All Forum Posts by: Steven Foster Wilson

Looking to get some recommendations on this property to make it a more profitable scenario. It is not livable as-is right now, and needs at least $50K renovation to get it up to livable standards. Our first idea was to tear it down and build new. But after plugging in those numbers, even with new construction (higher ARV and higher rent) we would still be upside down.

Thanks for your feedback!

I actually 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, thats why I use it.

0 Votes

Nashville, Tennessee

Quote from @Chetan Vihite:

Hey everyone. Rookie investor here, been looking into MTRs mostly in the Dayton/Kettering/Columbus areas. Just wondering if anyone else here has had experience or success there. Anyone investing in the area and how's the market currently?
Any feedback or realtors in the area willing to help, feel free to reach out.

You should try BRRRR investing, thats how I got started.

I agree with Columbus as a good BRRRR market

My first BRRRRR was $300k, put $50k into it, refinanced, and got $90k back. I just refinanced again and got another $50k and it still cash flows $1800/month.

Second BRRRRR cost $160k, put $55k into it, refinanced, and got me just under $200k back and cash flows $2000/month.

Now Ive built a portfolio of properties, all while I started with just $500 to my name.

Id recommend looking at the ratings on ohiorem.com/neighborhood-articles/ and it goes through different Dayton neighborhoods by grade.

0 Votes

Dayton, Ohio

Quote from @Bob Stevens:

Everyone has heard, Location Location Location, and most live by it. NOT me. Its PRICE PRICE PRICE, people live everywhere.

Thoughts ?

It depends on what your goal is? If its to buy assets that will grow exponentially, then yes location absolutely matters, for example, I would invest in Columbus. If I was looking at getting the best COC return at the lowest cost possible, then I would invest in Cleveland or Akron. Thats why its important to figure your goals out first, then pick a city.

1 Vote

Cleveland, Ohio

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).

If the property was recently renovated then it is more than likely a permitting issue or some sort. I would allow the seller time to remedy the situation, especially if you believe it to be a good deal. IMO anytime you notify a lender, the deal becomes 10x more complex or just dead overall. Their underwriters don't like anything that doesn't fit in the box, even if it is bound to be fixed.

3 Votes

Columbus, Ohio

Quote from @Vivan Bhalla:

Hello,

I am a software engineer who works remotely and lives in Jersey City. I am planning to invest in a house hack using the FHA loan. I have close to 50k to invest by Feb 2024, that is when my current lease ends and I am planning to pull the trigger. I have the following markets in mind but just confused on which one will be the best (my goal is to achieve FI, I need 2000$ extra cashflow to get to my number):

Jersey City and surroundings - This is good for me because this is where I live and would want to live in the future as well. I know the market and I know it is growing and the quality of tenants is good. I can go a little bit far from NYC and find good deals. The only issue is the tax rate, NJ has the highest property tax and this could hurt my profit margins. Another issue could be to find the best deal as there is a shortage of MF houses in the range I would want

Columbus, Oh - This is a market about which I have heard from a lot of people and my research shows it is quite fabulous. There is growing economy and population and the house prices have still not caught up. The only issue here would be that I will have to move to Columbus for a year (which is not the biggest issue), and also get a car (I do not have a car in NJ). This might just add some extra expenses.

There is one other option in my mind which is Florida - I love warm weather and I love the beaches. The only issue here is the possibilty of natural hazards and the increased insurance rate.

Would love to get idea from people who have done house hacking in these areas or still investing to get an idea as it is very easy to use someone's plan and replicate it.

Thanks in advance

When I got started investing my sophomore year of college, I had $500 to my name, My grandmother lent me $12k for the downpayment on a duplex on OSU campus in Columbus. Over the course of a year my wife and I fixed it up, rented to friends, ate peanut butter and jelly, did everything we could. We then refinanced the property and it has given us $140k in cash back and continually produces $1,800/month in cash flow.

Really just getting started is the way to go. There are a lot of books and websites including ohiorem.com that are focused on helping people get started investing in Ohio.

1 Vote

Quote from @Elise Asanias:

Quote from @Steven Foster Wilson:

Quote from @Elise Asanias:

Hi there, I'm an investor from Canada, and will be flying into Cincinnati for the first time next week to check out the market. I'm planning to explore the different regions of the city with the aim to identify specific neighbourhoods that would work for my investment goals (ideally a value-add multifamily, for long-term to mid-term tenants).

Are there any agents here that would be open to connecting, to provide a read on market opportunities? I'm looking to establish some roots in the region – splitting my time primarily between Ontario, Ohio, and Montreal – so hoping to connect with real estate professionals with a solid grasp of the market to inform a long-term investment strategy in Ohio.

As a Canadian - would be great to connect with folks that have facilitated investing cross-border.

Thanks in advance!

Elise

Hi Elise, welcome to the Ohio market! You should check out Ohiorem.com there are a lot of good resources on there including neighborhood articles around Cincinnati, along with educational videos on how to build your team. Including how to find a deal finder team member, an investor minded realtor who can help you find deals on and off market.

Hi Steven, thanks so much for your note here, your site looks great, will definitely give it a closer look over the next few days. Would love to connect further to hear your thoughts on the market given your focus on the area, will DM you. Thanks!

Sure thing looking forward to it! My favorite part of Ohio is the diversity. Cleveland gives me cashflow, Columbus gives me appreciation and the small tertiary market of Newark Ohio oddly gives me both but at a more affordable price!

0 Votes

Cincinnati, Ohio

Quote from @Russell Brazil:

Quote from @Steven Foster Wilson:

First it’s the dryer, then it’s the washer, then it’s the TV….when does it end. $400 is just the beginning. Knowledge is power!

Yeah it’s called being a landlord. You have to fix **** when it breaks. You dont just take a tenants money then tell them to go screw when the stuff you’rerenting to them breaks lol.

Washer dryer maybe one of those things not stated in the lease. I will often leave washer dryer setups at properties but tell my tenants it’s their responsibility if it breaks.
if it is in the lease agreement then the tenant should at least be reasonable with the fixing timeline.

0 Votes

Columbia, Maryland

First it’s the dryer, then it’s the washer, then it’s the TV….when does it end. $400 is just the beginning. Knowledge is power!

0 Votes

Columbia, Maryland

You can contact the water company and often they will help open a claim and reimburse you for a leak. This happened in Cleveland. My duplex water bill went from $300 a quarter to $3,800. The water company was willing to help us resolve the issue and reimburse us, however it was a pain in the butt and took months!

1 Vote

Chicago, Illinois

This is why you should invest in landlord friendly states like Ohio... Your best bet to connect with a RE attorney, even if you pay the consulting fee, it'll be worth it for the knowledge.

1 Vote

Columbia, Maryland

All Forum Posts by: Steven Foster Wilson

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

Post: [Calc Review] Help me analyze this deal

Post: Investing in Dayton/Kettering/Columbus Ohio areas

Post: Agree Or disagree and why.

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

Post: Help me with deciding an area for my house hack

Post: Heading to Cincinnati: Looking for investor-friendly agents to connect with!

Post: Can landlord be sued for broken dryer?

Post: Can landlord be sued for broken dryer?

Post: Water bill is 400% higher then last bill, faulty meter or leaks?

Post: Can landlord be sued for broken dryer?