All Forum Posts by: Austin Steed

I've found that community banks that do portfolio loans sometimes will have a solid product! I can send you some contacts that will lend on properties in Columbus

I'll message you some property managers I like in Columbus OH! 

 @Angello Campbell congrats on your multifamily deal! I invest in Columbus Oh and in Ohio fully executed lease are inherited by the new owners, so a lease review is important there. Once closed you can sign new leases with willing tenants. Also all these questions a management company should be able to confidently answer. So maybe during your interview process for management be asking these questions with hopes of solid answers from them. 

Again this is all going to boil down to the leases that are currently in place. I'd give those a through review. 

All the best!

 Columbus OH has been great to me over the years! I've house hacked for the last 4 years and I'm not sure that I'll stop.

It's a great way to acquire real estate. Since you are a long term hold investor I always tell people that you should look at year 3-4 pro forma. A lot of people get fixated on year 1 returns and really it does take some time to get things stabilized. Problem tenants, repairs and these kind of things. Wishing you all the best!

A sump pump and dehumidifier wouldn't be that costly. 

But if you do a french drawn on all the exterior basement walls that sounds about right!  My understanding is that this is the best way to do things. Just a sump pump would help a lot to prevent flooding but really you want all the water directed to that sump pump with a perforated pipe under the concrete on the exterior walls. 

Hope this helps!

I've been buying multi family and managing in Columbus For 5 years now, it's a great spot to be. 

If I can assist at all, am happy to help!

Quote from @Stacey LaBarge:

For my own investments, I wanted a list of cities with the highest rent to sales price ratio (aka The 1% rule) as a starting point for research. After some searching, I didn't find what I was looking for, so I made it myself! Sharing here to hopefully be useful to the community.

In plot format, it looks like this:

Listing the top 30 in table format looks like:

If variations of this data would be helpful, let me know. Now that I have all the data downloaded, it is pretty easy to make quick changes and share the results.

 Would be cool to see how population growth looks within each city too. 

I invest in Columbus OH and anything in the rural markets around us I expect at least 1% rule, to me those areas lack the appreciation potential a growing city does. 

Welcome to BP @Kristina Krich!

My first investment was in central California about 10 years ago and now I've been investing in Columbus OH for 5 years. If I were out of state I would start a wide search and then become more and more precise. Start with your state, then city then I would even get to the parts of town you like. I'm not sure that there is one state that has better odds of good tenants, to me this is much more of a micro economic scenario. Ohio I will say is more of a landlord friendly state! 

I've seen many investors do well here. But again the more focused you are on one type of investment and area the less it feels like you're drinking from a fire hose. 

@Dhanya Geetha

This will depend on your personal goals!

I personally invest in Urbana OH and Columbus OH. Anything in Urbana I'm looking for much more of a CoC return, as appreciation isn't going to be as strong as Columbus will be.

I’ve found that people have the best success when they have laser focus on one area. The broader the search the more overwhelming things can feel.

Find a good secondary market lender. (Lender selling to fannie / Freddy)

My first house hack in Columbus Ohio I showed 12k of income and had 1099 income.

The lender was able to use the other side of the duplex income. Whatever rent is on one side you can count 70% of that income to offset your debt to income ratio. I really didn't think it would be possible but with the right lender you should be able to get it done.