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All Forum Posts by: Austin Steed

Austin Steed has started 26 posts and replied 529 times.

Post: PM Fees in OH

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638
Quote from @Kris Lou:

Hi,

Curious what PM fees are for an out of state investor on 1 duplex?

Thanks.


 I usually see around 10% in central Oh. My issue with management is how they sometimes handle turns. For example for a few holes in the walls they have someone paint an entire unit and take their spread. When your interviewing companies I'd suggest to ask about maintenance, and even talk with leasing agent as well. 

Post: should we get home warranty

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638

I've never liked them personally. When I first started I purchased them and when it came time to use it the process was a nightmare. Wish I would have just saved the money!

Post: Looking for first deal in Columbus, OH

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638
Quote from @Preston Maddock:

Hi BP Community -- I am looking to do my first deal in Columbus, OH and would love to meet with some agents and local pros that would like to help me get started. Although I'm open to all opportunities, I'm currently looking to acquire, renovate, and rent out a single-family or small multi-family property as my first project. Please reply with your information and I will follow up for coffee or a zoom! Thank you.

@Preston Maddock welcome to BP! 

Happy to connect with you and talk about my experiences in Columbus.

Post: Best Strategy for Starting Out in Real Estate

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638
Quote from @Nicholas L.:

@Doug Kirk

start with a house hack that needs a little bit of work.  fix it up. then repeat.

 Agree with @Nicholas L. here. It's hard to beat a good house hack. Being single is good too, often having a family makes this a little tougher! 

Post: High Property Tax Is Eating into My Cash Flow

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638
Quote from @Shaheen Ahmed:

Looking fo my first rental property in Mobile, Al, Columbus Ohio but the property taxes is eating into my cash flow. What gives? 


 Columbus has a program for tax abatements (this is an evolving door though) where you can abate the improvements on properties. This can be good for BRRRs or sometimes you can find them with the abatements already approved. 

Post: What do you think about these DSCR rates and fees?

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638

With solid credit and property have you considered just going the conventional route? 

Post: Dealing with a difficult tenant on a recently bought SFH

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638
Quote from @Saijal Sindwani:

Hi fellow investors, I recently bought a single family home in Columbus which already had a section 8 tenant in place. I decided to try and manage it myself. I sent a friendly message to her saying that I am the new owner and reach out if she needs anything. Last week, she called saying that the kitchen flooring has holes in it and she tried to put tape on it but now shes dealing with a pest situation and they are going in those holes. So, I tried to help the situation by getting a contractor to go replace the floor and remodel the bathroom so that the house is nicer for her. Initially she was very happy and excited but after a day, she had a disagreement with the contractor and now she's not opening the door for the contractor to come in and finish the work. Contractor is being patient with her and trying to talk as to why she's not opening the door. Since I am out of state, I can't go there and talk to her and shes not responding to my calls or texts. I am out of options on how to proceed. Thanks in advance for any advice and suggestions. 


 I've seen some investors manage from out of state. To me this would be okay if you are in more class A areas. Anything low income I would suggest that you hire a PM. They can post notices, have keys to enter property etc 

Post: 1st Lien HELOC on investment property

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638

I've used Wright Pat credit union. They'll go up to 100% LTV

Post: New to Investing: Should I House Hack or pursue another strategy?

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638

Big fan of house hacking! I started doing it in 2019 in columbus. 

Talking with a good lender would be a good place to start

Post: New Real Estate Investor to Columbus

Austin SteedPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 571
  • Votes 638
Quote from @Eduardo Perez-Borroto:

Hello everyone, my name is Eduardo and I would like to introduce myself. I am a real estate investor that just moved to Columbus from Miami looking to buy my second property within the next year. I love the idea of house hacking, as for it is a way to build equity while minimizing expenses. I have heard great things about this community and would love to connect with local investors/real estate professionals in the area. Please reach out and inform me on where I can find meetups or if you are open to having a conversation with me that would be great as well.
Thank you for your time,


 Welcome to Columbus, Eduardo!

I started house hacking here a few years ago. It's a great strategy and you're in a great market to be in.