All Forum Posts by: Jenna Ellis
Jenna Ellis has started 5 posts and replied 16 times.
Post: Columbus Duplex part LTR part MTR
- Posts 16
- Votes 18
Quote from @Bonnie Low:
If you don't mind sharing, I'd be curious to know what you're thinking your LTR and MTR rents are going to be. I've had my eye on Columbus for a while now. I really like that area and it just keeps going up!
I will definitely let you know once it's rented!
Post: Columbus Duplex part LTR part MTR
- Posts 16
- Votes 18
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $245,000
Cash invested: $74,000
The 2 bedroom will be a long-term rental and the one bedroom will be a medium term rental.
What made you interested in investing in this type of deal?
I wanted to try a medium term rental, and this duplex gives me the opportunity to still have most of it paid for with the long-term unit rent while I experiment with the other unit as a MTR. This was also located in the neighborhood I was interested in and have been monitoring for months.
How did you find this deal and how did you negotiate it?
My agent found it on the MLS; I made an offer about 15k lower than it was listed for and we got it under contract. It was a bankruptcy so we knew it would be a long wait, but I felt it would be worth it because small multi-family units were so hard to come by, and because it was going to be perfect for my strategy.
How did you finance this deal?
I wanted to do a DSCR so that I could buy it under my LLC, but with rates so high, I went with a conventional loan, 25% down.
How did you add value to the deal?
We are fixing the sewer and cleaning up the basement. Besides that, it's pretty much good to go!
What was the outcome?
TBA
Lessons learned? Challenges?
TBA
Post: Buy and hold in Columbus, Ohio
- Posts 16
- Votes 18
That is actually super helpful- thank you:) I really like the idea of a Brrr and I am going to keep my eyes open for the opportunity, but currently I'm right there with you on turnkey properties. As long as they cashflow that's what I will go for.
Post: Buy and hold in Columbus, Ohio
- Posts 16
- Votes 18
Investment Info:
Single-family residence buy & hold investment.
I bought a mostly turnkey property, fixed up a few items, and rented it out (turned over to property management).
What made you interested in investing in this type of deal?
I am interested in BRRR, but I haven't been successful in finding good deals so I decided to buy a turnkey property just to get into the market and test out the waters. I am interested in real estate for the long-term benefits and hope to find even better deals in the future.
How did you find this deal and how did you negotiate it?
I bought this one off of the MLS.
How did you finance this deal?
DSCR loan
How did you add value to the deal?
New windows and minor interior repairs.
Thank you!
I have a rental in East Linden and am in need of a property management company. I would love some recommendations!