All Forum Posts by: John Van Fosen

I would be interested in meeting some Cbus BPers face to face.

@Daniel Ryu

The ended up falling through. I didn't have my financing properly lined up when I found this deal, so by the time I had my preapproval letter and offer ready, someone had already gotten the house under contract.

Lesson learned - get all your ducks in a row, then find a deal!

Hi Brian,

Welcome to BP. Thanks for the tip about First City Bank, I might be giving them a call soon. What types of terms are they giving you?

I'm trying to get started in buy and hold. Let me know if you have any reasonably priced flips you are trying to sell quickly!

Hi Reuben,

Please feel free to contact me concerning Columbus. I'm just getting started, but have been exploring the market for many months.

@Dave Payerchin - Sounds interesting! Can you share the bank info?

@Pam R. Yes, I've been looking in North Linden too! Thanks for the advice!

Hi Tom,

Welcome. Where is your first property at? Are you willing to share the details (purchase price, cap rate, CoC, cashflow, etc)?

What bank did you use to finance? Did the property require any renovation or was it turnkey? I'm trying to work with the banks now to purchase a property that needs some rehab and it is not going well.

Thanks!

@Pam R. - Thanks for your reply.

It is close Taramark Blvd - about a block east. I did a google of Northland Arms apartments - YIKES! I think you might have saved me a costly mistake here. The Northland Arms apartments have been renamed Northern Isles apartments, and they are very close to this property. I am willing to consider Section 8 tenants, but am trying to avoid these high crime areas. It is an interesting area - we were looking at the crime maps yesterday, and it is very high crime right around those apartments, but very low in most the rest of the neighborhood.

I hadn't heard anything about the murders in the area. Looks like I'll need to readjust my focus area a little bit!

Thanks again!

Corey - Good suggestion. I've called a few places, but was not able to talk to anyone directly. Left some messages, guess I'll see what falls out.

Guys -

I've been looking for a property for a while now. I posted a few weeks back about a duplex with good numbers. That deal fell through because another investor beat me to the table with an offer.

I've found another property I'm interested in, this time it is a 3/1.5 single family home in a decent working class neighborhood. The home is on Heaton Road in Columbus, Ohio.

I'm having trouble determining what the rent should be. Using Rentometer.com I come up with 950-1100/month rent. Using Padmapper.com, I come up with around 780/month rent. I couldn't find anything in the area on Craigslist other than the apartments mentioned below & by padmapper.

I've driven the neighborhood and there is a complete lack of "For Rent" signs out.

So the deal is make/break on the monthly rent:

- $800/month the deal is too thin, with predicted cash flow at $42/month, Cap rate at 11.5% and CoC of 3.1%

- $950/month the deal is pretty solid with cash flow at $168/month, Cap rate 14.1%, and CoC of 12.4%

Home details:

-Home is owned by Fannie Mae. I'm trying to purchase for approximately 40k.

-Home needs about 25k in rehab. It will be a nice home for the area, but not top of the line.

-I'm approved for financing that requires 25% down, therefore I am financing the rehab costs. Interest rate is approximately 5.1%. (I only have about 21k cash to invest)

-The rear of the home faces the "Sunny Isle" apartment complex (http://www.apartments.com/Ohio/Columbus/Sunny-Isle-Apartments/654397?resp=true#media-photos) - these small 3 bedroom apartments rent for 600/month including utilities.

-1640 sq ft + 2 car garage + Storage shed

So my questions:

-What do you think would be a reasonable rent for this place?

-How can I get more accurate rent estimate? Are there other places to check?

-Is there a rule of thumb for pricing single family homes compared to apartment complexes in the same area?