All Forum Posts by: Jonathan Styer

Welcome! There is plenty to learn here. Good luck in your journey. 

Everything is a negotiation. Here in Columbus, we have such a hot market that pretty much everything is as-is. Yes, you can negotiate after inspection on price, and they may, or may not concede based on any number of factors. No one here will be able to tell you whether or not you should accept the counter, as we do not know any specifics, but consider this. If you do take it, the worst case is you're out the cost of inspection. You can still walk away if you feel the deal is no good after inspection. 

To me this sounds like a vacation home or something like that. I think you need to decide if you can afford it and beyond that, this sounds more like an emotional decision than an investment. There's nothing wrong with that, but I would be realistic on what your goals are. Are you truly doing this to make money or because you want the property for your family? If you can afford it and you want it then go for it. 

The county appraises every property every 6 years. Many times they will reassess upon the sale of a property, but not always; it's hard to give a great answer because of this. This also doesn't necessarily mean that it will go straight to purchase price, I've seen them do that, I've seen it where nothing changes, and I've seen it where the value goes somewhere in the middle. The advice I always give is use the Franklin County Auditor's site. On the property page on the left is a Tax Calculator. Calculate based upon the purchase price and use that to run your numbers. 

The Columbus City Schools are who usually push for the increase when it happens because they want their money. Some folks will purchase LLC's instead of the property to prevent a sale flag with the county auditor, but that takes a special case. Hope this helps.

This had 1031 written all over it until the end where you can't get a loan. Just keep it until you can get a loan. Also, I don't know your market, but here in Columbus, $70-$85k to rewire a three unit property is biggity bonkers. Maybe look for some other bids. 

Appliances have nothing to do with equity in your home. You could spend $100k on appliances and it wouldn't change the home value. You'd just have $100k in appliances and also a home. Buy what you like and want for a price you feel comfortable. 

Start saving up money now. Your first move should be a house hack. If you don't know what that is start reading up on it. You will need money for a downpayment. The sooner you buy the better.

See if you can find an investor or agent that needs help, even stuffing envelopes or plunging toilets. Tell them your goals and ask if they will help you to learn. You should be able to get your real estate license once you graduate HS if you actually want to be an agent great, if not don't waste your time/money, it's not necessary. Listen to podcasts, and read up on the subject, here and/or in books. Start learning about houses and how they work, what does it cost to replace a hot water tank? How much does vinyl plank cost per sqft installed? These are things that'll be second nature eventually but you need to learn first. 

There's plenty more but this is a good start. Follow through.  

You need to use the appraised value, not taxable value. Depending on location, taxes are usually in the 1.8%-2.8%. Looks like this property is about 2.5%. Hope this helps! 

Find a local Property Management company that can help you with what would be the best path for you. They should be able to connect you with the folks that you need help from to determine costs of repairs, and if it's worth keeping them as a rental or selling. The last thing you want to do is keep letting them sit there as your costs are just going to go up and up. 

Just listing to the bigger pockets podcast and learning from folks who have done it helps a lot. Also, there are many great REI groups in Columbus, check out COIN. This is a great plan and such a smart way to set yourself up for the future