All Forum Posts by: Ashley Cross

Hi Shannon! Nice to meet you. I moved to Columbus in 2019 and I’ve been investing locally ever since. I didn’t start with house hacking but I’ve worked with many investors that did & have multiplied their units incredibly fast. It’s okay to jump into things without knowing everything. You’ll learn a lot if you surround yourself with good people and you’re willing to learn. Good luck with your journey! 

Hi Jim! Check out @Remington Lyman or one of his fellow Reafco agents. They do a lot of business in the city. I wouldn’t necessarily exclude agents in their 20s. Focus on the agents transactions (their volume in the last year, did they work with investors primarily, did they work with out of state investors, do they own and manage properties in Columbus, etc). There are a bunch of old agents that aren’t in the know and with all the changes happening in Columbus you need to be. I’m not in my twenties but I’m relatively young in the mortgage business and because my experience has been working with real estate investors, primarily out of state and I’m an investor myself, I can guarantee you I know more than 90% of other mortgage bankers that have 20+ years of experience in the business. Having experience with the last recession or previous economic downturns isn’t necessarily a golden ticket to Ace this one. It’s a different animal we’re dealing with. 

You’ll be exposed to more creative financing as you grow. Don’t be afraid to take calculated risk. Reading all the books, finding the templates, or taking courses will only get you so far. You just make the decision to start and surround yourself with great people that will be your best resource. 
My first deal was the regular mundane conventional loan. Fast forward to searching for my 14th purchase that’s not an option and I’ve learned all the other options as my portfolio grew. Don’t be so laser focused on a set plan. Give yourself a goal and a timeline to accomplish it and jump in. My first goal was to buy 2 the first year (2020) and keep doubling the unit count until I get to 100. Now I know that goal doesn’t even work for me and I focus on properties that aren’t a headache and a good mixture of cash flow & appreciation. 

Sounds like you’re looking to invest in my neck of the woods. My husband is originally from Philly so we have property in that area and I currently reside in Ohio so I invest there as well. Also, with me lending in all of those states I’ve been able to analyze a lot of deals. The biggest thing that helped me was aligning myself with like minded individuals. I met a bunch of people at meet ups that taught me a lot and I genuinely enjoy being around because we have so much in common. You’ll learn so much about the mistakes and the successes from other people & you’ll also be encouraged. 

Hi Raka! I would definitely say that you need boots on the ground. People that work with out of state investors and invest in Columbus. Typically once you find one person on your team they’ll point you in the direction to the other people on your team. I lend and invest in Columbus, Ohio so if you’d like to chat more feel free to give me a shout. Best of luck to you! 

Hi George! I've worked with a lot of investors to purchase homes with DSCR loans and I've also purchased properties using DSCR loans previously. I'll be happy to chat about your options.

I went through something similar. I was born in New York and lived in the state of Delaware for a good portion of my life so the mindset that I’m at now living in Ohio is totally different. You should try to go to real estate meet ups and when you get to a place that you can go to BPcon or any other real estate conference, go! If you’re interested you can come to a meet up that’s at my office, hosted by another investor colleague of mine. I met the majority of the people I hang out with and talk to everyday there. 

You really really have to have boots on the ground that are familiar with the area and that tenant pool. There are nice people in those areas that want nice places they just can't afford better neighborhoods. I own in South Linden and I have friends that own in both Hilltop and Driving park and they do well. We all self manage those properties which may be indicative of our results. If the property manager treats the tenants like trash, the property like trash, it will be a terrible experience. You also have to be ready for things to happen. You will have a crappy situation come up and you may have something stolen but if the numbers work despite the issues it makes sense. 

It depends on the scope and what exactly the GC or project manager is responsible for. Like will he be hiring and firing the subs? Choosing material? Or will you be heavily involved and readily available for questions? Once you have that narrowed down, interview at least 3 GCs with references & see what you come up with. 

Depending on the loan amount there may not be that much room for lenders to compete (less than $100k). I would definitely search for 3 and get on it quick so the hard inquiries are all within 14 days. Keep your eyes out for lenders with great rates but high fees. I've worked with a lot of out of state investors in that area and if you plan to continue in Cleveland make sure you're building a relationship with a lender that will go the distance. Best of luck to you!