All Forum Posts by: Shaun Anderson

Hi Wade, welcome!! I am a newbie as well, you are in great hands!! There is a ton of great help here, just ask any question you have and you will get comments, ideas and suggestions. I am also working in Ohio, just starting out, soon to offer on my first multifamily property(ies). I am here if you have any questions, even though I am new to the whole thing, I have learned lots on here and by doing my own due dilligence in the past year and a half.

Best of luck!!

Thanks very much for all the info guys, I have to find a bank in Ohio first of all that will give accounts to Canadians and then I will quiz them about all the required info I need!!

@Peter

Thanks for the comments on the numbers. The reason I used those percentages for my maintenance is that both of those properties have had a lot of recent upgrades and not a lot is required at the moment so I am using a lower percent but I still do want to account for it. As far as the property management amount I guess you would know more about that being that you do that in the city!! Thanks for that. I have accounted for other small costs at the beginning as well.

@Andrew

Thanks for the comments, very interesting. I have quite a bit of info on the tenants but not all, I do believe they have all been there for at least the past year and most have leases signed into later this year or early next for sure. I understand what you are saying for sure though and will ask more when I can. I have been told that a lot of the info I am asking will not be given until I put in a formal offer.

Hi,

I am a newbie to investing but have done a lot of research and training in the past year plus and have had contact with a realtor in Columbus for sometime and am ready to place offers very soon. I am looking to connect with experienced members from this area and share ideas, possibly work with, etc.

Feel free to give me a shout anytime!!

Thanks guys!!

Hey Paul, thanks for the comment, I am looking in Columbus, Ohio actually. I do have a plan for what I would offer this private lender, I am just looking for a minor partner as I believe I have a contact for the majority of the lending I require but need a partner for the rest. And yes, I would like it to be someone is familiar with the Columbus area and has other contacts there as you suggest, for sure. Thanks again!!

Ali: Thanks for the comment, should have been more clear there, I was meaning as far as funding, partnering etc. Of course I am not going to turn down a mentor either, haha!! I am actually trying to use OPM as much as possible, ideally 100%, whether it be through 1 or more sources.

Just a general question, if people actually get together on here on deals? I have a possible lender for up to 90% but would still require some help for the rest and wondered if anyone on this site has been in the same position or worked with a veteran member?

As a Canadian, the search for hard or private money is a hard thing, haha!

Pending me finding my appropriate funding that I am looking for, I am ready to put in my very first offers. They are both for buy and hold and multifamily units in Columbus, Ohio. Would love to hear everyones thoughts:

Property 1:

- 3 - 4 unit buildings (12 total)

- asking price $305,000

- rents are only $450 per unit but it is 100% occupied ( I am assuming the low rents accounts for the full occupancy)

- Taxes - $740/month total

- Insurance - $200/month approx.

- Property Management - $540 (assuming 10% for this, it is currently self managed by the owner)

- Little to no rehab required as a lot has been done in the past couple years by existing owner.

- I will be borrowing for 90% of the cost and my monthly cost on that would be approx. $1,100.

- I will put away 10% for vacancy and 5% for maintenance per month also.

Let me know your thoughts on the numbers and what else I can give here to help people review this.

Property 2:

- 2 - 4 unit buildings (8 total)

- asking price $300,000

- rents are $530 and it is also 100% occupied. These are newer buildings (1986) and have all amenities included.

- The only rehab required seems to be shingles on one and it is not urgent to my knowledge.

- Taxes - $653/month

- Insurance - $125/month

- Property Management - $425

- 10% for vacancy, 5% for maintenance.

I appreciate any and all comments, thanks guys!!

When buying a rental property for buy and hold purposes and being from out of State (in my case out of country), when I find a bank to set up an account with, is it ok or suggested, to use the same account for both your vacancy and maitenance amounts that you put in there each month or should these be kept separate? My only concern would be having fees on 2 separate accounts!?

Would appreciate any and all thoughts.

Thanks guys!!

Hey group,

Looking for some more help as a newbie to the business, looking at purchasing multifamily units soon in the Columbus, Ohio area and trying to get suggestions, experiences with really good property managers as one property I am looking at was self managed thus, need my own new manager there fore sure and the other I would like to have managed as well.

I promote any and all comments, good or bad regarding property managers, I would like to not make the same mistakes others have made with these people and would really like to build a solid relationship with one I can trust!!

Thanks again guys!!

Hi guys,

As you can see, I am from Canada, looking at purchasing some multifamily properties in the Columbus area and looking for suggestions, referrals etc for a good appraiser. It would be for smaller multifamily buildings, a group of 2 or 3 fourplexes.

Any comments or experiences would be appreciated.

Thanks so much!!