All Forum Posts by: Justin Gottuso

@Mark Seery

I’m from Los Angeles and moved our family to Columbus Ohio in 2020. Sold our house in LA and netted $250k. Paid cash for a few rentals and now make over $3k net income per month. You’re starting out with 2.5x that. If I had $600k cash I’d get the largest value add multi family property I could safely afford.

For instance, this came my way a couple months ago in Columbus:

$700,000 down payment for this 60 unit property in Columbus that grossed $430,000 income last year, $250,000 net operating income before the mortgage and $110,000 profit/$9,200 per month after paying the mortgage and all other expenses - but rents are below market rate and projected to increase from $110,000 to $190,000/$16,000 per month after increases over a few year period.

OR I would invest in amazing smaller BRRRR properties that I could quickly rehab and refinance, get all or almost of my money back and go buy another and another…

There a LOT of opportunities for great cash flow in the Midwest!

Can I start a non-profit organization and have the income for my salary as the president/founder come from our rental properties (we have three properties with $3,000 net income per month) as well as from future properties we may acquire or flip? (it would be a real-estate focused non profit helping educate missionaries, pastors, churches and other non-profit or religious groups about real estate investing/financial literacy). Thank you! 

I need a CPA in Ohio who specializes in real estate!! Any recommendations?? Thank you!!

@Stephanie P.

Thank you!

@Michael Kinsella thank you!

@Jason Wray thank you!

@Curt Davis thank you!

@Dorian Weber

Ohio. The best deals are gotten with cash offers of course so keep saving! But there are deals out here. $25k to $50k per door/unit. Ten of my thirteen units are under $35k per door (a 7 unit for $130k, 3 unit for $95k). Gotta look and build relationships with local realtors and wholesalers. Look at cities outside the major ones.

@Krystal Marquez smart. We also did the lowest for our primary residence/5% and lid off the PMI up front and used the $70k we saved to buy more rental properties LOL :-)

If you have $100k that can get you a triplex that grosses around $1,800 per month out here (I’m in Ohio). If you want the best deal and best opportunity to get the property you want pay all cash then finance after 6 months. You could also ‘be the bank’ and loan your money to other investors and get the cash flowing without the responsibility and liability of ownership.

@Matt Devincenzo

Ok that makes sense. So multi family properties can add two ADU's. Single family two only if owner one is affordable in SD. Thank you!

Makes sense as a strategy if you hold the property for a while. But due to appraisers not considering the rental income that's possible doesn't make sense to make an ADU and then sell the property. Not a huge ROI.