Excited to start my RE journey in Ohio - Looking for connections!

[Ly Nguyen]

My plan

I plan on starting small with 1-2 SFH LTR in the Northeast Columbus and/or Akron/Canton area. Ideally, a property that only needs minor cosmetic improvements (paint, floors).

• Pre-approved to $600,000

• Saving $2000/month

• 60K in reserves for down payment & small rehab

Background

My husband and I live in the Bay Area, California, have 2 young kids and we both work full time - looking to step away from our W2's in the next several years. We dabbled in real estate in St. George, UT years ago but had little success as I went in blind following other family members who went into the market. I have a LTR condo in Vegas with my parents, we paid cash and are cash flowing $1250/mo. Now I'm educating myself with the Bigger Pockets resources, which are fantastic!! Eventually, would love to get into small multifamily BRRRR and MTR once we get our investing feet wet.

What I’m looking for

• Evaluation of my plan to get started
• Advice on particular neighborhoods to look at in my desired zone
• People to network with and develop a relationship with

I have not built my team yet, but I am ready to get started. I’d love to connect, please let me know.

[Bonnie Low]

@Patrick Drury has a lot of great information on neighborhoods in and around Columbus and developments and City investments that are happening there. He's been a great resource for me so I highly recommend you connect with him. Good luck to you!

[Patrick Drury]

@Ly Nguyen
The Columbus market is a solid market to be looking into in Ohio. I got started with my first rental which was a single-family rental. Single-family rentals are a great way to get started in real estate. It's cheaper than multi-family and you have 1 tenant which is nice. There are already a lot of forums on the subject of multi-family vs Single-family so you can check those out if you are curious.

[Bonnie Low]

@Patrick Drury has a lot of great information on neighborhoods in and around Columbus and developments and City investments that are happening there. He's been a great resource for me so I highly recommend you connect with him. Good luck to you!

[Ly Nguyen]

Thanks @Bonnie Low, I'll connect with Patrick.

[Ly Nguyen]

Btw @Bonnie Low, can you point me to any meet ups (virtual) that I can join for the Ohio area? 

[Remington Lyman]

Quote from @Ly Nguyen:

My plan

I plan on starting small with 1-2 SFH LTR in the Northeast Columbus and/or Akron/Canton area. Ideally, a property that only needs minor cosmetic improvements (paint, floors).

• Pre-approved to $600,000

• Saving $2000/month

• 60K in reserves for down payment & small rehab

Background

My husband and I live in the Bay Area, California, have 2 young kids and we both work full time - looking to step away from our W2's in the next several years. We dabbled in real estate in St. George, UT years ago but had little success as I went in blind following other family members who went into the market. I have a LTR condo in Vegas with my parents, we paid cash and are cash flowing $1250/mo. Now I'm educating myself with the Bigger Pockets resources, which are fantastic!! Eventually, would love to get into small multifamily BRRRR and MTR once we get our investing feet wet.

What I’m looking for

• Evaluation of my plan to get started
• Advice on particular neighborhoods to look at in my desired zone
• People to network with and develop a relationship with

I have not built my team yet, but I am ready to get started. I’d love to connect, please let me know.

 Welcome to Columbus, Ohio! I started purchasing small multifamily in Columbus, Ohio 5 years ago.

[Brittany Minocchi]

I'm in the Akron/Canton area (physically and I also invest here) - happy to connect!

[Jimmy Lieu]

Quote from @Ly Nguyen:

My plan

I plan on starting small with 1-2 SFH LTR in the Northeast Columbus and/or Akron/Canton area. Ideally, a property that only needs minor cosmetic improvements (paint, floors).

• Pre-approved to $600,000

• Saving $2000/month

• 60K in reserves for down payment & small rehab

Background

My husband and I live in the Bay Area, California, have 2 young kids and we both work full time - looking to step away from our W2's in the next several years. We dabbled in real estate in St. George, UT years ago but had little success as I went in blind following other family members who went into the market. I have a LTR condo in Vegas with my parents, we paid cash and are cash flowing $1250/mo. Now I'm educating myself with the Bigger Pockets resources, which are fantastic!! Eventually, would love to get into small multifamily BRRRR and MTR once we get our investing feet wet.

What I’m looking for

• Evaluation of my plan to get started
• Advice on particular neighborhoods to look at in my desired zone
• People to network with and develop a relationship with

I have not built my team yet, but I am ready to get started. I’d love to connect, please let me know.

Hi Ly, I personally love Columbus Ohio, and I like buying rental properties in the Linden and Hilltop area! There's great pockets throughout these neighborhoods that I really like. As someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

[Jessie Dillon]

it sounds like you have a good plan & just need a mentor to help you fine-tune the details and set a timeline. once that's done, you can hook up with an investor friendly agent in your desired area to together identify the right neighborhoods. i'd also suggest finding a few successful investors in your desired city and paying for their time, so you can pick their brain about neighborhoods, team members, etc. the good ones will be collaborative and not gatekeep. dm me if you need help!

[Nicholas L.]

@Ly Nguyen

do you plan to travel to Ohio to be in person to set up your team and look at properties?

are there markets in CA or NV that have a lower price point than the Bay Area (I know they'll still be higher than Ohio) that you would consider, so that you could spend more time there in person?

I ask because it's a tough time to get started out of state.  The midwest is absolutely a great place to invest, and I know the price points look fantastic compared to California, but with interest rates where they are, it's very difficult to cash flow on a vanilla LTR.

[Brandon Goldsmith]

Definitely doable but as @Nicholas L. said meeting a few people in person will be best so at least check out some of the areas and the neighborhoods of Columbus. 

@Ly Nguyen

[Ethan Gidcumb]

Hey @Ly Nguyen, congratulations on taking steps towards your next investment! How are you looking to finance your project? Usually, borrowers are looking for private lenders for properties that require rehab. In these situations, I would confirm with your lender what LTV they can lend up to, to ensure that your $60k of reserves is enough for the down payment and closing costs.

I hope this helps drive some thought on the financing part.

[Robert Ellis]

Quote from @Ly Nguyen:

My plan

I plan on starting small with 1-2 SFH LTR in the Northeast Columbus and/or Akron/Canton area. Ideally, a property that only needs minor cosmetic improvements (paint, floors).

• Pre-approved to $600,000

• Saving $2000/month

• 60K in reserves for down payment & small rehab

Background

My husband and I live in the Bay Area, California, have 2 young kids and we both work full time - looking to step away from our W2's in the next several years. We dabbled in real estate in St. George, UT years ago but had little success as I went in blind following other family members who went into the market. I have a LTR condo in Vegas with my parents, we paid cash and are cash flowing $1250/mo. Now I'm educating myself with the Bigger Pockets resources, which are fantastic!! Eventually, would love to get into small multifamily BRRRR and MTR once we get our investing feet wet.

What I’m looking for

• Evaluation of my plan to get started
• Advice on particular neighborhoods to look at in my desired zone
• People to network with and develop a relationship with

I have not built my team yet, but I am ready to get started. I’d love to connect, please let me know.

 I'd recommend looking at building in columbus too. some great lots to build on and we are seeing 40% equity creation in some submarkets. Chart below is attached I just made a post about it. there are about 12 submarkets you can get 20% equity in if you design the right floorplan. again, you can make it work anywhere but these are more mature markets. 

[Bud Gaffney]

May I ask why not go for a larger multifamily instead of the SFH. More doors More $

[Michael P.]

I think Columbus makes sense, it has a powerhouse economy.  

[Ly Nguyen]

Quote from @Nicholas L.:

@Ly Nguyen

do you plan to travel to Ohio to be in person to set up your team and look at properties?

are there markets in CA or NV that have a lower price point than the Bay Area (I know they'll still be higher than Ohio) that you would consider, so that you could spend more time there in person?

I ask because it's a tough time to get started out of state.  The midwest is absolutely a great place to invest, and I know the price points look fantastic compared to California, but with interest rates where they are, it's very difficult to cash flow on a vanilla LTR.

Hi Nicolas, yes I plan on visiting wherever I invest. I want to look at numbers first to see if they make sense, then travel there. If vanilla LTR doesn't make sense, I'm also open to other strategies. 

[Ly Nguyen]

Quote from @Bud Gaffney:

May I ask why not go for a larger multifamily instead of the SFH. More doors More $

 I'm open for multifamily too ! 

[Austin Steed]

Welcome! Investing in Columbus has treated me well over the years.

My thought has always been to follow the larger developments and then ride the wave. To me Columbus as a whole will see growth and appreciation but if you can get in the right areas you can amplify that appreciation. 

[Robert Ellis]

Quote from @Christopher Manavi:

Hi Ly,

Welcome to the exciting world of real estate in Ohio! As a Columbus-based real estate professional, I'm thrilled to see your enthusiasm and clear plan of action. Your strategy to start with single-family homes (SFH) for long-term rentals (LTR) in Northeast Columbus and the Akron/Canton area sounds promising. Let's dive into some insights and tips to help you on this journey:

1. Market Overview:

• Northeast Columbus: This area is known for its diverse range of properties, from charming older homes to newer constructions. It's a growing area with good schools, making it attractive for families.
• Akron/Canton: These cities offer a more affordable entry point into the market compared to Columbus. They have a steady rental demand due to the presence of universities and healthcare centers.

2. Property Selection:

• With a pre-approval of $600,000 and $60K for down payment and rehab, you're well-positioned to find a suitable property. In these areas, this budget can fetch properties that may only require minor cosmetic updates, as you prefer.
• Keep an eye out for homes in neighborhoods with good schools and amenities, as these factors significantly boost rental appeal.

3. Neighborhoods to Consider:

• In Northeast Columbus, look at areas like Gahanna, New Albany, and Westerville. These have a good mix of affordability and quality living.
• In Akron, consider neighborhoods like Highland Square or Fairlawn for their community vibe and accessibility.

4. Building Your Team:

• It’s crucial to have a reliable team. Start connecting with local real estate agents (like myself!), property managers, and contractors. They can provide invaluable local insights and support.
• Also, consider joining local real estate investor groups. These can be great for networking and learning from others' experiences.

5. Future Plans:

• It's great to hear about your interest in small multifamily BRRRR (Buy, Rehab, Rent, Refinance, Repeat) and MTR (Medium-Term Rental) strategies. These can be very effective in building wealth over time.

6. Tips:

• Educate yourself continuously. Bigger Pockets is a fantastic resource, but also consider local real estate seminars and workshops.
• Always conduct thorough due diligence on any property you consider. This includes understanding the local rental market, property taxes, and potential for appreciation.

7. Final Thoughts:

• Real estate investing is a marathon, not a sprint. Patience and due diligence are key.
• Stay adaptable and open to learning from each transaction.

I'd be delighted to connect and help you navigate the Columbus real estate landscape. Let's make your real estate journey in Ohio a successful and enjoyable one!

Best,

Christopher Manavi Columbus Real Estate Professional and Realtor

 lol I ran this through 2 ai detection sites and it was like 94% I'd write your own content friend 

[Bonnie Low]

Quote from @Ly Nguyen:

Btw @Bonnie Low, can you point me to any meet ups (virtual) that I can join for the Ohio area? 

 There is a section on Meetups here in the forums. Just type in the cities you're interested in and it will show you when and where the local meetups are.

[Phong Bui]

Hi Ly, 

Curious why you are interested in northeast columbus specifically? And also Akron/Canton? These areas are very different from each other.

I am no expert by any means, but would be interested in connecting. I'll actually be visiting the bay next week for a few days.

[Nizar Basma]

Hi Ly,

I'm also from San Jose and purchased my first OOS rental in Columbus a couple years back. Happy to connect and discuss more about what I've learned so far about Columbus!

[Sino U.]

Quote from @Patrick Drury:

@Ly Nguyen
The Columbus market is a solid market to be looking into in Ohio. I got started with my first rental which was a single-family rental. Single-family rentals are a great way to get started in real estate. It's cheaper than multi-family and you have 1 tenant which is nice. There are already a lot of forums on the subject of multi-family vs Single-family so you can check those out if you are curious.

 Hi Patrick - I would like to connect with you and pickup ur brain in regards to Columbus Market,would you be okay with that?

[Arash O.]

@Nizar Basma, @Ly Nguyen,

I am also in the bay. Would be great to connect with you both.