All Forum Posts by: Austin Steed

@Dora Njoroge

Sure thing! Will send you a pm

Is your goal to hold or sell the properties you are building Columbus?

If holding I've always liked the idea of buying something with an extra lot. You can then try and get all of the debt on just the building allowing you to have a lot free and clear. Once that's done you can use the equity of the lot on your construction loan. Happy to explain more if this is something you're interested in. 

 If you have a strong PFS I would consider using local community banks for commercial loans. This takes a ton of the nitty-gritty fanny freddy guidelines out of the equation. 

BRRR will never be dead anywhere. It's just an investment strategy that helps a ton on keeping money out of your deals. I've done 6 BRRR's in Columbus OH from single families to 11 unit buildings.

The problem with BRRR's now is that if you can keep all your money out of the deal your debt service might eat up most or all of the cashflow on the property. I personally like to keep each property close to or positive in the green. I know some investors that want to keep all of their money out of a deal and are okay with having a slight negative cash flow on properties, however. Just depends on your goals.

Welcome to BP @Shatrice Cherry!

I can send you some brokers that I've used and refer out often for Ohio. 

We've got 6 bnb in Columbus. Here's a few points that I would consider from my personal investments:

- Smaller units seem to perform better 1-2 bedrooms

- Try and stand out. Fully renovated or have a hot tub. Something along those lines, I had one BNB that was pretty middle of the road and didn't do great. 

- Stay close to hospitals or universities

Overall I'm seeing Columbus still being a strong market for bnb though.  

Columbus has seen a ton of growth over the last few years. However, our population and job growth are still expected to grow. 

I've been investing here for 5 years now and am still looking for more deals today !

 Always great to start by house hacking. Limits the amount of capital you need and once you leave will just add a small multifamily to your portfolio. 

I started by house hacking a single family and renting out bedrooms to friends. Always happy to connect with other Columbus investors too!

In Columbus I see it less and less. I always recommend that you run numbers on a proforma basis. 

So once the property is rehabbed fully stabilized is when you can see the 1% rule on your purchase and rehab costs. 

Always willing to connect with other Columbus investors! I'll shoot you a DM. I've been investing here for 5 years now