All Forum Posts by: Cole Steele

ConC return is very low, and that is without any updates. That being said, Columbus is also a long game so you should see a great return when you eventually sell.

Thank you for replying. What is a good ConC would you say? This is including $20,000 in updates however they are not showing up in the report. When I go to edit it does indicate that the number is in there and factored in.

0 Votes

Columbus, Ohio

Quote from @Jimmy Lieu:

Quote from @Cole Steele:

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

I'm an investor and agent here in Columbus so I've done a lot of deal analysis over the past few years. Everything in the deal analysis looks pretty good so far - I would recommend factoring in your renovation needed to get to your market rent of $1800 because this will affect your CoC return.

I put in the renovation of $20,000 which is an overestimate for what needs to be done in my experience. I am not sure why it does not show up in the report however when I go to edit it does show that it is in there.

0 Votes

Columbus, Ohio

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2 Votes

Columbus, Ohio

How long does it take if you were to get a deed? I read something like up to 6 years.

0 Votes

I have tried doing some research on tax lien properties. I see some in my area I would like to buy but what actually happens when you pay the lien? Do you just assume the mortgage? When do people get kicked out after you take over? Thank you for any and all of your responses. I am located in Ohio by the way if that affects the answers.

1 Vote

Quote from @Ben Moccia:

Solid analysis. However, I took a look at the property on zillow and found one major flaw in your analysis that could upend the entire deal. You calculated monthly property taxes at $442. Public records says 2021 property taxes were $13,197, putting the monthly payment at $1,099.75. Just like that, all your cash flow is off the table and the deal turns negative.

Thank you for the help. I didn’t think to look elsewhere I just took a percentage of what I thought taxes would be.

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Quote from @Randall Alan:

Quote from @Cole Steele:

Hello,

I am looking at buying a single family household to rent in or around Columbus. I have been doing the 50% rule and 2% rule to find potential leads in my area. I have yet to find one and was wondering if anyone had any general tips on neighborhoods to look at or general tips for a first time buyer.

We targeted C class properties that needed some work to get started. 3-4 years ago (when we were buying heavily) this took on average about $30,000 to close on a deal, and then we would spend maybe $5,000 polishing up the place (new carpet or tile), and maybe some new paint.

Today it’s probably tougher to find that deal. I don’t know your location necessarily… but the concept is probably still sound even if the dollars have to shift a little north. The hard part will be the interest rates right now blowing up your numbers.

What we found was that you make just as much money off a C class property as you do a higher class property… so the question became - how low are you willing to go and still want to hold the rental? As you move below C you get into really dicey neighborhoods, or deferred maintenance nightmares, or tenant classes that you might not want to have to deal with on a regular basis.

hope it helps!

Randy

Thank you so much. That is the problem I’m running into is I’m getting into some questionable neighborhoods. I think I might take some time and just save up more funds or look for a different strategy like house hacking.

0 Votes

Columbus, Ohio

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

0 Votes

Quote from @Eliott Elias:

Eating, buying more deals than ever. Seeing a lot more subto opportunities, people who overpaid but have locked in a good interest rate.

What is a subto opportunity? Are you just buying out their loan?

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Hello,

3 Votes

Columbus, Ohio

All Forum Posts by: Cole Steele

Cole Steele has started 5 posts and replied 12 times.

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: Tax Liens - What happens when you buy them?

Post: Tax Liens - What happens when you buy them?

Post: [Calc Review] Help me analyze this deal

Post: First Time Home Buyer. What market with $40k?

Post: [Calc Review] Help me analyze this deal

Post: Strategies with high interest rates

Post: First Time Home Buyer. What market with $40k?