All Forum Posts by: Cuong D Nguyen

Hi Kyle,

What I meant by a better walkthrough was having a better understanding
of the current condition of the property and the current status of the
tenants, lease agreement, and rent rolls. It’s partially my fault
because I was new and didn’t know to ask for all the information when
it’s in contract. Good thing my property manager was able to evict the
non-paying tenants quickly.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Columbus.

Purchase price: $87,000

1034-1036 Loretta Ave, Columbus, OH 43211 is a multi family home that contains 1,344 sq ft and was built in 1950. It contains 4 bedrooms and 2 bathrooms. This home last sold for $87,000 in December 2020.

What made you interested in investing in this type of deal?

This is a buy and hold property with added value.

How did you find this deal and how did you negotiate it?

Off market deal through my agent

How did you finance this deal?

Convential

How did you add value to the deal?

Renovated both units when tenants left

What was the outcome?

Cash out refinance to pull out equity after renovations.

Lessons learned? Challenges?

Better walkthrough when buying the property.
Have a good Property Manager that can help with eviction of non-paying tenants.
Good contractors to rehab and turn the property quicky.
Good lender in place to refinance after renovations.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I would recommend my agent, Remington Lyman, at REAF Company.

Hi Charles,

Thank you very much for your reply. I see that you're from North Palm Beach, do you have any Florida real estate attorney you can recommend? Thank you very for your help.

Hi All, 

Question regarding owner financing, is it possible to do owner financing if the property owner is a foreign national? He doesn’t want to pay capital gains tax, so I think owner financing is the best option, please let me know if this is correct? The property is located in FL, do I need an attorney or title company to perform the owner financing?

Hi Jacob, 

I'm using ERA Realty as my property management as well and they just finish rehabbing one of my property and I'm quite please with the result. I know that they charge a 10% up fee but their bids are usually lower than the quotes you get from other contractors. The quality of the work won't be too notch but it's acceptable for rental grade. The last thing is make sure you give them a detailed scope of work because they will ONLY do what do you tell them. I hope this help you out, hope to connect with a fellow Columbus investor.

@Remington Lyman, How do you recommend finding a good GC to work with for out of state investors and keeping renovation cost low? I reached out to a few GCs and they're either too busy to response or their quote are too high.


Originally posted by @Remington Lyman:

 I have a list of hard money lenders I can refer to you. In my experience, most people have the wrong idea about hard money and only about 10% of people actually end up using them. They are especially hard for new, out-of-state investors since your renovation budgets are higher.

Originally posted by @Brandon Goldsmith:

Contingent on a walkthrough of the property within X amount of days after acceptance of the offer. @Cuong D Nguyen

Great to know, thank you very much.

Originally posted by @Brandon Goldsmith:

Exactly what Steven said. It pretty much just narrows down the people who are serious about making offers and limits disturbances for the tenants. Anytype of contingency can be written in the contract as far as viewing the property. @Mariah Petzoldt

@Brandon Goldsmith
Hi Brandon, What type of contingency do you usually put for properties that are "curb offer only" to protect your buyers?

Thank you, Cuong Nguyen

Great analysis post Robert! It's great to see that Columbus is really appreciating well. 

Hi all,

Are there any fellow investors, agents, and proper managers in the DMV area that know the Fredericksburg, VA, rental market? I'm looking to buy my first rental property, and I'm considering Fredericksburg as one of the areas. Can you please let me know what are the good neighborhoods, what is the usual rent and is it hard to find tenants in that area? I would love to connect with everyone locally as well. Thank you for your help.