All Forum Posts by: Account Closed

@Mark Welp I would take Clintonville off of your list. There are similar areas surrounding Clintonville that have lower buy-in prices with higher rents. Clintonville is a classic staple in the Columbus community and as an investor, I don't see a lot of opportunity in this area. I'm a Clintonville native and sold my inventory there to push it into other markets with higher upside. 

One of my partnerships just purchased a 4-unit building in a rough area of town. We have a couple of other projects going on at the moment so we aren't in a position to fix it up quite yet. In the meantime we have the windows and doors boarded up and "secured." We hadn't had it boarded up more than 24 hours before someone tried to pry off one of the boards. Try as they might, they were not able to access the inside of the property (a win this time!). We made the repair, but I'm sure they will try and try again . 

So I'm reaching out to the ever-insightful and clever BP community! Outside of the obvious boarding up and checking in on the property, are there any other creative methods you've utilized to keep people out of your vacant buildings that have proved effective?

Thanks!

Congrats @Zeke Liston Looks like a solid start!

If the seller failed to produce the correct financials and you specifically requested them in the contract, that's pretty cut and dry and you should have no problem getting your funds back immediately. In all of my contracts I write that a sale is subject to a review of leases and financials (because it gives you an easy out--and if they fail to furnish a necessary document, there's your out). If you have a clause in your contract like this, there is no question you should get your money back. If you simply asked to see them but didn't put it in writing, it might be tougher than you think to get the funds disbursed back to you. But I agree with the comment above, get on your agent and tell them to fight for you. Good luck!

For 4-10 units, you can expect anything from $500-1,000. It also varies on what services you want to add on--radon, termite, structural, etc. Just be sure to do your research with home inspectors. They are not heavily regulated (at least in our market) and you should vet them to find out their experience.

I'm a sucker for Columbus. Look at the companies flooding our market...Facebook, Google, CoverMyMeds...and the companies that are already here...Nationwide, THE Ohio State University, Big Lots, Chase, L Brands, Children's Hospital, and the list goes on. Columbus is turning into a little-Chicago. Tons of opportunity in path of progress areas. I look for stable landmarks (companies) and follow the growth. If companies like this are hedging their bets on areas like this, what do they know that we don't? I'll follow the big guys and ride their coattails all day! Best of luck!

@Eric Brust I second the Columbus, Ohio market. We're watching major tech companies like Google and Facebook spend hundreds of millions of dollars on new data centers, Nationwide, Chase, CoverMyMeds, and Ohio State have a huge footprint here as well, and that doesn't even include the half-a-dozen other fortune 500 companies. It's a competitive market with a lot of upside where your dollar can go a long way. Worth a look! Best of luck!

Buy something that will generate more money--not take it from you. There are so many great resources that you don't need to pay for. Jump in with your cash and put it to work! 

@Trey Hedrick Welcome! Do you have any ideas of what you're trying to invest in? Strategy? Goals? This will be important for you to have a solid hold on this as you enter the market and look to solidify opportunities. I recommend taking some time to weigh the pros and cons of the different types of investments, as well as determine if you are wanting to be an active or passive investor, etc. I've found that focusing your goals in the beginning is a major key to successful investing. I've seen too many people jump in aimlessly and now they are back at their 9 to 5.

Pick up a phone and start calling. Call for rent signs. Knock on doors. Whatever it takes. It's vital to have thick skin in this business, and remember, the worst thing anyone can tell you is "no," maybe "hell no."  As @Remington Lyman said, a good deal will not fall into your lap. It's typically rough in the beginning so stay the course and see it through, and remember, if it were easy, everyone would do it. Find a mentor/coach and ask questions! Good luck! It's a fun (and addicting) game!