All Forum Posts by: Mikael Winkler

@Blake Piedrahita

Hey! Honestly, as long as you can handle the PMI, and are ok with leaving whatever capital you have in the deal in the deal for now, I would wait. Build up that equity and benefit later. Plus, 3.75% is actually still pretty good.

@Victoria Ghafoor

Agree with @Travis Hill. @Remington Lyman is definitely a great resource in the Columbus market. I'd also check out Solutions for Real Estate and RL Property Management for solid PMs that a lot of Columbus investors use. I haven't worked with him as of yet, but Peter Lohmann the owner of RL Property Management, is active in a local investor group I'm a part of.

@Clarissa Artis

No problem at all! Happy to help.

@Nate Arrington

That's great that you and your wife were able to get into your first property that way. Did you or do you plan to do renovations? That is always a way to get into your next one. By doing renovations, you'll be forcing appreciation, along with naturally occurring appreciation through market increases. Once you have enough equity built up, you can refinance and pull cash out to use for your next down payment. Or, you could take out a home equity line of credit. All of that depends on the current numbers of your deal, if/when you do renovations, and how the market is where you are. But, definitely some interesting options to think about!

Hello @Clarissa Artis! Yeah, there certainly is a lot of information out there. It can be overwhelming. I see you mention FHA, are you looking to do a house hack, where you live in it for a period of time? That would allow you the lowest down payment options, as mentioned, through FHA.

Unless you maybe brought in a partner or found a really good owner finance deal, in which, the owner was ok with you putting nothing down, I think it will be hard to locate a deal without putting anything down. For example, on my first deal, I bought a duplex for $70k FHA, so 3.5% down. I think my cash needed to close was like $3100, with all the extra closing costs etc. A partner provided that cash to close amount, so nothing came out of my own pocket. However, it would've if I didn't have the partner.

Aside from a potential really creative owner finance deal, like I mentioned, I think the only actual loan product that allows for nothing down is a VA loan. However, don't let that stop you! If you're willing to get creative, you'll be able to get into a property with aaalmost nothing down haha

@Adrian Adams

it doesn't seem like the market has been affected by COVID as much as maybe everyone initially figured. At least here. Rent collection hasn't been too far off the norm, and there's still a flurry of activity on both the investment and retail sides of local Real Estate.

From everything I've been hearing, if there is a dip, it wouldn't be catastrophic. More of a correction than anything.

I would agree with the above. Building a great team is key anyways, but especially OOS. I would definitely start with David Greene’s book at this point. I’ve personally not invested OOS as of yet, but have heard that mentioned by several of those who have. Once you’ve gone through the book, you’ll probably have a better understanding of how to put together that team. From there, you can then focus on strategy.

I also agree that central Ohio is a great market. Also biased, as I’m born and raised here. But, with a rising population and job growth (with industry diversity), there is a lot of opportunity for cashflow and appreciation through value-add projects.

Good luck, and if you have any questions, you certainly have plenty of people to assist!

@Adrian Adams

Ah, I gotcha. There certainly is plenty of opportunity in Columbus. I'm focusing on value-add single families and small multis in emerging areas. There is ability to capture both cashflow, as well as, appreciation, too. Many of the neighborhoods within a couple miles of downtown find this possible. 

As @Travis Hill mentioned, @Remington Lyman is very knowledgeable in the market. @Zeke Liston is also a great resource. If you have any questions, there's no shortage of assistance! 

Welcome @Adrian Adams! Certainly a lot of opportunity to connect here on BP. Have you been researching specific investing strategies you'd like to pursue? Columbus is a great market, as well. I'm focusing on value-add buy and holds.

@Nicole Sun ah ok! Are you currently focused on PA lending or expanding to other states, as well?