All Forum Posts by: Armel Bayot

My Opinion: Franklinton is the most interesting area in Columbus

I am rehabbing a 4 unit I bought off-market for $80,000. My first deal I got cold calling. I only had to talk to this seller for a year. It is a complete gut and I partnered with my broker to learn how to manage a rehab on this scale. Here are the initial walkthrough videos https://drive.google.com/open?id=1mPyjLJIW2QDPgZPRePyrKFYXXBxm4A_D. I recently tried to do another house hack in Franklinton. I was in contract for $145,000 but it appraised at $120,000. We negotiated down a little (about $135,000 I think) but it still was not a good enough deal for me to sink my limited cash into. 

Franklinton has become my favorite place to drink on the weekends. My favorite bar is Land Grant (yes the name is that because the city gave them a great incentive to build there). Across the street is BrewDog, and Tafts just opened up. There are some of the best breweries in Ohio and more are coming. CoverMyMeds is building their $240,000,000 headquarters there, gravity just announced their phase 2, and Mount Carmel West is being demolished for redevelopment.

https://docs.google.com/document/d/1aSKpAug4JZxYIvHzRotL36OPHjlahTiOPbZ0Xz3ijMM/edit?usp=sharing

Locals call this area the bottoms because 100 years ago the whole area flooded. Sullivant Ave has an extremely high crime rate and many property managers will not step foot in middle/west Franklinton including myself (I will manage my own but there is 0 chance I am managing for anyone else there. Donny from ERA will do a much better job for you and I may even give him my units). If you can weather the storm for a few more years I think Franklinton will undergo the same revitalization the Short North saw 10 years ago.

What do you think?

Hello there! My name is Sabra and I'm in the California Bay Area. I've been reading, researching, lurking and learning what I can. In the next few months I will have a good chunk of money to begin investing (about 100k) and I'm excited and terrified. I'm looking into other states since California is so expensive. 

Researching Ohio and Indiana at the moment. 

I'm hoping to have enough knowledge to be able to make a purchase in the near future. I am looking at both SFH and Multi-family properties. Would love some tips when it comes to pulling the trigger and buying that first property. Also having concerns about not being able to to the Refi part of the Brrrr. Seems like more and more people are complaining that lenders aren't going for it.

Anyway, thanks for reading, I'm excited to have found Bigger Pockets. 

Greetings @Armel Bayot,

If you are in the process of a refinance, do not try to get pre-approved for another loan at the same time. It will not hurt your credit score significantly (1-5 points max for a hard inquiry) but it may raise a red flag to the lender doing the refi. Inform the lender doing the refi what you are trying to do and see if they have any loan products that fit your needs regarding your desire to invest. The new loan or refi (not sure if you are getting a line of credit or pulling equity) will ultimately effect your DTI so be mindful of that. Again, ask your current lender and start talking to other lenders. No the lender does not have to physically be in the same state you are investing but they must be licensed/qualified to lend in that state.

Hello BP and Happy New Year!

My name is Michael and I'm currently living in Hayward, CA. I am an Assistant Controller for a local construction company. As many, I been bitten by the real estate bug and I'm hooked. I'm currently in the education stage of my real estate journey. I've been reading books and devouring podcasts as fast as I can. My goal is to invest in buy and hold multi-family properties in the Sacramento market. I plan to purchase my first rental property in 2020. My ultimate goal is to be able to replace my W2 income with the cash flow from my investments, giving my wife and me the financial freedom to live our life as we please. I would love to connect with like minded real estate investors in the Bay Area and/or Sacramento. I'm extremely excited to be part of this amazing community.