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All Forum Posts by: Account Closed

Account Closed has started 11 posts and replied 111 times.

Post: Owner is willing to sell but wants to avoid tax hit...HELP!

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Mike M. Thanks! Can you elaborate on, “if written up properly.” ? I have never executed a lease option before. 

Post: Owner is willing to sell but wants to avoid tax hit...HELP!

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

I have an owner who is interested in selling a building to me but wants to identify another property before he signs a contract (to avoid a large tax hit of $100K+). Obviously the easiest route would be to find him a property (which I am in search of), but wondering if anyone has had any luck in pitching some sort of strategic seller financing options or other options that could spread out his gains and/or reduce the tax hit. Any input would be much appreciated!

Post: ISO Real Estate Attorney

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Timothy Ulbrich I just sent you a couple of the guys that I use. Both are fantastic options.

Post: Dropping out of college

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Jaden Adams my word of advice is this—if you are serious about dropping out of school, you have to understand that real estate is not a get rich quick option. Furthermore, you need to understand the risk associated with real estate—things are great right now, but can you sustain if your investment market goes belly up? Are you are confident that you have the ability to push and persevere knowing that a real estate requires self-motivation and drive, and that (at least in the beginning) while others are playing, you’ll be working? Or are you hoping you get lucky and hit something big quickly so you can be “the master of your own schedule?” I think only you can answer if you possess the ability to stay on course, grind, and put in the work it takes to be successful in the real estate industry. If that’s the case, SEND IT my friend!

Post: Up and coming cities to build a rental portfolio

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@David Iniguez Columbus, Ohio is on fire. We’re watching major brands flood our market like Facebook and Google. We also have major contributors to our market including the headquarters of Nationwide, Cardinal Health, L Brands, Big Lots and other major brands with a large footprint including The Ohio State University which is one of the largest universities and medical centers in the country, Nationwide Children’s Hospital, which is pumping tens of millions into their campus every year, and JP Morgan Chase, which has more than a million SF in Columbus and continues to bring more, Cover My Meds, and many more. After attempting to land Amazon’s HQ2, people were floored by Columbus’ offered incentives and understood Columbus’ desire for growth so many new companies have taken note. We’re showing no signs of slowing. I look for cities with obvious year over year growth and major company contributors which encourage that growth. If you’d like to chat about the Columbus market, let me know. I love the market here. Best of luck!

Post: Where are decent cap rates for rentals available?

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Michael Iuculano I am all in on Columbus, Ohio (I live here so there is a bias), but after seeing so many out-of-state investors coming this way in response to major companies like Facebook and Google making their way out here, it's hard to not like what's here. If you have any questions about the Columbus market, let's connect and I'd be happy to chat. Good luck!

https://www.forbes.com/sites/forbesrealestatecouncil/2019/11/01/where-is-the-new-class-of-investors-buying-single-family-rentals/#2c2702b36c0f

Post: Airbnb arbitrage template

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Adam B Henderson I'm not sure of the weather in VA, but in Columbus, we have rental seasons (March thru October) and the months in between can be tough at times to find renters because no one wants to move in the cold. So I typically wait to add new product until those months when I know inventory might sit an extra few weeks and landlords are getting antsy. I try to incentivise them as much as possible by offering the following: 1) One full year of rent in advance (typically at a slightly discounted price from their advertisement); 2) I am responsible for any maintenance items excluding major mechanical issues (electric and hvac), which means if there is any kind of backup or plumbing problem, it's on my dime, but it also means that they are going to have a renter that is not calling them to fix minor things; 3) I release them from any liability related to the Airbnb; 4) I install a keypad lock on the front door and agree to leave it when I vacate; 5) After the one year lease we go month-to-month until March when they can get back on the seasonal leasing schedule (which I inform them of), and then I sign a year lease and pay as a regular tenant. I've had multiple instances now where after a year, the landlord was so thrilled that he had an easy tenant, that he gave me more units. I now have 7 Airbnb units in one of his buildings and started with one.

As for occupancy, I own/operate 13 units and across those units I typically run about 25 nights in March thru November, and about 20 nights in December thru February. My units are in the Short North and near Ohio State University (very popular and busy areas with business, events, and education). If I can hit about 12-15 nights, I am typically covered. 

Good luck!

Post: Newbie Out of state investing in Ohio

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Gregg Nagano I agree with @Remington Lyman. I have a solid portfolio in Columbus and when I was buying I looked to invest in areas that have a lot going on. For example, campus rentals near Ohio State as it is one of the largest universities in the country and only continues to expand (education is not going anywhere). South of downtown Columbus, because Nationwide Children’s Hospital is pumping tens of millions of dollars every year revamping the area (again, not going anywhere). I’m finding it hard to miss in Columbus right now (aside from the war zone-type areas you mentioned) especially when companies like Google and Facebook are putting down roots here, and when Amazon’s HQ2 gave Columbus a legitimate look. It’s also promising to see Columbus offering a lot of incentives to companies looking to enter this market. Columbus is serious about growth and it is showing. There is a lot of opportunity. Let me know if you have questions about a market like this. Happy to help! Good luck!

Post: Business License/ Permits

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@Art Mimnaugh that’s great insight! And yes, Art is correct, a statutory agent in OH is mandatory. Did not know that about the taxing of OH LLCs in CA, though I’m not surprised! Glad I learned something on this!

Post: Business License/ Permits

Account ClosedPosted
  • Real Estate Broker
  • Columbus, OH
  • Posts 119
  • Votes 151

@David Hernandez I am in the Columbus market and my out of state clients have simply filed for an LLC with the Ohio Secretary of State. Here is the link to their website: https://www.ohiosos.gov/#gref