All Forum Posts by: Corey Liepelt

Welcome, @Ivan Lavrishin! If you haven't been to a meeting yet, I suggest you come to COREE next month to network with other local Columbus investors. We'd love to see you there.

Landlords in Columbus, OH - do you buy condos to rent? Why or why not? I have a line on a condo that needs a light update, and I'm wondering whether to pursue it.

Samuel, I don't know if you listen to the BP Podcast, but in it you will often hear Brandon Turner talk about how he is a big advocate of beginning investors buying a duplex as their first investment, living in one side and renting the other. Assuming you can find a property that needs some work and are willing and able to make the updates while you're living there, this could be advantageous to you in several ways:

1. You get your first property.
2. You can take full advantage of the loan you currently qualify for.
3. You'll get someone else (i.e., your tenant) to subsidize your mortgage, if not cover it completely.
4. You'll continue to build your credit as you make your monthly mortgage payment.
5. You can capitalize on the strengths you listed.
6. You will build equity in the property by increasing its value through the capital improvements you make.

This assumes, of course, that you and your future wife are willing to do the work and have a tenant living next door in your first house. But as you can see there are lots of up sides to this approach when you're starting out.

When you get to Columbus, stop by a COREE meeting and meet lots of other local investors. It's a great place to learn and network. I hope to see you there.

Anthony, another great place to network with other local investors is to attend a COREE meeting. There's one coming up in about a week an a half. You'll find investors there who employ a variety of strategies, so you're bound to find someone who's doing what you want to do.

Robert, thanks for introducing yourself. I think now that you're starting to actively use your BP account you will find it's a great community of people who can help you in tremendous ways.

The person who told you that wholesaling in Ohio is a felony is full of it. As long as you are a buying principal in a RE transaction, there is no reason you can't market and sell that property before your initial contract closes.

As for finding a REIA in Columbus, I always recommend coming to a COREE meeting. I have been a member since October, and I have found the information and networking with other local investors to be invaluable. If you come to a meeting, please introduce yourself!

Best of luck to you.

Frank, when you ask whether there is any "real value" to be had in those areas in the long term, I assume you are asking about appreciation. Of the 4 zips you mentioned, I would say that with the exception of the western 1/4 of 43206 you should not count on significant appreciation. Yes, 43206 and 43205 are seeing an influx of investor money and an improvement in the area surrounding Children's Hospital, but I personally would not look at those areas as an appreciation play. I could be wrong—the hedge funds working those areas seem to be banking on it. But for me, I think it's being too speculative. I would focus my money on cash flow in those areas.

As @John Horner said you, there are rough areas in each of the zip codes you're looking at. You'll probably want to talk with someone here who knows the best areas (there are several of us on BP).

I would say the question you need to ask yourself is: if you can buy and fix a property for $25k (which you can find fairly easily with the right help) and get $3,500-$3,800 NOI per year, does that meet your investing goals?

I have to agree with K. Marie. The guy's child support payments aren't going to stop. Once he sells his house, how is he going to make payments? By skipping rent, that's how.

I think this is a great opportunity for you to practice exercising your boundaries. You said you would normally walk away from a deal in Hilltop. Don't make the mistake I did, trying to force your first deal. If you don't want to make Hilltop one of the areas in which you work, don't make any exceptions. In fact, if you haven't already developed a strict list of your buy criteria, this is a great time to invest the time and emotion to do that. Then when an opportunity comes along, you can just check the items on the list. If something doesn't match your criteria, you can move on without "hemming and hawing" about it.

There will be plenty of other deals. Let this one go.

Sounds great, Steve. What time on April 7?

@Steve Baldwin, I'm also interested in a local meetup. Please keep us informed as you lock down date/location.

Dan, it's true there aren't a ton of duplexes in Dublin, and you're right—they're probably rather pricey. I was thinking of Corbin Mill, behind the Kroger complex at 161 and Frantz. I believe there are also some off of Sawmill north of 270. I haven't priced any of those myself, so I may be sending you to look at something well out of your price range. If so, my apologies.

You might also look in Hilliard, as I think there may be more options for duplexes there. Again, not a ton of them, but likely more than Dublin.