All Forum Posts by: BJ Everson

@Marco Nasso This is tricky b/c it's at 0% interest, which means it's not a cost to her but a "return of capital/loan proceeds" so she's paying herself back. And my answer would depend on what she is asking about what to do about the monthly payments or not. If she's asking what to do about it, then I would borrow 3-6 months of the monthly payment from her "loan" and use that for the loan payments monthly. Or I would consider it she gets 50/50 excluding those payments back to her. So they arent part of your cost structure. Let me know if that doesnt make sense. 

@Forrest Shaw Your budget will not be able to buy campus rentals around OSU as they go for much more given the demand and rental rates charged to the students. @Michael Reisman is correct, as of now Fall session will be in person and my personal thought on this matter is that students will still want to be around campus/friends even if classes are online vs being at home. 

For your budget, check out rentals around ODU. Otterbein University is another option, but housing might be just out of your price range. I would check for the smaller universities if you really want a campus rental. But be careful as some small universities run their own off-campus rentals like Wittenberg in Springfield OH. Let me know if you have more questions about Ohio. 

@Breelon Bryant It is a trade-off. Do you want capital out for your next one or more cash flow and leaving your equity in the property? When you are first analyzing the deal as a BRRRR investor you should be considering the new (refi'd) loan amount and monthly carrying costs vs the rental income. If you are happy with that and you get all of your money out then it's a win. You can also refi out for less than full potential so you are getting a lil bit of both. The overall selling point to the BRRRR strategy (if done correctly) is that you are getting cash flow from a property you successfully pulled all of your capital out of and therefore your return is calculated as infinite (denominator is $0).

@Jingru Sui Through my profession, I have a stake in a 88-unit apartment building in downtown Cleveland OH where the developer had problems renting out most of the 2 BD units. So he hired Stay Alfred which is a company that does what you're asking (not sure if that's your company). They got 18 units on a 2 year lease, furnishes them and posts them to AirBnB and the like. As part of the ownership, it helped the building reach its full occupancy with tenants we do not need staff to manage. I would look into Stay Alfred's business model if you are looking for some help. 

@Shiloh Lundahl Not offended, you’re just incorrect. I built a portfolio of buy, rehab and hold with less than $20k. Any newbies reading this thread please just take away the important parts of being educated before getting into this and account for all potential costs that your savings can more than cover.

@Jon Schwartz I've had good experience with CMHA, though they arent easy to deal with, but what govt entity is. Think theyre rates are slightly less than market, but you are getting payments guaranteed and not needing to follow up on that. 

Disagree with some of the comments on here. They have the initial inspection and then annual inspections where they will flag things needing to be fixed by the tenant and then by the owner. I've been flagged for items as small as a cracked outlet cover, but as a tax payer I find this level of inspection encouraging of the program and CMHA won't let the property go into deferred maintenance with one of their tenants living there. And this holds the tenant accountable as well vs. my non-Section 8 tenants. This is all vs. a paying tenant that will not tell you when something breaks and lets it sit for however long and then also have to chase the tenants for rent each month. So depending on the area you are investing in; would you benefit from a govt entity also helping to keep your property/tenant in line or go at it solo?

@Shiloh Lundahl at 23 years-old I started with $9500 in cash, used hard money lender that would give 100% purchase and rehab costs to get started. Then went on to buy a property in three consecutive years. Everyone and every market is different, but to blanket statement this for newbies isn't encouraging or helpful. 

Looking for a solid real estate/LLC focused CPA in the Columbus, OH area. Any recommendations?

ReCasa Financial Group is a good hard money lender in Columbus. Hard money is always expensive but they do allow you to not have a lot of your money in the deal as long as you own a personal residence. 

@Kaylee Fox Welcome! Columbus is a great market to get started with some of every level of properties. I am more of a buy/hold and fix & flip investor than wholesaling, but always willing to help! PM me if you would like to discuss further.