All Forum Posts by: Jimmy Lieu

I have any opportunity to go to school in Ohio and add another property to my Ohio portfolio using a FHA Loan. The city I want to use an FHA loan is in columbus and my college is Sanduskyabout 2.5 hours away. So this is my plan.

So I will be going to school in Sandusky and renting an apartment. I will buy a property with an FHA loan, keep one room for myself and add a bunch of belongings in this room. So it looks like im staying there. My majority time will be spent in sandusky Ohio. I will come back to Columbus and stay in my room for some days and weekends. 

How often does FHA come and check on the house? Could my roommates report me?

Hi fellow investors. I'm interested in Columbus, Ohio (Franklin county)/multi-family/mid-term rental as a strategy. I'm doing my due diligence by looking at current data like population growth, significant companies with their HQ located there, etc., and taking virtual neighborhood walks via Google maps. Depending on my findings, I plan on visiting the area before investing. Still, there's nothing like the feedback from locals or investors within that area. How are your investments doing? Were there any surprises after performing your due diligence, and for the locals, what is your take on the mid-term rental in this area? I live in a neighborhood predominantly of homeowners, and an MTR strategy would fail here. However, LTR residential investing could be successful. Thank you so much for your attention and participation.

Quote from @Nicholas Sorace:

I am new to this space, but I am very drawn to it and have been saving up for a while. After listening to podcasts and reading books I'd love to start having conversations with experienced investors. I have my eyes on Cleveland and Dayton in particular, but I'd love to get advice about general multifamily investing and financing as well. A little background on me, I currently reside in NYC, Penn State grad, and I work in finance. Looking forward to making new connections!

Hey Nicholas! Why don't you give the Columbus, OH market a shot? As a resident and investor in Columbus, I can attest to the fact that investing in the suburbs here is a wise choice. It is a thriving city that is attracting several major companies, which will bring in thousands of job opportunities in the next few months and years. This, in turn, is driving population growth, with an annual increase of 0.75%. Employment growth is also on the rise, with a yearly increase of 3.58%. Rent prices in Columbus have also gone up by 6% each year. Let me know how I can help and would be happy to chat more with you regarding the subject!

Hey everyone! Got a basement leak in my STR and the cleaner who had 14 yr construction experience is saying I'll need to hire an excavator to deal with the issue from the outside. It seems to just be a small leak in my bathroom from heavy rain the night before and was trying to fix it with hydraulic cement from the inside. Unfortunately I don't have any pictures but it's a stone foundation. Seems pretty drastic to bring in an excavator here. Any ideas?

Thanks!

Howdy Bigger Pockets Folks,  

I'm exploring a form of arbitrage with a potential tenant who is looking to provide halfway/bridge housing to the formerly homeless. They take single tenants who have been approved for housing vouchers and need assistance getting out of the shelter system. In addition to providing housing, they connect residents to other social services they might need and work to get them to a point of self-sufficiency. They plan to have a live-in manager who would occupy the master suite, ensure tenant abide by the rules of the housing program (applying for jobs, observing curfew, etc). They're willing to pay a premium, prepay for several months if needed and self-manage the property, paying for all tenant-caused damage and general repairs up to an agreed-upon threshold. Currently they're using an LLC but are in the process of applying for 501 3c non-profit status.

My property is in Class C/D neighborhood, and up until now I've operated it as a by-the-room long term rental, and I house hacked this property before that.   I struggle to find tenants that match traditional criteria that are willing to live there despite low rent and recent renovations. I like the idea of getting a premium while my property is used to help those in need and freeing myself from my current roles as property manager and referee.

This potential with this model intrigues me; My question for the community is: how could I structure a legal agreement that would protect me from the potential downsides of this kind of arrangement?  Here's what I've thought of to ask for: 

* Require a guarantor outside the LLC/business entity

* Require they list me a as a beneficiary on their liability insurance policies and provide proof that policies are maintained throughout the tenancy.  

* Ask for 3-6 months prepaid rent upon executing the agreement with monthly rent to be applied to the next month not covered (If agreement starts in May, They'd pay for May/June/July and the rent paid in June would be applied to August, etc). 

* Require individual tenants sign a liability waiver along with their lease

* Require a contract with a professional property management company, or that all maintenance work be completed by a licensed and bonded contractor. 

* Include language that gives me final approval for any fixtures/appliances that need to be replaced over their tenancy. 

Open to other ideas, but these all sound reasonable to ask for when renting to a business entity instead of an individual. Let me know what you think and if you have any other advice. 

First time out-of-state investor, scouted the area back in January. Decided to focus my search in neighborhoods like: Driving Park/North Linden/Southern Orchard. Saw a property today in Milo-Grogan, but not familiar with the area. Would love to connect to locals/investors/realtors that can share with me some wisdom about this neighborhood. Thanks for reading!

I want to start out-of-state BRRRR. Does anyone have recommendation as to what city I should start? I am looking for places that has good potential to appreciate over time and good monthly return (~1%).

Quote from @Zeliang Zheng:

I want to start out-of-state BRRRR. Does anyone have recommendation as to what city I should start? I am looking for places that has good potential to appreciate over time and good monthly return (~1%).

 Stay away from the coasts.  Stay away from states that love tenants (Maryland).  Go for states and municipalities where you can make cash flow on a multi.  I suggest a place like Pittsburgh, most places in Ohio, Kansas City and some places in Florida.