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All Forum Posts by: Jessie Randolph

Jessie Randolph has started 8 posts and replied 22 times.

Post: What are your personal favorite episodes

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27

I have 2 co workers from Oregon. I think I've pretty much convinced them to start down the path of real estate, one even refinanced his home and the other is in the process. One wants to invest neat home and the other wants to invest in cheaper states. I am looking on getting them listening to podcast from bp and reading. I gave one my book by Brandon Turner and i think im going to buy David greens investing long distance for the other for Christmas. If you could give me a list of some of your favorite podcast episodes to have them start on I'd much appreciate your input.

Post: Renovation tips for a 4 unit 4000 sq ft

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27

I am in contract to buy a 4unit and do a complete rehab on it.  I'm looking for all the advice you have to offer.  What hvac, paint, toilets you use, what touches you think work, where you buy you cabinets or vanities, value add touches, complete waste of times, special permits to look out for.  Anything you have to say will be useful. 

Post: Anybody invest in Bellefonte ohio?

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27

Was wondering if anybody has any success in Bellefonte? Any warnings? Good property managers? Nightmare stories?

Post: My first multi family. 4 unit in Columbus

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27
Originally posted by @Janani Kalpathi:

@Jessie Randolph - Congrats on your 1st deal! We are looking into our 1st buy-and-hold MFH investment property in Columbus, OH as well and reading your story is inspiring! 

I echo @Mikael Winkler's thoughts and unintentionally wanted to stay away from Section 8 housing. Outside of the admin paperwork, did you run into any other challenges on this?

No i did not. Paperwork is the hardest part so far and it's not even that bad. That being said my team probably had a great deal to do with that.  If you're coming to Columbus I highly recommend Remington and Chris.

Post: My first multi family. 4 unit in Columbus

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27
Originally posted by @Roger Rhynehart:

@Jessie Randolph nice job!

Do you mind sharing your cash flow numbers?With the property management, and probably PMI on the FHA loan, I'm interested to see your ROI, as this is a very similar example to an opportunity I'm looking at.

The outside units are 500 and 600 but with section 8 a 2 bed 1 bath can get up to 650 so hopefully next month I'll be able to get them up to that.  My property management does 7% or 55 flat for managing so 55 for that.  The middle 2 units are airbnb at 1800 a month right now but with rate increases for time of year to 2400, but that fluctuates and they are managed for me for 25%. 

Post: My first multi family. 4 unit in Columbus

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27
Originally posted by @Bob Mazza:

Congrats on the deal! Interested to find out more - are you going to occupy any of the units? If not I would love to find out how you managed such a low down payment...Thanks and good luck with the building!

It's an fha loan so the terms say I am suppose to live in one unit for a year.  Its only a 3.5 percent down payment. Then my realtor negotiated the seller to pay 5000 in closing

Post: My first multi family. 4 unit in Columbus

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27
Originally posted by @Mikael Winkler:

@Jessie Randolph

that's phenomenal, congratulations on the deal! You mentioned two of the units are section 8? Did that affect the purchase/closing in any way? Will you keep them that way after renovation? Reason I ask, I don't really know anything about section 8 but am interested to learn more.

 I had no problems with the section 8 but I'm told it can be a hassle and my financial guy may have made it even easier on me. Also remington gave me a property manager who is going to do all the paper work and manage them.  So after you do the purchase you have to do a change of ownership form to the section 8 office. Its like 5 forms. You have to do this in a timely manner because checks leave the last week of the month so I have to get my money from the former owner this month.  After the virus I think I'm going to renovate and push for higher rents, so I'll have to remove the section 8 tenants.  But I'm not 100% sure on that. 

Post: My first multi family. 4 unit in Columbus

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $382,000
Cash invested: $13,000

Contributors:
Remington Lyman

I bought this for a buy and hold. Years down the line if the property continues to rise then I will condo it off and buy other properties with the gains. The middle 2 units are airbnb and the outer units are section 8. I plan on renovating them after the covid virus to bring up value and rents.

What made you interested in investing in this type of deal?

long term possibilities and solid foundation for a portfolio

How did you find this deal and how did you negotiate it?

Remington my realtor found this deal and negotiated a way lower price and 5000 of closing andddd got it from individual parcels to 1 so I could buy it with an fha loan

How did you finance this deal?

fha through first ohio home. A man buy the name Chris Wharton and his assistant Kaitlin. Without these 2 I don't think i would have got financing

How did you add value to the deal?

put in property management. Going to get increased rent on section 8 next month. Well, hopefully

What was the outcome?

Greatttttttt

Lessons learned? Challenges?

Don't take a work call out of town with no service while trying to buy a house. Realtors and lenders are well worth the time and money.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

David Green often takes about Rockstars. Rockstar realitors. Rockstar lenders. I was lucky enough to find a set of rockstars. Remington negotiated a great deal for me and also provided access to lenders and property managers that I use and now have in place. Chris Wharton was work tirelessly to get my loan, called former employers, loan statements and got me a lower than expected interest rate. I know, without these 2 I wouldn't have made it

Post: Attorney told me that series LLC's arent legal

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27

Oops yeah should have know that one....

Post: What are investors doing for Tennessee

Jessie RandolphPosted
  • New to Real Estate
  • Ohio
  • Posts 22
  • Votes 27

the city I was raised in was destroyed by the the tornados just like nearby Nashville. How are local investors affected? Are there good funds to help rebuild?