All Forum Posts by: Amanda Roderick

Congrats @Jimmy Lieu & @Mitchell Toney on moving to CBus & investing in RE! My husband & I are buy-&-hold investors and manage our own rentals. I'm also a Realtor. There are good investor networking groups in Columbus! One we're part of is the Central Ohio Investor Network (COIN) & there are others too. Not sure where you're coming from but people are generally helpful and supportive and we love to talk about real estate :) ...In case you missed it, Zillow recently named Columbus, OH the fastest-paced market in the country! 

@Robert Ellis That's a great question. I think the permit numbers are reasonably accurate -- I don't have experience with new builds yet, do you think there would be a way to build a new house in Columbus without a building permit? I also think the study would have acknowledged any other housing options if they existed. The study says: 

"...Columbus MSA is not keeping pace with national peers. There are a multitude of factors that are contributing to this including, but not limited to, the following: zoning, land availability, regulatory guidelines, construction costs and availability of skilled workers."

I'm not sure why Columbus is lagging behind! 

@Robert Ellis You're welcome. 82 people a day just within Franklin County sounds like a lot! Census data says that Columbus averages 2.39 people per household, so somehow that means we need to add 34 new houses every day?? 

Here are a couple of graphs from the VSI study -- quick plug for them if you or your clients develop or redevelop 10+ unit projects, their research is very detailed and insightful! Their typical work is market studies for multifamily developers. They can do quick reports or full month-long studies. I used to work for them & can verify the amount of work that goes into each report! :) I'd be happy to connect you... 

@Robert Ellis

I agree with these guys! 

Maybe this resource is already on your radar, but I like to stay up-to-date with any population studies that MORPC releases: https://www.morpc.org/news/new-estimates-show-central-ohio-to-reach-three-million-people-by-2050/ 

Their research has determined that 82 people move into Franklin County EVERY DAY --- and they all need a place to live!! 

On the demand side, we're not building enough housing, so properties have appreciated quickly in the past few years. In order to keep up with demand, we should be building more than 14,000 new units every year & recent years have only seen 7,000-8,000 : http://www.biahomebuilders.com/aws/BIA/pt/sp/housing-study

Personally, I don't trust automated valuations as the final say in determining rent, though they're helpful to see to make sure you're pricing your unit within a realistic range. I used to work for a couple of companies that did market studies for developers of apartment complexes and other large developments, and we used the sites where renters find apartments to see what others are charging to help estimate a market rent for the subject project. A lot goes into the consideration - amenities, finishes, size of units, occupancy rate, proximity to area conveniences, even ease of ingress/egress into the community, among many others. Not all of those factors directly apply to single-family or smaller multifamily renter, but I use the same overall approach to pricing our rentals. Right now, I find the most common sites for rentals to be Facebook Marketplace and Zillow. I periodically keep an eye on rentals in our same neighborhoods, but I always check what the other available options are right now to help determine the market value for mine right before listing. Know your competition. How does your unit compare to the others currently available around yours? It's also a good idea to look at how long a rental listing has been listed to help determine what is too high to ask. 

Everyone has their own strategy though! Just thought I'd share mine in case helpful ... :) Best of luck to you!  

Great idea @Remington Lyman! 

Finding a good contractor in Columbus is one of the biggest obstacles in this business IMO! I always warn my clients this will likely be one the most difficult aspects of buying here... You might be able to find someone who does high-quality work, but they're likely expensive and might not have time anytime soon. If they're cheap and available, there's a chance their work might not be up to your standards (depends on what your standards are). Trust me, you don't want to have your tenant call to let you know the new kitchen cabinet came off the wall when she put her dishes in it, to find out the contractor you hired didn't screw it into any studs (haha .. yes, it's true .. luckily we no longer work with that contractor but will likely be cleaning up messes for years to come). Once you find someone good, treat them well and keep them busy! Best of luck to you! 

Thanks for starting this thread @Anna Sagatelova! 

Columbus City Council just announced yesterday they will be setting aside $1M in Emergency Support for Food Access and Housing Issues, though no information yet on how someone applies for it. 

$1M also doesn't seem like enough since the need is going to be extensive, but at least it's a start ... ??

https://www.columbus.gov/Templates/Detail.aspx?id=2147514510

Best wishes for all of us, we all will be affected by this! Stay safe and well! 

Hello from Columbus, OH! My husband & I started investing in 2014 so I can't say I'm a solo female investor but definitely very much involved in the business. I worked in the real estate market research industry from 2014-2018, when I left to become a full-time real estate agent - still gaining experience in both roles. Real Estate is my life! Love to connect with other investor/agents. :) 

Hello @J W S! Great questions. 

I agree w/ the others, Columbus is great for investment. 

What defines "experienced" to you? My husband & I started investing in 2014, we now have one 4-unit and 4 duplexes... more experience than some but less than others! We self-manage our rehabs and tenants and it's worked well for us. The rental market is strong here. 

I worked in the real estate market research industry 2014-2018, when I left the industry to become a full-time real estate agent. One challenge for out-of-state investors has been finding contractors for rehabs when needed. Since you are not local, your property manager will also help make or break your investment. 

There are lots of great local agent/investors on this site that can help you. Best of luck to you!