All Forum Posts by: Andrea R.

Hi Zachary,

I love your interest and careful thought on investing in real estate!  

I am familiar with Portsmouth, Ohio and actually disagree with some of the other folks advice (no hard feelings to anyone) regarding investing there just because it is local.  The asset return, in my opinion isn't there due to the location and lack of new businesses moving into the area.  While the cost of entry is low and appealing, if the goal is to put your money to work my suggestion is to invest closer to where there are more jobs, so for the sake of your A-C, you should look closer to Columbus and/or Lexington.  

Using the BRRRR method and 1031 tax deferment strategies are a great way to build your portfolio. I have built my personal investment property wealth doing both, and have been very successful (my bio has my full story). Part of the BRRRR method is leveraging asset appreciation, and again investing in areas with guaranteed returns (Columbus/Lexington) will help you get to the next investment property quicker.

In searching for a Realtor to represent you in a city you don't live, look for someone that has an established team that can assist you.  In addition, make sure the Realtor is full time, and has experience with Investors, and a bonus if they have investment properties themselves.  

You don't need 50+ properties to retire early, if you invest smartly.  And investing smartly means if you want 50+ you can make that happen sooner and with better properties.

Keep making careful decisions and utilizing resources such as BiggerPockets! 

All the best,

Andrea   

Hi Drew,

Thanks for replying to my post.  You are correct in your first assumption, the end goal is for client referrals.  While you are assuming this is a shotgun approach, my post was intentional and was to only connect, without promise of referrals, because my plan is to vet anyone that decided to reply.  I pride myself on the network of referrals I have built, and unfortunately I have yet to find a reputable property management company that I am willing to put my name on as a referral.

Thanks for taking the time to read my bio. 

All the best!

Looking to connect with Property Management Companies that service properties in Columbus, Ohio and/or central Ohio areas.  I am a Real Estate Agent and Investment Property Coach with Red 1 Realty here in Columbus.  Thanks! 

Hi Aakshay, lots of good comments in the feed here.  I agree with Travis Timmons, play the long game.  As you said, finding profitable investment properties is a challenge right now especially with interest rates at 7%-8%, and that challenge exists in many markets.  My advice (based on my own personal experience with investing in the Columbus, Ohio market) is to secure the asset even if it's not bringing in as much as you desire (within your finanial means of course) because today is the cheapest that property will ever be.  If you wait 6 months the market most likely has driven the price up, and if you have the asset secured and rates go down you can refinance (giving you a boost in monthly profit).  If rates go down and then you secure the asset, more investors will be in the market and that drives the purchase price up.  

I have 13 units, and I did not buy them all profitable out the gate. As lease terms expired, I increased rent and if the tenant left that gave me the opportunity to update the property to significantly incease the rent. My monthly profit went up and so did the equity in the property. In two of my 4 family units I did a cash out refinance after renovating 2 units in each and the appraiser gave me $4 for evey $1 I spent in updates and I increased the rent per unit by $500/month per unit. This is the BRRR method and it works. Now I look at properties like a chess game, which one offers me the most opportunity long term (adding value via renovation, build additional units if the lot size allows, renting garages as storage units etc). Lastly, my motto is do more with less. You don't need 50 rentals to gain financial freedom. Best of luck to you...try writing down your long term goals and work backwards to best devise a strategy for today.

Love this and appreciate you sharing @Kristi Kandel!  I work with many investors that support low income housing, and are stand up landlords, I plan to pass this along!

Hi Brendan, O-H!  :)  Wholesaling is definitely hard work, so if that is the route you want to go with your real estate goals know you will have to hustle to find the property, negotiate the contract for it, market the proprety for sale, find a buyer, and assign the contract.  Finding wholesale friendly Agents may help to stremline this process once you've found a property.  As you network with people interested in an off market deal, you can creat a FB private page or send a mass email to help find buyers, but again the front end of finding the properties can be challenging (but not impossible!).  As for buying rentals, make sure your real esate agent understands how to properly analyze properties to guide you on potential profitable rentals.  The last thing you want is to buy something and the Agent's estimate on rent and/or reassesed taxes was wrong and you end up with a non income producing property.  For what it's worth rentals are an amazing way to create long term passive income while someone else pays the bank back for your asset...wholesaling and flips are one time transactions.  

Hi Jared, Congrats on several fronts...(almost) paying off your SFH in Reynoldsburg and being empowered to self educate and using BP to network! You have lots of options for a next move available to you. You could rent out your current residence and move into something you purchase either SHF or multi (pro tip this allows you to potentialy only put 5% down, which may mean you have enough cash to play with to buy more than one property and you are only required to live in the property 12 months). I would be happy to help you navigate your options. I am a real esate agent here in Columbus with Red 1 Realty. A little background on myself, I have personally gained financial freedom through real estate investing, using 1031s and BRRRs. If you click into my profile and view the About section, you can learn how I did it. Hopefully, this will provide some inspiration and/or direction to you. In addition, each of my posted deals offers a pro tip for newbie investors to gain insight. If you are looking for a local agent, it would be great to grab coffee and talk through your goals. I am an Investment Property Coach and have lots of experience to share! Again, congrats to you!

Hi D'Andre, A few thoughts to share with you.  You may want to take some time to write down your long term and short term goals, and use that as a way to work backwards towards what is the best next step.  Sometimes our short term wants can shadow what our ultimate goal is.  Sounds like you want to do a flip for capital and also find a new primary residence.  Is there opportunity to put some money into your current home to increase the equity and sell (you would need to get more than $1 back in the sale for every $1 put into it)?  An option to purchase could be a duplex to house hack, this can help you bring in extra income, and/or if it needs rehabbed you can live in the property while you do the rehab.  Obviously you will need to  be able to buy something if you choose to sell your primary, I would advise talking to your lender on how to get creative on that side of things.  Best of luck!