All Forum Posts by: Jimmy Lieu

Great post Jimmy!

 Hey David, I know this is years old, but did you ever find a Mortgage broker in Ohio?

Hey BP Columbus! 

I have 4 commercial buildings down on campus (OSU) and a single-family house out in Hilliard on 11.8 acres (half grass half wooded area). For about 3 years now I haven't figured out the best path forward except just to rent it out like a normal house. However, I've now got an idea of making this an STR while using the property as a wedding venue. I've seen the numbers on wedding venue rates and this looks much more attractive than just monthly rent. The idea would be to build HGTV-style big barn and turn the grassy areas into an apple orchard (low maintenance and possible ag tax credit down the line). I think this could be a better use for a large property with just one single-family house on it. Please let me know your investor thoughts!

Hello. I am a new investor with under 5 properties. I have a great portfolio deal and would like to tackle it, but I do not have the capital or profile. I am very open to a partner that brings the capital/profile but do not know how the deal structure would be.

The lender will do 75-80%, so we would need to bring the remaining for downpayment. The seller is motivated and would be open to some reasonable amount of financing, which could shorten the gap as well. I would like to retain control of the portfolio and have the option to buyout the partner in order to get their capital back quicker. Also, I expect a cashflow split in their favor until their investment is returned.

Any advice or guidance on this is greatly appreciated! 

@Jimmy Lieu I think I Agee with Ed. I know I am a super noob in the Columbus market, I have only 3 SFH and been buying since 2021 but saying an investment is good if it $100 a door, is something I disagree with.

My metric I use is cash on cash return. It is all about how hard your money is working for you. If you are making $100 dollars and invested $1,000,000. I think we can agree it is an awful investment. But that is just my opinion.

I have recently started to look at options with subject to and mainly focusing on foreclosure in the area of Greensboro. I am new to this method and have only ever used traditional finance that includes Va and conventional loans. If someone here has experience with subject to pros and cons and could provide some insight it would be highly appreciated. I would also like to see if anyone here has any recommendations on where to find the owners number. I have the county record with the name of the owner but no number. Currently I reside in Ohio and will be moving to NC, focusing on investing in the Greensboro area.

Any investors looking to connect in the Columbus, Ohio area. Feel free to message me! 

A caution, particularly for newbies.  What the real estate agents have said about Central Ohio growth is true - it looks very promising.  There is another truth - one that is notable and longstanding.  The core truth of real estate investing is that you should make your money when you buy.  That means that you should not buy a property based on the promise of future appreciation (or future growth, etc.).  Get solid cash flow and, preferably, a truly discounted price.  I've never met the agents who have contributed to this thread and they have all been solid contributors to this site in terms of the number of posts, questions answered, etc. but I don't know what sort of deals they propose to their clients. They may be the best deals on the planet.  The bottom line is that far too many agents propose deals that are very good for earning commissions but are marginal - at best - as investments and, at times, poor to very poor as investments. Again, this caution is not agent specific.  Don't be over-eager to do your first deal.  Learn the business (this site is a great place to start along with local real estate investment organizations), make sure what is proposed is sound, and make thoughtful investments.

    In 2022, I sold a multi-unit property in TN. Also in 2022, I bought a rental property in Ohio. Can I use accelerated depreciation on the new Ohio property to offset the capital gains on the sale of the TN property?