All Forum Posts by: Steven Foster Wilson

Did not think about that either. Awesome thanks for telling me about that. I think I’m definitely gonna stay away from condo’s unless it’s a must have good deal. Thank you - Tim

Good idea. I typically wont look at a condo unless its a 3% rule!

1 Vote

Fresno, California

Quote from @Bob Stevens:

Quote from @Dustin Li:

Out of state investor here, first time investing in the Columbus market. I am currently under contract for a property that was recently renovated. Inspection checked out without major issues. I had someone on the ground drive by the place couple days ago. It seems City of Columbus put a red sign in the front stating the property was unsafe to occupy and that should only be entered for repairs or demolition (I assume this means the property is condemned). Obviously I immediately called my local agent (who is great), and they followed up with the seller agent who is looking into this. I am going to strategize with my agent this week but wanted to seek advice here. I am not experienced in this unique situation, nor am I experienced dealing with the City of Columbus:

1) Advice on what to do in this situation? Next steps and ensuring if i do close that the city has actually rescinded the condemn notice and it isn't the seller removing the sign.

2) How efficient is City of Columbus? I am debating extending closing to allow seller to resolve this or just walking away from the deal.

3) Any speculation as to what the issue might be to result in this?

4) Should I notify my lender and other members of my team? (Currently only my agent knows).

This is what I am 99% certain happen. The property was vacant for years. Then someone bought it, renovated it withOUT pulling any permits. All the city wants is their money. If if if renovated property all you need to do is have your team pull all permits, fill out paperwork, and probably ( like Cleveland) submit drawings of each room ( totally dumb) If you are just relying on your realtor, that is a big mistake. If you do not have a team ( NO your realtor is not part of your team) GC, and PM , do not even think about buying. I have posted 100x DO NOTHING without team in place. Who walked this for you, your realtor? I have done 100s and 100s and 100s of deals in OH never using a realtor. PLEASE get a team in place before you clos

Good luck

Yes agree having a team is a necessity, just like building any business you need the WHOs in place.

0 Votes

Columbus, Ohio

Quote from @Zapata Tate:

I'm under contract for a duplex in Dallas, NC, and I'm a little nervous. They asked 419k, I'm under contract for 365k with a 3.5% seller concession and a 1.5% commission (I'm a new agent). Rental market says 1200 to 2k's, section 8 gives me very different prices from 900 to 1200. I'm looking for advice. How do I know this is a good deal? That I'm on the right path?

Personally I like using the calc on ohiorem.com/calculator/ because it allows you to run numbers in less than 30 seconds from your phone. It automatically calculates leasing fee, maintenance costs, and cappex costs. And there are quick ways to edit variables, so if you wanted to adjust interest rate or down payment, its super quick.

I personally look for anything above 10% COC

0 Votes

Quote from @Willie Creear III:

What are the best markets in Ohio with comparatively high appreciation YOY? Is there investors in any of these areas that see any of their portfolio any appreciation trends that may surprise those who originally had only cash-flow intentions?

My Pre-investing Rankings (Personal Market Analysis)

1. Cincinnati

2. Columbus

3. Cleveland

Any honorable mentions markets to consider as well?

IG @Mattpriestjr

I recommend the major cities in Ohio:

-Columbus, great for appreciation, pp is a bit higher around $220k for multifamily

-Cincinnati, has a mix of cash flow and appreciation, average multifamily around $180k.

-Cleveland, has alot of cashflow potential, average multi family around $140k.

- There are other smaller markets like Dayton, Akron, and and Newark, which we are starting to see these areas boom due to huge investors and corporations like Intel choosing to set up shop in these kind of areas.

Watch the video series comparing the differant cities of ohio at ohiorem.com

1 Vote

Cincinnati, Ohio

Quote from @Terrence Ho:

Hi everyone,

Recently started listening to the BiggerPockets podcast and am here to learn more!

I'm still very new at this, currently, I have a rental and primary property that's mortgage-free in Ontario.

A few questions I have:

1) In addition to a HELOC, are there other options available to access the equity of my two Ontario properties?

2) I am planning to renovate and rent out the basement of my primary property to generate cash flow. What is the average cost of renovating a basement apartment with 3 bedrooms and a kitchen in Toronto to make it suitable for renting?

3) Can you recommend other cities in Ontario that I should consider for purchasing properties? Additionally, which provinces and US states are landlord-friendly and worth exploring?

4) I am also interested in purchasing properties in Mexico (Playa del Carmen / Tulum) and would like to know if anyone has any experience with this. What are some things to be cautious of when buying properties there?

Thanks in advance!

Ohio is all around landlord friendly. To figure out which city though Id recommend looking at the ratings on ohiorem.com it goes through different Ohio cities and their neighborhoods by grade.

1 Vote

Toronto, Ontario

Quote from @Jeff Oben:

I want to add value for investors in NE Ohio. I am brand new to the area and will be opening a new location for a rapidly expanding home services company. In this capacity I spend a TON of time on the road in different neighborhoods getting to know the area block by block. I would be glad to "drive for dollars" for an investor(s) looking for neglected properties in the Cleveland/Akron/Canton areas. No strings, I just want to add value and potentially network. If you would find this helpful, connect with me, and send me a message with the areas you're looking and your criteria and I'll send pics and address when I see properties. You can also text me at 810-429-5838. Thanks ya'll and I look forward to meeting all the great people in NE Ohio.

Find properties. Thats the best way to add value!

If youre just starting out in Cleveland recommend the following:

- book “Rich dad, Poor dad” by Robert T. Kiyosak

- listen to the BiggerPockets podcast

-growing your network, look on Facebook/BiggerPockets

0 Votes

Cleveland, Ohio

Quote from @Tim Sapien:

What are your thoughts on buying condo’s/apartments for future rentals? Are they typically good rentals? Any advice helps. Thanks - Tim

Just remember a condo fee can only go up.....could be $400 today, but in ten years there is no cap, could be $1,200...

1 Vote

Fresno, California

Quote from @John Smith:

Hey everyone, I've been hard at work on a data platform called PriceToRent. I got tired of manually crunching data and doing searches. So I built this.

With PriceToRent, you can effortlessly compare home and rental market trends for any location. It calculates a price-to-rent ratio, helping you determine whether it's better to buy or rent in a specific area.

Who's it for? Well, whether you're a potential homebuyer, a real estate mogul, or anyone navigating the real estate market, PriceToRent offers a bird's eye view of market data.

Hope it's of use to anyone else in the market or just looking around to browse some regions near them. It costs nothing and is free to use :)

Check it out here: https://pricetorent.com/

I like using the calc on ohiorem.com/calculator/ because it allows you to run numbers in less than 30 seconds from your phone. It automatically calculates leasing fee, maintenance costs, and cappex costs. And there are quick ways to edit variables, so if you wanted to adjust interest rate or down payment, its super quick.

0 Votes

Quote from @Banijyoti Hira:

im stuck at the stage of refinance!!! BRR done but im stuck in the next R i mean refinance

270K refinance at 6% for 30yrs

total amount to be paid by 30yrs to the bank is 582k[270k +312k interest]

my bank will not allow me to pay it all at once [have to pay it over 30yrs acc to contract

if i sell the property now, it will be sold fr 350k

its a complete loss

so it means im stuck till my morgage reduces over time and value of property increases, if i want to sell it and make some profit right?

This is missing some key information. BRRRRR doesnt take into account the total amount paid over the life of the loan, its more so about getting the best Cash on Cash return, allowing yourself to be all-in for less then 20% down like you would just buying something with a conventional mortgage.

0 Votes

Houston, Texas

Quote from @Mario Morales:

Does or has anyone used a real estate coach, such as laying out all your financials, explaining your goals and getting advise on how to proceed?

im sure you could find hundreds of people willing to coach you, all for the right price. My advice is to find someone doing well, and to hang with them and learn.

Also read up and watch videos like the series at ohiorem.com which teaches you how to get started in real estate investing in Ohio.

1 Vote

Chicago, Illinois

All Forum Posts by: Steven Foster Wilson

Steven Foster Wilson has started 29 posts and replied 3524 times.

Post: Condo’s/Apartments for Rent

Post: About to close on a property, was just notified the city has condemned it.

Post: Buting new duplex in Dallas, NC.

Post: Cincinnati, Columbus, or Cleveland?

Post: New Member from Toronto, Canada

Post: I want to add value!

Post: Condo’s/Apartments for Rent

Post: Price to Rent Calculator

Post: im sooooo confused.. want help please

Post: Real Estate Coaching