Cash Flow Columbus, OH?

[Graham Nadler]

Hey all,

I live and work as a lender in Columbus, OH.  I am working towards buying my first rental property (most likely a small multi family with owner occupied financing).  Columbus as a market seems to be getting hotter and hotter and the more the heat gets turned up, the less likely a lot of properties within reach of my situation seems it can cash flow (relatively low money down, even with all my lender tricks up my sleeve I can apply to my own situation).  Any advice from people in Columbus?

Welcome any input or advice!

Graham

[Joshua Hively]

@Graham Nadler Welcome to BP!! Like Rob said, if you are looking in A to B class neighborhoods, you are going to have a hard time cash flowing as an owner occupant. Basically in this market, you need to find motivated sellers with off market properties. We are about to close on a 4 unit in 43214 just barely out of 43202. We are planning to owner occupy and 3 units are going to just cover the mortgage. This is a deal with a motivated seller and currently off market found from networking with the property manager. When we run the numbers on owner occupied property, in A or B class neighborhoods, we try to make sure they are good long term investments. I don't mind helping cover the mortgage for a year as long as they are cash flowing after I move out. In a lot of cases folks find, that costs is half or less than what they are currently renting at. Which helps build capital for future investments. In theory, as an owner occupant, quadlex is better than triplex, triplex is better than a duplex, duplex is better than a single. Feel free to reach out if you want to get together some time and chat. Also check out some of the local groups or meetups.