All Forum Posts by: Michael Liggett

It's in the near east side of Columbus in the King-Lincoln/Bronzeville neighborhood; rents are $895/mo

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $200,000
Cash invested: $82,000

4-unit brick building. Each unit is 1/1 with two units on the ground level, and two units on the second story. Located on a small lot in a quickly appreciating neighborhood.

What made you interested in investing in this type of deal?

Great multi-unit property in an area experiencing rapid appreciation. With the goal of being a fix & hold, being 4-units opened up the opportunity to refinance post-renovation into a DSCR mortgage. The property itself is close to highway access, hospitals, and public transportation.

How did you find this deal and how did you negotiate it?

This property was an off-market deal that came through my sphere of influence. I did a general assessment of the property and negotiated with the sellers to land on an agreeable sale price.

How did you finance this deal?

This initial purchase was done via a hard money loan with a construction escrow. Following the completion of renovation and renting all the units, the property was refinanced into a long-term DSCR mortgage.

How did you add value to the deal?

Each unit received a full cosmetic update - new floors, cabinets, vanities, lighting, etc. Improvements to some mechanicals were also made.

What was the outcome?

While not a "perfect" BRRRR we were able achieve a solid refinance with a tolerable amount of money left in the deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I served as my own agent and have extensive experience in the multi-family sales space.

Hey @Jimmy Lieu signed up last night. Looking forward to it! See ya on 3/27

Hey @Mike Fingleton my process has been taking it slow at first, but I am looking to get more aggressive through this year.

Hi @Samuel Diouf! I most definitely do! I regularly attend COIN, and also Tommy Harr's events. Would love to know of others that happen.

Thanks all!

@Austin Steed: on mid-term: general chatter from talking with agents/brokers involved in that space...when I bought my first MF property end of last year, several reached out inquiring my plans for it and if I'd be doing mid-term.

Thank you, John!

Hi all! My name is Michael Liggett. I am an agent + investor based in Columbus, Ohio.

Real estate has been a part of my life since birth. My grandfather, along with his twin brother, were home builders who transitioned into building and managing a significant multi-family portfolio, which remains family managed to this day.

With my personal family background, as an agent I have largely engaged in the multifamily space working with legacy owners in the sale of their properties - from 6 unit, single building properties to 19+ unit, multi-building properties. Working in this space has provided me with keen insight into the special dynamics of legacy owners, including the exit paths that are most attractive to them.

If you are looking to sell or buy in the Central Ohio market, I’d love to put my skills, knowledge, and experience to work for you.

On top of being an agent, I am also an investor, as I believe in not only talking the talk but walking the walk. I am primarily focused on value-add/BRRRR properties. From my experience as an investor, I have first hand knowledge in developing scope of work, project management, contractor relations, and property management.

As an investor, I am looking to continue to scale my portfolio in both multifamily and single family. Additionally, I am seeking to break into flipping. In both investing endeavors, I am open to partnerships/joint ventures.

On top of buy & hold properties, I am also looking to step into the flipping space, as well as expand my knowledge on mid-term rentals (which is lacking in our Central Ohio market).