All Forum Posts by: Johann Martinez

Quote from @Austin Steed:

I've always liked following developments in Columbus, OH too. The two I'm always looking for deal around are:

https://columbusunderground.co...

https://www.nationwidechildren...

My thought is to ride the wave. Hope this helps!

Thanks for the info Austin, will check it out.

 Quote from @Anthony L Amos Jr:

Quote from @Johann Martinez:

After choosing Columbus for my first investment in real estate, what are some areas or neighborhoods that I should be aware of as an oos investor? Any areas that seem safe during the day but are entirely different at night?

If you know what your investing goals are then it's best to get "boots on the ground" to help you reach those goals. Local investors, realtors, property managers, etc. can help you learn areas that will help you reach your goals. A rental area maybe different from an area that is good for flips, short term rentals, etc. You can also call the local police precint to get some info on different neighborhoods. A bad neighborhood now may have a ten year plan for revitalization and you miss out on some really good deals avoding it. Therefore also check the local planning and development board.

 Wow, thanks for this. It never occurred to me that I could miss out on opportunities by not knowing the local developments around the area. Ty for this 

Quote from @Brad Jacobson:

Hi @Johann Martinez,

@Austin McClain's crime map is an excellent tool.  

The other tool I really like is calling local property managers and asking for their opinion.  A lot of PMs won't manage properties in certain areas and most good managers are happy to help guide your purchasing decisions to areas that they would prefer to manage.

Good luck!

Definitely connecting with pm to narrow my area thanks for this!

Quote from @Austin McClain:

There are areas with higher than average crime, but no areas that are completely undoable in Columbus. Areas with higher than average crime rates are South Linden and Hilltop. It's a trade-off because higher crime rates tend to provide more cash flow. 

This crime map below can be helpful to get an idea of different areas. 

https://www.neighborhoodscout....

Ooooo this is good. thank you for this and will use it more when making investments ty.

After choosing Columbus for my first investment in real estate, what are some areas or neighborhoods that I should be aware of as an oos investor? Any areas that seem safe during the day but are entirely different at night?

Wow, I am legit in the same situation as you. I have around 15k saved and expect to have 30k saved up by the end of the year. I am also looking into Ohio to invest for my first deal. I have been wondering how I would get around the cash situation; as you said, either house hack the property or make a long-distance investment in Ohio. I have no problem making a long-distance investment, but I would definitely visit the market for a couple of months and create a team to manage the property. Also, before making any decision, you should question yourself if you have a solid business plan once you get there and if you have found the right people to help you get the seal the deal since you would be on a very tight budget and have a limited time frame before you run dry. It sounds like we could potentially help each other out if you're interested.

Hello Keita!

I'm also new to real estate, but depending on your timeline and goals, you have different solutions you can take. The main problem I'm seeing is that since you're new to being an agent, you won't have an established income source to receive a commercial loan, but please do call around and check up on that, as I might be mistaken. Another problem you could face is if this is your primary home, where will you live? Not in the street, I hope. Having some reserves for unexpected problems is also crucial for you not to fall unto the mistakes many tend to experience. Make sure to inform yourself of the legality involving renting on Airbnb. I am a little less knowledgeable on the HELOC side, so I cannot say much about them. If I were in this situation, I would save up a good amount of reserves and take advantage of you being an agent and get to know the players in your area; then, you can start doing house hacks on properties where you work and want to invest.

Hey Joel!

I'm also new to the real estate space, but I think what Karl McGarvey is trying to imply is you're going to be allotting most of your CF and your refinanced funds into a home that can only make you so much money(cf). Your refinanced money is free money, after paying off its previous mortgage of course, and instead, you can use your new capital to purchase more properties within the 2-4 unit range using the BRRRR method. Reviewing your post, you said you want to live off your CF, which is the goal for everyone, am I right? of course, who wouldn't want to; If you have no intention of retiring within 10years, then you should try to scale as much as possible and allow your rentals to pay down the mortgage over time. While in the meantime, you can also be doing house hacks for that higher chance of appreciation to come into effect. If you are worried about these properties becoming more of a headache than the passive income, I suggest you look into a good property manager and try to strike a deal with them to help you scale, and in return, you use their services. I recommend you try reading Brandon Turner's book called "The Multifamily Millionaire" volume 1. Also, from what I've heard, STR tend to take more work and require a bit more knowledge to do them successfully, but having someone who has already done them is a big bonus. Also, remember that you can only receive up to 10 loans from Fannie Mae, so once you reach that threshold, you will need to discover new ways to raise capital.

Quote from @Steven Foster Wilson:

Quote from @Johann Martinez:

Hello BP! My name is Johann and I'm very excited to get into this. so a little info about me, I'm 19 and live in CA, I'm saving up money for my first property, which I expect to have around 30k by the end of the year which isn't a lot but it's what I've got going for me and I don't own a car. I'm building up my credit score which as of right now is 715 and work with my father in roofing. Including taxes and expenses, I take 25k home each year. I want to get started with multifamily and build up from there, but with my current situation, I doubt I'll be able to get approved for conventional loans for these properties which will force me to be more creative about the way I'm going to fund an investment. I'm reading, listening to podcasts, and browsing the forums, but I haven't gone to any meetups which I need to start. The main problem for me would be getting networked(financing, team) and trying to narrow down my focus and solidify a business plan, but I would like to get some pointers from you guys about what I should be thinking about and what I should be worried about, am I missing something or does it sound like I have the right idea? Thanks BP

 I like how you are thinking ahead and game planning. I would call around to local lenders and ask about their lending. I would not give them your credit yet because you do not want them to pull it. Just ask about the different loan opportunities. I’ve been blown away by options that I did not even know existed when I did this. It was also good for me to get a feel of different interest rates from the banks. 

 Hey Steven, thank you for those kind words they really do help and also thanks for that credit tip I did not know that and I'll look around and call to see what I can get offered and hope I find some opportunities. Best of luck to you and your journey my friend!

Quote from @Paul Camuto:

Save up enough for a down payment and maintenance reserves. Talk to a bank and get preapproved. Look at the properties that you can afford and then you have your goal of what you need to do.

Hello Paul it's nice to meet you! I will try talking with banks more as I have not done that yet and it will help me focus on what I can afford and what not so thank you for that. Best of luck to you sir.