All Forum Posts by: Jimmy Lieu

Hi everyone! I'm a noob looking to get my feet wet. I have a job that I like, but I really want to be able to become financially independent like most of you. Who wants to hold my hand and show me the ropes? 

We have a duplex that cash flows about $1600 in the Columbus, OH area. We have 133k Heloc available and 50k cash.  For the more experienced investors what would you do if you were in our situation? Looking for more long term hold but open to suggestions.  Just want to make this money make a difference for our future and retirement in about 15 years or so. We appreciate any and all advice. Thank you. Have a great weekend!!!

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

I am starting out in the real estate investing world, and am running the numbers for some listings in B and C+ neighborhoods in the Columbus, OH market.  

For the rental calculator, I assumed: 

Maintenance and repair = 5% of rent 

Vacancy = 5% of rent 

Capex = 5% of rent

Management fee = 8% of rent 

Leasing fee = approximately 8% of rent (assuming typical lease lasts 12 months and leasing agent / property manager charges 100% of first month rent) 

Closing cost = 1.5% of home purchase price 

Are these realistic assumptions to make, in particular in B and C+ neighborhoods in the Columbus, OH market?  Any insight is much appreciated. 

Thanks all! 

I need some BRRRR advice !

I live in Miami so starting to invest in properties that are local will not be the best move. I read into BRRRR in Ohio. What should I know before I start investing out-of-state? BTW I have 0 experience

Good evening,

Would love to connect with current operators in MTR/STR space in Columbus. I'm a remove investor and would love some insight on a few things!

Hello, I would love to connect with other wholesalers and investors in the Cleveland Ohio area. What are some areas that you like to invest in? How long have you been investing? Any suggestions for areas to invest in?

Hi everyone,

I have recently relocated to the Greater Tampa Bay area. I'm looking to elevate my career in real estate investing. With two successful rental properties already in my portfolio, I am looking to expand my horizons and find new opportunities.

I'm now seeking a job within the real estate investing field. If you or anyone you know is hiring or looking for help in any sort of way please let me know. I'm eager to soak up more knowledge and insights from experienced investors.

If you have any advice, suggestions, or potential job opportunities in the Greater Tampa Bay area, I would be extremely grateful for your input. Excited to connect with like-minded individuals, expand my network, and contribute to the growth of this vibrant real estate market.

Hey everyone! I've recently started my RE journey in Tampa, FL and I work with a team of investors in Baltimore, MD who are looking for RE opportunities in the Tampa area. Looking for connections in the area to work with for our next project. 

I have a few of our many Baltimore projects posted in my profile if you are interested to see our work. 

Feel free to send me a connection if you are a builder, lender, contractor, handyman, etc. in the Tampa area. 

Best of luck out there.


 

In the event that you guys have an estimate of about $50K liquid. How are you starting out? Do you look at fix and flips if you’ve never done them or buy and hold which you also haven’t done?