All Forum Posts by: Anthony L Amos Jr

I'm currently analyzing multiple postings a day, looking for a great deal to make an offer on. Been at this stage for a week now, trying not to rush into anything but get a feel for different areas and analyzing deals.

Iv noticed a trend where most multifamily listings have the rents much under market rent. For example a duplex that's currently renting for 650 a side on rentometer and online listings are showing that I can get 950 a side for similar properties.

My questions are:

-why are these landlords not upping the rent? especially in scenarios like this where they'd be able to up rents 300 each side?

-In some areas going from a 2 to 3 bedroom ups rents by 200-400. Is the process of adding a bedroom very strict in columbus?

I run into a lot of landlords whom owned their properties for numerous years and have built a personal relationship with their tenants and don't want to increase the rents. Or they have family members living in the units. Also, they could have bought before a hot market and now rents are higher.
Adding an extra bedroom will always help. You'll attract more renters as others have said in the thread.

0 Votes

Columbus, Ohio

Quote from @Andrew Reames:

Hello All!

New here and trying to determine if it makes sense for me to find an investment property in my hometown or look for another market where there economics are more attractive.

Are there benefits to having your first investment near where you live if you plan to use a property management company?

When looking at markets: what are some things that indicate a strong market to invest in?

Thanks!

Following

I have not invested in Grand Rapids but only hear good things. Along with Lansing it's a growing city in the state. Start there! The benefits is you can self manage and may be able to acquire more cashflow, you are familiar with the area, local regulations, and laws.

0 Votes

Quote from @Meggie Ferreira:

Hi all! I would love input on markets good for investment right now in 2022. I’m been looking in OH, but cash flow is a little under 1% rule and lead certification is making me to think twice. Any thoughts of good markets, landlord friendly and with cash flow? Looking to invest in SFM as well open to multifamily duplexes.

I've helped remote investors find properties that exceed the 1% rule in Toledo, OH leaving room for lead abatement if needed. It is a steady market for cashflow and they have some developments in the works that will only help the region attract more residents and business.

0 Votes

Quote from @Matthew DeMichele:

Hey everyone!

I'm finally in a great position to get that first property under my belt. I have access to around 20k for a down payment. I work remotely, so I can move literally anywhere in the US where there's a great deal. I'm looking to househack either a single family home with multiple bedrooms or a duplex. I have a number of markets in mind, but I'm open to anywhere where I can cash flow a bit or at least break even. I'm looking to close on something within the next 2-4 months.

Would love to know if you have any lenders and/or real estate agents that you'd recommend in areas where you've personally invested? Would appreciate any recommendations! Thanks!

The midwest offers great quality of life and affordability. With steadily growing metro areas like Columbus, OH, you can find appreciation, some cash flow, and a diverse culture to keep you entertained

1 Vote

Nice! I'm looking to start investing in the area soon as well!

0 Votes

Detroit, Michigan

Quote from @Lara Ishtayeh:

Hi All,

I posted about multi-family back in February. I'm writing again because I've had no luck in finding a duplex to house hack. I'm doing seller letters, reaching out to listing agents to see if their sellers have properties off-market to sell, etc. I'm a Realtor in Columbus, OH but I'm not having any luck yet. What else can I be doing to get in front of the right people?

Thanks!

Does it have to be off-market? If not, analyze all the current listings on the mls to determine if the rents will cover some or all of the mortgage. Otherwise keep networking with realtors, cold calling, and marketing, not only as buyer but as an agent as well and youll either get the duplex or the listing.

1 Vote

Columbus, Ohio

Quote from @Jermaine Johnson:

What is the best way to find a buyers list? New to wholesaling and I have a hard time finding buyers

Network with your local real estate investment groups, do joint ventures with other wholesalers (you bring the deal they bring the buyer), network with realtors, stop and talk to contractors rehabbing a house and ask who is the buyer, talk with title companies and lenders and see if they are willing to connect you with buyers, etc. Here are a few things you can do today

1 Vote

Dallas, Texas

Quote from @Nick Payton:

Hi BP members!

I need some direction while running my numbers for a deal analysis. When it comes to running the numbers, I know all of the basics such as using the sales price and finding all expenses associated with the property along with getting the rental income to calculate the NOI, Cap rate, and COC return, GRM etc.

What I'm really struggling with is knowing how to factor in the REHAB cost and how to go about that.

-Do I adjust the asking price downward for the costs of the REHAB in order to reflect the realistic offer price?

OR...

-Should I keep the sales price the same and adjust the closing costs/down payment section of my calculator since that's how much I will have to come out of pocket to close and do the rehab.

Or is there another method that I should consider?

Thank you very much in advance and happy investing!

I agree with Chris to never "fudge" / "change" numbers to make it work. Take as much guessing out of it as possible. Negotiate your purchase price so that you are able to rehab and make your desired profit. Also don't forget to include your lender fees/points if you are using one.

1 Vote

Quote from @Bugsy Sigel:

Hi! What’s the average PM rate in the Toledo area? I had one telling me 10% and I’m thinking that’s kinda high

Well with that Vegas money Bugsy PM fees should't be an issue. Joking! 10% is typical for property management. However, some will negotiate with you if your doing a lot of business with them.

1 Vote

Toledo, Ohio

Quote from @Barak Yakobovich:

Quote from @Anthony L Amos Jr:

Quote from @Barak Yakobovich:

Hi Everyone,

My name is Barak, and I am new to real estate investing. I Did my research and decided to invest in Columbus.

My plan is to start out by purchasing SFHs, in a C class (and above) areas with a budget of 120K (All in),

And in addition my plan is to run a wholesaling business (starting with sms campaign).

Can anyone provide some tips for me?

Any special or unusual RE rules that I should be aware of at Ohio?

What are the best neighborhoods to invest in for buy&hold?

What are the worst (high crime areas)that I should stay away from ?

I would love to connect with agents and wholesalers that work with investors.

Thank you for your help.

Barak

I agree with @Austin McClain that at your price point I would look into the Linden and Hilltop neighborhoods in Columbus. In addition, there are other markets in Ohio that cashflow and have a lower entry point such as Toledo and Dayton.

Thank you Anthony for your response, what zip codes would you suggest I look at in Dayton?

Look into areas around the University of Dayton such as 45469. Anymore recommendations @Austin McClain?

2 Votes

Columbus, Ohio

All Forum Posts by: Anthony L Amos Jr

Anthony L Amos Jr has started 6 posts and replied 506 times.

Post: Under Market Value Rents on most postings

Post: How to Identify and Select Markets

Post: Where to invest currently (4Q) in 2022?

Post: Best market for a househack?

Post: Best Market to Invest - Metro Detroit

Post: Finding My First Duplex

Post: How to find buyers for property

Post: Factoring in rehab costs into "Running the numbers"

Post: Property Management in the area

Post: New Investor in Columbus Ohio