How to pick the location??

Question

I am new to real Estate, that's my second post.

I am in Columbus Ohio. I went to the bank today to get myself pre approved for a loan to see what I can afford, so I am still on that, but I have a few questions about the location.

i talked to an agent and he suggested and showed some multi-family homes in Delaware -Ohio. he said "there wasn't any in columbus" not sure why??? I don't have access to MLS  I looked through http://www.realtor.com  I started looking for places that are very cheap $1 $5000, some of them will be going to an auction, the place is in down-town.

Here's an example: http://www.realtor.com/realestateandhomes-detail/2...

what's the best way to pick the best location?

Is it a good idea to buy several cheep properties, hold on to it and maybe sell it as a piece of land? or maybe instead of flipping, they could be like storage units? is this a good idea?

Thank you

Youssef

Dhanush Kondoth · Answer

Hello @Youssef Elmaragy

I am not a super experienced investor but I have pulled the trigger on one and ready to fire at my 2nd. You can still find deals from MLS or hudhomestores.com I found mine from MLS.

REO and HUD are the route I am taking. The competition is high so you will need cash to put down cash offers. Setup a automated MLS listing via your Agent (Make sure you have an agent who is ideally an investor and a property manager themselves)

BP members and PODcasts has plenty of info on how to and where to get money/deal/contractors and the whole thing.

Let me know if you need any help.

Dhanush

Mark Ostertag · Answer

@Youssef Elmaraghy

If I didn’t have a family, I would be house hacking living in a duplex, triplex, or fourplex. That would absolutely be my first purchase. Put your own housing costs to work.

Youssef Elmaraghy · Answer

@ kim younkin

Hello again:)

Do you want to own C or D properties?

I am not sure yet, but I am with you, the least expensive, it might require more work.

I will self manage, i live in Dublin, Ohio, I am renting, been there for almost 5 years, that's why I am thinking about an FHA loan, maybe a double or something, live in one side and rent the other.

I am new in to the business, all my life i worked in IT ,but I have business degree too, not sure if that will help :) so i don't think flipping is gonna be a good start,  flipping might work good for some people. I am working to get my license in the next few weeks. I don't access to MLS yet, but I am sure it's not the only way to find properties.

My strategy is to create cash flow, which might change moving forward, but that's my goal to be more independent.

You said "we have helped clients close this year on 8-, 12-, and 22-unit properties and our agents have a few offers in on other MFHs. Always get second opinions. :)"

what areas?

Thank you

Youssef

Kim Younkin · Answer

Hi again, @Youssef Elmaraghy. I think the agent you talked to may have been generalizing re: there not being any MFH in Columbus. It's true that inventory is lower than it has been at other times, but we have helped clients close this year on 8-, 12-, and 22-unit properties and our agents have a few offers in on other MFHs. Always get second opinions. :) Once you know what you're pre-approved for it will be a lot to easier to focus on area. And then you have to come up with a plan. Do you want to own C or D properties, which are less expensive up front but may require more upkeep expenditures? Are you going to self-manage? Do you even live near Delaware (or wherever you're going to buy) if you ARE going to self-manage? What kind of investor do you want to be? Re: storage units, I'm no expert by any stretch, but a contact of mine did research recently on storage unit purchasing and though it can generate cash, it's a very expensive purchase (get second opinions on this statement, too! :) ).

David Lucas · Answer

@Youssef Elmaraghy. My advice is wherever you decide to go, Columbus or elsewhere, be sure to vet the street and neighborhood with a property manager that you can trust. If you intend to self manage, offer a good PM $25 - $50 for quick phone call to consult on the neighborhood. You can post in the forums and ask the community for PM recommendations. Good luck.

Youssef Elmaraghy from Columbus, Ohio

Paul Timmins · Answer

@Youssef Elmaraghy

Try zillow filter low to high

Paul

Youssef Elmaraghy · Answer

it seems there a lot of multi inventory housing in Delaware , Ohio

Katherine Earle · Answer

I'm also a newbie and in the same boat. What I am having a hard time with is hearing the same thing of "there's slim pickings, no inventory". Is it because the stuff that stay's more than a month isn't worth what they are asking for?

How to pick the location??

Most Popular Reply