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Updated about 8 years ago, 09/27/2016
New member in Columbus, Ohio
Hello my name is Ryan mainwaring, I recently joined bp after talking with a co worker about real estate investing. I am currently a project manager in IT, looking to invest in my first flip in 43232, 43123, 43068, 43207, 43147, and franklinton area. I am looking for any connections to people who have invested in these areas.
Hello and welcome to BP! I have never invested but I have a good deal of construction experiece. I am now 59 years old and I found BP about 6 months ago and I have spent a lot of time learning about real estate inesting. I have been in contruction both residential and commercial since I was 17. I did go to college and got a business degree that emphasized real estate. That same year that I graduated, in 1980, I got a broker license because I was allready qualified. Know your market that you select and the locations you pick. Do not try to do everything yourself. Hire or find experienced and trustworthy Team members. Especially a good attorney. Always do the numbers and suspect any numbers that are given to you. Be aware that you are in a business where are many scammers. If you think that I can be helpful to you please contact me BP at any time. Good luck!
Hi Ryan,
I've been rehabbing in the area for about 9 years. The majority of the flips I've done have been in the zip codes you mentioned. I'd be happy to help answer any questions you might have.
@Ryan Mainwaring Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.
1. How many investors do you currently work with and how many investors have you worked with, in the past?
2. How many transactions have you closed, with investors?
3. Do you currently own any Investment Properties? If so, what type do you own?
4. Are you a member of any REIAs?
The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days (in addition to the zip codes you specified). Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.
You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.
I hope you find the above information to be of useful value.
@Ryan Mainwaring @Matt Stewart
There is a Central Ohio landlord group you should check out this month because the main discussion will be important to not only landlords, but wholesalers, and newbies in general. The topic will “Buying Right” and will touch on determining value and what types of properties appeal to tenants and owner-occupants.This group has monthly meetings and is meeting this Thursday, March 24th. The meetings are well-attended, FREE and held at Tommy's Pizza on Dublin-Granville between Sawmill and Riverside. From 6:00-6:45 there will be a Q&A session primarily geared to newbies, then the discussion mentioned above and after that there will be networking.
@Micahael Lee Thank you for the advice
@Matt Stewart Thank you for responding to my post. How many flips have you done in the areas I mentioned? Which area have you had the most success in? When was your last flip in these areas? How do you find properties in these areas?
@Thomas Franklin Great advice. Glad to hear I have started off right but having a real estate agent who is works with investors. Is bestplaces.net similar to realestate agent pulling comps in area?
Hello and welcome.hang around and interact more, for connections are assured
@Ryan Mainwaring Up to this point I've worked with a realtor and for a few year the MLS was very good to me. REO's were the low hanging fruit, plentiful and ripe for the picking. But those days are gone and any deal that hits the MLS now is met with multiple offers almost immediately. The deals in Columbus are generally thin already, so when the price gets bid up there's not usually much room in it for profit. To answer your question, there's a neighborhood in 43068 that I'm very familiar with, and another in 43232. Altogether I've done around 40 flips. I just sold one last week, have another closing today, and have a third in the closing stages of rehab that should be listed next week in 43232.
@Ryan Mainwaring The website provides you owner occupied housing statistics and other data. I use this website, to identify the "sweet spot" price ranges that homes have sold, in a particular Zip Code. Since I do not have direct access, to the MLS, I cannot say whether the website I gave you and the MLS provides the "sweet spot" price range data. What I can say for certain is the price range data I have provided has narrowed their focus and created a level of precision, in my Flipping Plan.
@Matt Stewart In today's market, what are the margins you are getting? How long does the home list on MLS? Reason I ask is because I have passed on few homes that low margins but maybe those were poor decisions since that is today's market.
@Ryan Mainwaring When I started out I was able to get 20+ percent returns on a regular basis from buying on the mls. Now that number has shrunk considerably to the point where changes have become necessary in my business plan. A solid deal that gets listed on the mls will last a few days before multiple offers are received and they ask for highest and best. You're not making much money if you're the highest offer in that situation unless you have an advantage that the rest don't. If you're comfortable with margins of 5-10% with no margin for error if an unforeseen repair of significance should arise then you could revisit those properties you passed on early. But I'd listen to your first instinct and keep looking.
@Ryan Mainwaring The group does not have a website. It charges nothing for the meetings which are provided as a free service. There are no hidden fees and there are no sales pitches to sell you courses or seminars. It's has a core of (for the most part) very serious, long-time investors and landlords. Guest speakers have included the head of Columbus Code Enforcement, the Franklin County Auditor, pest control experts (nationally recognized, not just any local guy looking to drum up business), attorneys, etc. Speakers for April and May will be an attorney and a Columbus Fire Chief. My best advice is to attend a meeting and decide if it's your cup of tea. The price is right. PM me if you want more information.
Matt
I just look into 43207 area
What do you think the area is good for investment ?
How fast can be sells?
thanks for your time.