All Forum Posts by: Daniel Spaizman

Investment Info:

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

Purchase price: $84,500
Cash invested: $24,500

BRRRRing it on!

Purchased this duplex that needs some attention to bring it up to today's standards. Will start renovating shortly before renting out. Cash-out refi to following, leaving some money in the deal.

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

great opportunity to brrrr.

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

MLS. offered above asking given the competitive market. haven't seen a comparable duplex listed this low since this one.

How did you finance this deal?

conventional down and cash for rehab

How did you add value to the deal?

We will be replacing flooring, cabinets, lights, vanities, toilets, paints, cleaning up the exterior, addressing the foundational needs and more!

What was the outcome?

Closed and waiting to begin renovations.

Lessons learned? Challenges?

Mold remediation is expensive...thankfully the seller covered it.
Purchasing with tenants in place always adds headaches.

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

Vince Iacobelli - great agent, easy to work with
Graham Nadler - lender who goes above and beyond to keep you on schedule for financing

@Luke Soroka

Hi Luke and welcome. This was my strategy when I joined a year ago. I do have some thoughts on agents and property management if you're still looking. Feel free to send me a message to discuss.

A few notes note that may be of value to you:

Prior to the virus, Columbus prices were (and still are at the moment) very high, making it difficult to find a property that cash flows as is.

Have patience and check in with others to make sure your analysis is solid.

Expect a learning curve and account for vacancy in the neighborhood you're investing in. Particularly how time of year affects vacancy.

Good luck!

Daniel spaizman

@Matthew G. Hylton

Hello there.

Feel free to reach out via private message for recommendations on property managers. As for insurance, @Rachel Ford is fantastic.

@Robert Ellis. This is great to keep in mind while searching for the next rental property to add to the portfolio.

14 is very few, though in a geographical area that small, it makes sense. Thank you for the discussion and analysis.

Thank you for sharing this analysis, Robert. I am curious, is there a minimum threshold on number of closings you like to see in order to know the sample size is big enough to draw solid conclusions?

@Johnathan Simeroth

That's great that you're getting a jump start on the questions. And I agree about be willing to pay someone for their time to walk the property.

I've just been a property owner in Columbus for 9 months, but have learned a lot in that time. Analysis for future properties will definitely look different than for the first few, as will the members making up the team.

@Johnathan Simeroth

Hi Johnathan and welcome to the Columbus OH market. I'm also a CA investors buying there and was told by an agent GAs wouldn't walk the property until it was under contract. Since that time, I've learned other agents are willing to share the contracts. My suggestion would be to consider working with other agents if you're having trouble making connections.

Hello Katelyn and congrats on your endeavors into RE investing.  @Rachel Ford is a great resource for landlord insurance.  I am sure Rachel can point you in the right direction.

Hello, Carmel!

Welcome to Bigger Pockets and Real Estate Investing, in general.  I recently purchased a couple of duplexes in Columbus, OH, though they are located in a C neighborhood.  Chad Carson, a guest on the BP podcast and successful RE investor, has his own podcast (Episode 41 https://www.coachcarson.com/ideal-location-investment-properties/) that talks about narrowing the search. Give it a listen if you feel inclined.  Here is another good one too  https://www.coachcarson.com/where-to-buy-investment-property/.

If you have any questions, feel free to send them over.

Best of luck on this exciting and (potentially) fruitful journey.