All Forum Posts by: Matt Stewart

@Steven J. Umaña  Check out Park Place in Pickerington, and I know there's a subdivision in Canal Winchester schools that's Columbus taxes also but can't think of the name of the top of my head.

@Stephen Schoon  It seems like auction.com doesn't disclose the reserve price until the property has been through a few rounds and not hit it.  I've never won an auction at a price that hasn't hit the reserve price, but I have won one for just 10 dollars over reserve.  If the numbers work at the reserve price, wait until the last few minutes and bid just a little over.  

They set the opening bid so low to attract attention.

There are deals out there, both listed properties and off market.  Nobody, including myself, is going to give away any secrets with how competitive the market is now in central Ohio.  Finding deals in this market is part not swimming where the sharks are and part taking more of a risk(because you're smarter and more diligent) than the rest of the sharks.  Figure that out and keep working hard, you'll find some deals.

Absolutely ask for a reduction!  First of all banks and auction.com don't know and don't really care most of the time how much things cost.  So play it up!  There's a giant hole in the roof that wasn't there when you signed the contract!  You don't really want to back out, but how much is this going to cost you that you didn't anticipate.  Will there be further damage if you get heavy rains?  Of course there will be.  Don't be afraid to throw the word "mold" around.  Worst thing they can say is No.  

I've had luck getting a reduction of a couple thousand whenever there's been an issue arise between contract and closing.  The seller usually just wants to be done with the property so you've got a good chance of getting a reduction.

@Kevin Sage

The Columbus market is very tight right now.  Any property that hits the mls at any type of discount will be swamped within days if not hours with multiple offers.  There are deals to be had here but they are tough to find and you'll definitely have to put in the hours to do it.  I'm fortunate to do this full time, but I put in 20-30 hours a week solely on locating and analyzing potential deals from a variety of sources for myself and my partners.  If you're time strapped then spend your time networking with Realtors, wholesalers, and other investors.  Let everyone know what you're looking for and then make it worth their time to think of you when they run across a deal.  Otherwise you can spend a lot of energy spinning your wheels and going nowhere.  

I've recently bought 2 properties from auction.com and should be closing on a third in the next few weeks. I've only bid on REO's so no title issues so far. They'll give you the option once you win a bid if you want to purchase title insurance. Obviously that's a good idea. And definitely take a drive by the property. Sometimes they are occupied and sometimes they just say they're occupied but they're not.

As to other sites, you might want to check out xome.com although I think they usually hit the mls also so you may not sneak up on them as much as you can with auction.com

@Nate Crowley  A lot of it depends on the condition of the plywood underneath the shingles and how much repair you have to do there, but with all due respect to the previous posts a new roof in Florida or Cal isn't the same as Ohio.  I've got guys here in town who could put on a new roof that size for under $4k.  And those same guys will blow in insulation to your attic for a very reasonable rate.  Like the previous post said, it ain't rocket science.  It's just a matter of having the right resources for the job you need done.  Shoot me a PM if you're interested and I'll give you their contact info.

@Alex Kuntsevych

With the current market here anything listed at a discount is getting a LOT of attention and multiple offers.  Your best bet is to look at distressed properties and have a rehab team ready to get it rent ready.

@Chloe Chia

I've been a fix and flip guy in the Columbus area for the past ten years and the inventory is as low as I've seen it.  There's tremendous competition for the "good" deals.  There is opportunity here, but the days of picking the low hanging fruit are long gone.  Be prepared to put in time and effort and do your own due diligence.

I do work with out of town investors so feel free to reach out if I can help in any way.

Good luck!

If you're looking to invest under $70k in Columbus today you're going into a D neighborhood(Hilltop, Linden, certain areas of the east side) at best, or buying something extremely distressed.  You can occasionally run across something at that price range in a C neighborhood, but it's going to be very distressed.  And those properties, if listed are drawing an enormous amount of attention.  I recently was told one of my offers was middle of the pack of 30 other offers, and I had offered over list price.

If you should happen to lock something up at that price chances are you're going to need "boots on the ground".  Feel free to reach out to me if that happens and I may be able to help.

Good luck!