steady I would suggest looking at the Midwest. You will get started quicker because the prices here are lower than the rest of the states but still has good potential for income.

I live in the midwest currently and I have lived in Arizona and there are many advantages of a new investor starting out in the midwest in my opinion... Heres an article that I like talking about why the midwest is a good place to invest:

https://www.biggerpockets.com/blog/invest-mid-west

Even in the outer areas of the Columbus such as Grove City and Canal Winchester there is a strong demand for rentals. If you rehab then make into a rental those are desirable areas to rent. Im sure fix and flip would do well also. Lots of the outer edge cities of Columbus seem to have a huge inventory of homes that need work.

Since Airbnb has a higher potential income it inherently may have risks that a regular rental property would not have, so I would still pursue more properties if I were you so that if you need to shift that unit from Airbnb to a long term regular rental you will still have more potential income with other rentals. I dont think having one successful airbnb house - hack will do you justice in the long run if you are looking for $2,400 consistently. Maybe do a Regular househack thats a rental unit and not a short term rental next time to diversify. 

My first investment biggest mistake: buying a place with an inherited tenant. Bought a SFH with a separate carriage house in back then asked the tenant to move out because I had plans to move in and renovate that unit while renting out the SFH. Turned out to be a huge hassle, the tenant did pay for the two months they were there but the stress of having them leave was not something I would do again without more info on the tenant especially during the COVID19 pandemic.

If you want deals on brand new items - Best Buy has their Open Box deals