All Forum Posts by: Jason DeVelvis

 Each house is different, obviously, but the deals I've seen in Southern Orchards & Franklinton have been overwhelmingly full rehabs. And if they're not, they tend to be overly expensive (for my criteria, note that many others disagree with me wholeheartedly there and that's okay). Linden has full and cosmetic rehab opportunities, but the upside is more limited than the others. Since you haven't landed on criteria yet, I'd also recommend looking at other areas - even outside of Columbus. Smaller Ohio towns - Lancaster, Chilicothe, etc are close if you're on the south side - have less competition and more reasonable prices for folks just getting started. Gives you a little wiggle room for your first rehab or two so you can learn with less (but not zero) risk

Those are all very different areas. Different price points, different pros & cons, different needs. Have you landed on your buying criteria and amount of work required for the rehab? That will definitely help you land on one of those three areas - they’re so different, even saying something like “I’d rather not take a hosue to the studs” would probably narrow it down to one. Obviously, that’s generalizing, but I’ve found that if I’m not focused in my buying criteria, I get easily overwhelmed with options and lose bids to buyers who are more savvy about the area and are zeroed in on what they’re looking for. But when I am within my criteria, that’s when I get what I want 👍🏻

Which neighborhoods?

On one hand, I've noticed that even in REALLY crazy areas, fixers are sitting on the market for an extra day or so. Whether that's just sellers listening to their agents and waiting on all the offers to come in, winter slowdown, or an indication that the market is cooling, I don't know. But I'm here for it. Man it's stressful to watch great opportunities go by without being able to see/offer on them because I'm out of town for a few days.

That said, I just offered $37k over list on a property and got beat by someone who offered "well into $40k over." So I use the terms "slowdown" and "cooling" lightly :) 

 I wish it was automate, hah, but no. Really, it sounds like it's an app & call center that will schedule paint/repairs, collect rent, etc. They do some accounting type stuff too, but I use Stessa and really like it. Someone also pointed out that Hemlane (http://hemlane.com) does many of the same things, so I'm looking into them too.

The URL is https://nestegg.rent/ - looks to be a middle-of-the-road option for property management. Not fully managed, but includes rent collection, a call center/chatbot, and some management & scheduling of repairs & maintenance.

Anyone have any actual experience with NestEgg in the Columbus area? I have a demo scheduled for tomorrow, but I'm really interested in actual experiences from our area - I've seen good reviews in Chicago and a few other areas, and I'm optimistic, but I'd rather not be their guinea pig here without knowing it :)

Unfortunately, I don't have any rentals available, but when you get here if you want to grab coffee & chat, I'm in!

Hey all, I have a duplex that has > $900/mo NOI, and am looking for a commercial loan with a 30-year amortization. It's in an LLC, so it has to be a commercial loan, but I'm having trouble finding anyone who will loan on a property worth less than $100k. I have a loan on it with a local bank currently, but it's an adjustable rate loan (after 5 years) with a 13-year amortization. The value is only $75k due to where it is (rural Ohio).

Anyone know of a lender who will loan on lower value (but still solid and cash flowing) properties?

I'm game for connecting as well - I've lived in Columbus for 20 years now, and there are still deals to be had! It all depends on what you're looking for, though. There's definitely competition for cosmetic rehabs, slightly less than pristine turnkey rentals, etc on the MLS and/or reputable wholesalers. If that's your target, you'll have to pay more per $ of rent than in other areas. I've seen properties go for WELL over my criteria. In my opinion, if you're more concerned about equity growth and less about cash flow this could be a fantastic area, even for on market properties. If you're looking for maximizing your cash on cash return from rent, it might not be. Or maybe you can find the diamonds in the rough that check both boxes... If you do, throw a few my way :D

Welcome to the mix!

(Edit: Obligatory disclaimer - I am not a financial advisor. This is just my opinion, I have no actual idea what the future holds for home prices or rent in this market, my crystal ball is in the shop)