All Forum Posts by: Scott Allen

@Sam Evrard I used a lender here in Columbus that was a Conventional loan (made my offer more competitive vs FHA), 0% down, no PMI, and is a 30 year fixed when I was house hacking a couple years back. I found a house hack that needed a little more work but I would say a safe budget for something that doesn't need too much in that price range would be about $35k

@Sushree Mohanty Columbus, OH is pretty popular because you can get the multi-family properties to cashflow when they're completed and they'll appreciate in value simultaneously. Other markets in Ohio will be better for cashflow properties 

@Michael A. Start networking with agents that can help you build up your core four in each market. Scanning the market and looking for ones that can work is good so you can make offers continuously/shoot shots but having solid deal flow and off-market deals coming to you will help a lot too/less competition and better price points. Don't work with an agent that thinks it's a waste of time to help you put multiple deals together with plan to fix them up and resell them later - they're supposed to benefit from both parts of that. Finding a solid an reliable GC will be your biggest hurdle - they're typically more blue collar and referral based. 

@Zeeshan S. Still doing buy and holds that make sense for me personally (house hacking duplexes/fourplexes in neighborhoods that are at least B Class that I can make breakeven or cashflow a little bit with PITI). Still doing BRRRR's that make sense when buying and then refi'ing that will cashflow well when complete. Still flipping properties in C Class or better that make sense to make at least $30k minimum when selling. Also, still keeping a conservative/emergency reserve for future opportunities.

Have heard about some people that love doing land deals because they can be so hands off/higher rewards - I just don't really look for them or come across them

@Max Engel Start looking for properties that you can brrrr or flip so you can get projects done quicker and recycle your cash when completed. 

@Sarah Hadassah Negrón Columbus (Cashflow/appreciation) and tertiary markets (Cashflow) in Ohio are pretty popular.

@Chaim Mal

If house hacking a duplex or fourplex is not a good option for you to get started then you should consider out of state investing. Start by narrowing down a market you want to invest in (Research 3-5 and pick one). Start networking to find experts in the market you pick - you'll want to build a core four (agents, lenders, property managers, and contractors). If you have the time to do it - go and visit the city you plan to invest in so you can see the neighborhoods first hand, what the city is like, and what drivers are in that market. Best of luck getting started, reach out if you have any other questions!

@Naomi Joo If you are relocating to Columbus for 3 years for your sister's residency, open to house hacking a duplex in an A class neighborhood very central in Columbus, looking to build equity in a property over the course of that time while offsetting your mortgage payment with monthly income from one of the units - let me know, I have something that would be a great fit in Victorian Village. 

@Carlos Gonzalez I think the most valuable thing that helped me when getting started was finding good mentorship that came from what you said - The power of networking and building strong relationships. Your net worth really does stem from your network. Showing up and being consistent is what goes the distance. 

My mentor taught me how to find deals, sell deals, and buy deals which naturally worked itself into us partnering on BRRRR deals and flipping deals. It's great.

I would say real estate investing is not for individuals who lack a positive mindset or are not willing to do the proper research and lock in a solid core four before investing into a specific market. 

@Sam Zawatsky I think part of it depends on the neighborhood grade that you're investing in. A dishwasher on a second level in an apartment is the same concept as a toilet or shower on a second level - if it leaks, it's going to mess things up below it. 

I would say for A and B Class properties, having a dishwasher and central AC is very necessary if you want to even compete. In C Class and below, dishwashers are not quite as necessary but do still add value when renting/selling. I think it also depends on the size of the unit - efficiency to 1 bed, not quite as necessary but still a bonus. 2-4 bed - would get it added in. 

The U.S. is a first world country - units without dishwashers and central AC have many other units that they'll have to compete with when going up for rent that do offer those luxuries.