WWYD 120k cash Ohio

[Gere W.]

JV partner and I have 120k cash. What would you do with it?

Any deals out there to send my way? Located in Ohio.

Interested in: small multifamily (sub 5), small apt (sub 20 units), self storage. Limited by cash purchase price. 

I know markets in Buckeye Lake, Lancaster, Delaware, parts of Columbus, Sandusky, Port Clinton, Zanesville, etc. Basically the outskirts of main cities. Deals all over. Just gotta find em. 

Partner and I can rehab ourselves and are looking for fixer uppers for flips or BRRRR with cash. No rehab needed is great, sure, but with only 120k to cover everything, we're limited and I'm assuming our budget would only find us cheaper deals that need work/rehab.

Obviously, it depends, but how would you divide up that money? %? I'd say 90k for purchase, 20k for rehab, 10k for closing costs, commissions, fees, other mystery and unexpected fees and things that come up. Are my allotments too far off? Costs involved in cash purchase: purchase price, rehab, commission to both agents (unless off market), insurance, and........? what other costs am I missing? 

Might not use an agent if I find off market deal from wholesalers to save on commission, but fine using an agent. 

[Jimmy Lieu]

Quote from @Gere W.:

JV partner and I have 120k cash. What would you do with it?

Any deals out there to send my way? Located in Ohio.

Interested in: small multifamily (sub 5), small apt (sub 20 units), self storage. Limited by cash purchase price. 

I know markets in Buckeye Lake, Lancaster, Delaware, parts of Columbus, Sandusky, Port Clinton, Zanesville, etc. Basically the outskirts of main cities. Deals all over. Just gotta find em. 

Partner and I can rehab ourselves and are looking for fixer uppers for flips or BRRRR with cash. No rehab needed is great, sure, but with only 120k to cover everything, we're limited and I'm assuming our budget would only find us cheaper deals that need work/rehab.

Obviously, it depends, but how would you divide up that money? %? I'd say 90k for purchase, 20k for rehab, 10k for closing costs, commissions, fees, other mystery and unexpected fees and things that come up. Are my allotments too far off? Costs involved in cash purchase: purchase price, rehab, commission to both agents (unless off market), insurance, and........? what other costs am I missing? 

Might not use an agent if I find off market deal from wholesalers to save on commission, but fine using an agent. 

If you're looking to do $20k in renovations or find something that's near turnkey, you won't be able to build much equity at all. 

You should be looking to BRRRR but understanding that you should expect to leave some capital in the deal nowadays. To do a clean BRRRR in today's interest rate and highly competitive environment is very difficult. You'll still leave a lot less than the 20% down payment needed for a regular investment property, but you should expect to leave some capital in the deal. I personally would recommend looking into BRRRRing and flipping houses so you can leave and rinse and repeat your capital as much as possible.

I would recommend working with a good investor agent and other wholesalers. Happy to connect and answer any questions you may have.