All Forum Posts by: Ben Layman

 I'm buying all cash, no loan. I figured the only holding costs will be the utilities. 

I'm curious to hear what you guys think! Would you do this flip? I would be using all of my own money for both the acquisition and the rehab.
Also, I would (attempt) to GC this myself to save on the rehab. It's mostly cosmetic work. The roof, HVAC, plumbing and electrical are done. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'd love the recommendation if you have one @Bob Stevens! Definitely looking for a good GC that I can meet with. Thank you

Does anyone have a spreadsheet with general rehab estimates by line item for the central Ohio, Columbus area? I'm trying to put a rough SOW together but keep running into a wall with rehab budget estimates. Thank you!

Thanks so much @Michael Krupp I appreciate the response! Do you know of another way of contacting your bookkeeper? I can't seem to get that site to load at all. Did you set up your Quickbooks desktop Pro version and get everything set up first before hiring out to your VA in the Phillipines?

@Jaron Walling
Yeah i found my PM before i even bought my first duplex in Columbus. He's 8% and I'm happy to recommend him. Brandon Sturgill with Realize Property Management. 
This new duplex is on N Hague, which is about 2 miles west of Franklinton. So it's not exactly IN there, but it's close. I was hoping that some of the appreciation that Franklinton sees will eventually reach the eastern side of Hilltop. Honestly, I've never been to Columbus, so I don't know. I'm sure others will know that area way better than me. 
I'm really hoping i can get at least $1,200 per side in this place. If not, i may be screwed! 

@Ed W.

I hear you. I did file with BOR on another duplex last year. They wanted $3,200 per year on a house I bought for $120k that needed reno. I filed with BOR and got them to reduce it down to $2,600. this is a block where all the places are exactly the same. (S Chase Ave) I checked the taxes on all the others on that block and they were all paying like $1,200 - $1,500 a year. No clue why they didn't reduce mine down further. It seemed totally random. Even places that sold after i bought mine, for more money, were still paying less in taxes. I expect that if mine jump up to where i'm cashflowing less then $100/month on this new one, i'll need to consider selling it.

@Jaron Walling Appreciate the response :) The pros of Hilltop are the cashflow. cons are that it's a C class neighborhood. This one is closer to Franklinton, which is seeing a lot of appreciation and development recently. This duplex is vacant and my PM does a very through job of vetting tenants before occupancy. I ran into issues with another duplex further south in the Hilltop (near westgate park) were i had to evict both sides because they stopped paying for months. I acquired it with tenants in place on M-2-M leases and i bought a headache from the previous owner :( I have a 3rd duplex there (bought 2021) that has been a sold performer and has stable cash flow of about $350-$400 month. (this is after the refi, no money in the deal)

The rate quote is from First Ohio Home Finance. It's for a 30 yr conventional fixed rate at 70% LTV.
Lowest rate is 6.499% for 3.25pts

7.125% for 1.875pts

7.625% for 1pt

Happy to share my contact there if you'd like. Let me know. 

 @Tim Herman @Jaron Walling

@Ed W.undefined
Thanks so much for the super helpful advice! I revised my numbers based off your input. This estimate has a much higher property tax ($285/mo) The taxes here are higher than any of the other similar duplexes around, although I know they are all going to go up in the next 1-2 yrs. I'm using all my own money here, no HML in this deal. (It was crushing my RoI.) I also lowered the ARV by $10k based off the market softening by the time I go to refi. I lowered my monthly rent so it's now below market by $50 per side. One side is a 3bed room which i'm thinking will get $1250 and the other is a 2bd (but it has an efficiency through another bedroom) so that's now $1150. Total is $2,400. I also raised my insurance. I lowered my rehab by cutting things that aren't needed. (turns out the roof is fine) These units have new furnaces, flooring, paint and 80% new windows. I'll be putting in appliances, porch roof, exteriors paint, 5 new windows, soffit repairs and a new floor in one of the bedrooms.
Would love to hear if you think this estimate is more accurate!