All Forum Posts by: Harvey Yergin IV

@Trecia Benjamin Ohio is THE BEST! Economic growth, relatively affordable, fair landlord laws, plenty of deals still to be had, birthplace of aviation and the womb of American Football 😁 I grew up here and am very familiar with the Columbus area as a fellow investor and real estate professional.

Come on up and have a look around!

@Logan Aardrup congrats on finding what could be a sweet deal! The numbers look solid. I have a few notes for you:

1.  How do you plan to finance the acquisition and rehab? I see you're estimated a 10% down payment. Is this a hard-money loan or private money of some sort? I am assuming not since you've estimated a 30 year term and 4% rate. That would BREATHTAKING for a hard-money lender and I would want that contact information immediately! :)
2.  Do you plan to move into this 5-plex? If not, the terms that @Steven Foster Wilson listed are a more probable than the acquisition numbers in your estimate.
3.  If you have those terms from the get-go, there's really no need to refinance unless there's a crap ton of equity in there that you pull and use on other deals. If you were to refinance, the terms will likely be less favorable than the terms of the initial purchase loan. 
4. If you are unclear about BRRRR, you're about 1 click away from ALL the info you could ever want on the subject. In general, BRRRR usually works for a property for which the acquisition and rehab are funded with cash or short term financing. Then, once the project is complete, you refinance out of the short term financing into a loan with more favorable terms.

Is that helpful? If not, feel free to message reply here or message me or call me and we can walk through it. 

Good luck!

@Rene Doyle check out Google reviews!

@Stephen McDonald You will get something from any of the local meetups. There seems to be one for almost every night of the week including COIN, COREE, Dealmaker Sessions, Newbie REI Meetup, Nestrs, etc. I'd recommend researching each and maybe talk to someone who goes to almost all of them like @Joshua Hively.

The meetups are great, but if you want to progress, get around people who are doing what you want to do and can share time and wisdom with you (most people).

Seems like you’re off to a great start. Now go meet some people! 😀

@Ruben Castillo you are in the right track for sure! Oh if I had a time machine, I’d go back and house hack! I assume it would have very little effect on the space-time continuum and significant effect on our quest for financial independence 😁

I know a smart guy who just moved into his own 4-plex in North Columbus and might be a great connection for you. @zackrosenbaum

@Austin Freeman try a quick google search and see what turns up. There are companies that specialist in full and al la cart services similar to what you’re talking about. It’s called “tenant finder” when a company will help you find a quality tenant, but possibly not manage the property once the tenant moves in.

There are also companies that have experience in the specific markets in town. As you’d guess, each market has its nuances ESPECIALLY the campus area.

Feel free to DM me if you have questions on specifics.

Good luck man.

Hi @Hatim Barma. There are a ton of excellent agents in the area with personal investment experience and helping clients buy, sell and lease investment property. You may look around BP, search members and businesses for Columbus-area agents and review their profiles to get a sense of their activity and experience. 

Good luck, man!

@Maureen Nixon Welcome to the Columbus market! I don’t know much about the PM you mentioned, but I have experience with Solutions for Real Estate. They manage our properties and they “get it”. They are a team of investors. They know the market inside and out down to the micro level. They also understand the various interests and strategies a RE investor may employ and they’ll give it to you straight. I’ve thoroughly enjoyed working with their team and would highly recommend them.

If you have specific questions, I’m happy to chat at anytime.

@Daniel W. I've been there! The grind was OK for me until I had kids and realized how little of their life I was witnessing. Like you said, "what's the point?!" I am with you wholeheartedly. As you know, real estate is a reliable vehicle for regaining control of your time and your life. 

Columbus, OH is a fantastic market for just about any real estate strategy. You can absolutely find cash flowing deals for less than $50K. Because the investor market is so strong, you can also find reliable contractors and partners to help you on your journey. 

Good luck to you as you begin your quest. If you need anything or have specific questions, feel free to reach out. 

Hi Kristina! Columbus is a great market with a ton of competent professionals to help you on your journey. I use a fantastic property manager and  they charge about $85/month for full service property management. I've enjoyed working with them. 

Garbage is a separate thing usually. Depending on which city you are in (Columbus or a surrounding suburb), it may be wrapped up in your city utility bill (i.e. with water/sewer in Westerville) or included with prop taxes (Columbus). Either way, it's custom that tenants are either directly responsible for utilities or billed for utilities (usually just water) to reimburse owner. The owner of course would be on the hook for utilities in a shared/common space. 

Most of our tenants understand that they are responsible for grass and snow.

Hopefully you never have a "L side" :) A big thing would be to look up the actual property taxes when you're running your numbers. You can find all Franklin County addresses here: http://property.franklincountyauditor.com/_web/sea...

Depending on which city you're in and the nature of your deal, your tax liability could be a higher percentage of your costs than you may be used to. 

Any other questions, fire them my way! :)