All Forum Posts by: Ed W.

@Ty Patillo

Hi Ty, you can get a lot of information about wholesaling at a FREE meeting next Thursday (October 20th) for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. The meeting starts at 6:00 PM.

You can arrive at any time but from 6:00 - 6:45 PM they'll have a Q&A which is very helpful for newbies. After that there is usually a featured speaker on an important topic.

There’s typically a good mix of attendees - usually one or more attorneys, a number of agents, many experienced investors, landlords, flippers, rehabbers, contractors, lenders, etc. This will be a very good opportunity for networking and to meet people active on BP (and those who don't use BP).

The meeting will end around 9 PM but the room will be available for networking till about 10. As stated above, except for any food or drink you happen to order there is no charge to attend. Attendance is usually around 40 - 55.

@Dominique Clark

"...and the encounters I have with people involved with real estate are always the most inspiring."

There will be a FREE meeting next Thursday (October 20th) for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. The meeting starts at 6:00 PM.

You can arrive at any time but from 6:00 - 6:45 PM they'll have a Q&A which is very helpful for newbies. After that there is usually a featured speaker on an important topic.

There’s typically a good mix of attendees - usually one or more attorneys, a number of agents, many experienced investors, landlords, flippers, rehabbers, contractors, lenders, etc. This will be a very good opportunity for networking and to meet people active on BP (and those who don't use BP).

The meeting will end around 9 PM but the room will be available for networking till about 10. As stated above, except for any food or drink you happen to order there is no charge to attend. Attendance is usually around 40 - 55. 

@Darrio Pope

If you're looking meet Columbus investors, there will be a FREE meeting next Thursday (October 20th) for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. The meeting starts at 6:00 PM.

You can arrive at any time but from 6:00 - 6:45 PM they'll have a Q&A which is very helpful for newbies. After that there is usually a featured speaker on an important topic.

There’s typically a good mix of attendees - usually one or more attorneys, a number of agents, many experienced investors, landlords, flippers, rehabbers, contractors, lenders, etc. This will be a very good opportunity for networking and to meet people active on BP (and those who don't use BP).

The meeting will end around 9 PM but the room will be available for networking till about 10. As stated above, except for any food or drink you order there is no charge to attend. Attendance is usually around 40 - 55. 

There's a free meeting at Tommy's on 161 on Sept. 22nd.  Not a BP meetup, but BP members attend.

@Mike Stevens  "...I hope to meet many of you..."

Very good educational and networking opportunity TONIGHT, Thurs., Aug. 25th, at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. It's a FREE meeting of landlords, rehabbers, and flippers that is featuring a speaker from the City of Columbus Building and Zoning Services. Starts at 6 PM for Q & A (especially good for newbies), speaker starts around 6:45 and networking starts following the speaker. Typically we get 35-55 attendees including a number who frequent BP.  If you can't make at 6, come whenever you can.

@Ryan VanFossen

Very good educational and networking opportunity TOMORROW, Thurs., Aug. 25th, at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. It's a FREE meeting of landlords and flippers that is featuring a speaker from Columbus Building and Zoning Services. Starts at 6 PM for Q & A, speaker starts at 6:45 and networking follows the speaker. Typically we get 35-55 attendees including a number who frequent BP.  

@Benjamin Reemsnyder

While not an official BP Meetup, there will be a FREE meeting at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside on Thursday, Aug. 25th starting at 6 PM and ending around 9 PM.  BP participants will be there and the meeting is usually attended by 35 - 55 newbies and experienced investors.  The meeting starts with a Q&A session (primarily for newbies but advanced topics are welcome), then a featured speaker, then networking.  The featured speaker this month will be from the City of Columbus Division of Building and Zoning Services.  

@Sunny P.

Please bear in mind that my comments are general in nature because I don't know anything about the association.  I could be dead wrong.

I've owned about 60 condos over the years in numerous associations in several states and - knock on wood - I've done well with them.  But I'm very picky, put the associations and management under a microscope, and proceed carefully.  I'm scheduled to close on one tomorrow morning (but it's the first purchase of a condo in about a decade). I know a lot about condos.

In answer to your question, most buyers have literally no clue about how condos are truly set up and how they are supposed to be managed, etc.  For the most part, they'll be oblivious to landlords unless and until things get bad and outward signs of bad tenants become apparent.  For that matter, most investors I know don't have a clue either.  

Here's the crux of the problem.  Not many investors are truly good managers.  Many investors pay too much, have poor cash reserves, and feel a strong pressure to fill a unit so they can meet their mortgage payment.  That leads to bad decisions and letting bad tenants in the door.  Every time?  Of course, not.  But the more landlords you have, the greater the likelihood of some percentage being bad managers and introducing bad tenants.  The more bad landlords, the more bad tenants.  The more bad tenants, the more it shows and the harder it is to sell.  The harder it is to sell, the more prices will decline.   It could take a few years or decades, it's hard to know how long it will take.  The mortgage market, the real estate market, the general economy, newer competing associations, lax management, indifferent owners - there's lots of moving parts that can play a roll.  Around 2005 there was a perfect storm that seriously hurt many associations, even those with a low percentage of landlords.

If you have a good, well-managed association that has strong rules and regulations that are enforced and supported by a good law firm and a restricted number of landlords as well, the easier it is to prevent/avoid a downward spiral.  

Some thoughts to consider:

How well-run and how well-managed is the condo association and how strong are their reserves?

Condo declarations, bylaws, and rules generally control the percentage of tenants and create deed restriction but I don't believe I've ever seen that specifically on deeds.

I would never buy in a condo association with unrestricted tenancies.  It would have close to a 80% or higher chance of some day causing a serious decline in value of the units.   This one is still new and hasn't suffered through a decline in the market.

Too many eggs in one basket?  Easy is not always best.

PM me.