All Forum Posts by: Matt Stewart

@Jessica Hood  I know about this house and I'm very interested in hearing about how it works(ed) out for you.  If there's anything I can help with let me know.  

Matt

I have a line through Kabbage.  The rate is much better than a credit card, but less than what you would get if you set up a line of credit with your bank.  I've used it just a couple of times and each time they've increased my credit line.  It's worked out well for me.

I've used a guy a few times when I've needed a panel changed.  I'll message you his contact info.

I act as my own GC on my rehabs.  Over the years I've acquired a great list of subs that I know will do quality work and meet my budget.  That doesn't happen instantly.  It takes time to build that resource and skill to maintain it.  Take care of the guys who take care of you.  As far as swinging a hammer myself, I plan on a minimum of 40 hours a week on the job site.  Some of those hours are management hours sure, but I'm not walking around in Dockers holding a clipboard looking over someone's shoulder.  Any time I can do something myself that I would otherwise pay someone else to do I'm putting money in my pocket.  But every project is different, every operation is different, and everyone's skill set is different.  Ultimately it's finding the right balance of time and money that works for you.

Great questions!

I have done a few JV deals with similar terms and it's worked out well for both parties. Mine have been flips where we're in and out within 6 months. I'm always on the lookout for new potential partners in Ohio so I'll be watching this topic closely to see what others think.

I've been broken into a few times.  Fortunately never lost tools, but I've had a few things taken.  There's a few steps i take with every flip now.  First get blinds or window coverings of some type in the lower level windows asap, anything someone can stand outside and easily look in.  Next leave some lights on.  I light up both the front and the back exterior lights and I leave at least one light on in an upper level room, or one with blinds so someone can't easily see in.  Also I'll leave a radio on a talk radio station just loud enough so it can be heard from outside.  Then lastly I have a few of those alarm company signs that either go in the front window or staked in the landscaping out front.  Doesn't matter that it's not hooked up.  Nobody knows that, including the neighbors if they ask.  Whenever I've taken these steps I've never had a problem.

I did a rehab much the same way last year.  I took a 4/1 and made it into a 3/2 with a very nice master bathroom and large walk in closet.  It paid off for me in the long run, but it was a flip.  For a rental I think I'd stick to lipstick and keep the 4 bedrooms.

With all due respect, inventory isn't a bit low in Columbus it's very low.  Especially as it pertains to distressed properties that leave enough room for a decent return.  Those properties are typically getting a lot of attention and bid up by new and inexperienced investors, fresh off their training seminar, until the risk greatly outweighs the reward.  I guess it's fair to say that there's decent value here as it relates to other markets, but is Columbus a magical land of opportunity where everyone gets rich quick and easy?  Far from it in my opinion.  You can do ok here.  I've been doing it for many years and I know others who are doing well in the Columbus market.  But you're going to work  hard for it here, just as much or more as anywhere else.

Hi Ed and welcome!  I'd say we have much the same goal with regards to retirement except I'm a couple years ahead of you.  I'm 46.  :)

Many title companies will have a RE attorney on staff.  If you haven't found anyone let me know and I can refer someone locally.