All Forum Posts by: Mitchell Endicott

I'm brand new to the real estate game and probably the least qualified to be saying anything, but these numbers are incredibly low for the Columbus area. I'd expect the properties to be in the worst condition imaginable, if this is a legitimate seller. Not providing the addresses is shady, along with the extremely low prices. I have lived here for 6 years so I do know Columbus real estate somewhat well, and those numbers are crazy low. Again, I'm totally unqualified, but I wouldn't give them a dollar without hearing from someone else on the forum, or reaching out to a Columbus investor on Instagram like Tommy Harr. Austin Rutherford, Whiteslipflips, Tyler Bossetti. Highly recommend Tommy. Proceed with caution and best of luck!

Here is the whole description, for more context:

This home is waiting to be restored back to its original wonderful self. Large rooms with beautiful woodwork, crying for attention throughout. Has 2 car garage, barn, nice pond and sitting on 4 beautiful acres with fruit trees, grape vines and surrounded by beautiful trees and pines. Home is being sold as is. No septic inspection permitted

A house that i see for sale in my target market says "no septic inspection permitted" in the description. Does this seem shady? Why would someone not allow this if there wasn't a problem? I'm confused, anything helps!

Quote from @Jonathan Feliciano:

@Noah Laker

What is “hosting”? I’ve been seeing this word pop up more frequently on topics related to real estate.

Hosting is referring to being the owner and operator of a short term rental, like Airbnb. The owner of the rental can be the host or they can outsource someone else to host for a fee or percentage of the income.

Anywhere near childrens is going to be a rather rough area, as I'm sure you know since you already own this unit.. That being said, this could be a gold mine for travel nurses. Not yet an investor myself, but I know the area well.  Schumacher place is juuust far enough out from German Village to consider it a prime location for GV travelers. I would go for it but put travel nurses in all caps in the title and maybe even reach out to travel nurse agencies to advertise.  Since agencies typically pay for housing, the specific traveler likely won't care about over paying. Just make the unit really secure since it is in such a tough area.  Travelers usually sign for about 13 weeks so you're not locked in to a lease like you would with a tennant, and you've furnished the unit so you can charge even more. If after the 13 weeks, you aren't feeling the traveler vibe or str at all, it won't be too much pressure to go back to long term rental.  As far as specific monthly revenue and avg daily rent I can't answer but I hope this info helped.

Quote from @Noah Laker:

Quote from @Mitchell Endicott:

What would you say to someone wanting to start an STR in this market? It seems extremely saturated but somehow a lot of people are still cashflowing like crazy?

 Hmm... See if you can get a good deal with all the panic, and know your market. It is not too late to get into rental real estate, and short term rentals are still very lucrative, but it's more important than ever to stand out. For example, we have some starters themed units. They do pretty well in terms of occupancy despite market turbulence. 

 Was planning on doing a themed one! Not sure if these will still be relevant in the next 10 years but it seems like if you've got an interesting theme and an Instagram page highlighting what you have to offer it will likely go well.

What would you say to someone wanting to start an STR in this market? It seems extremely saturated but somehow a lot of people are still cashflowing like crazy?

We always see those RE influencers talking about using OPM (other people's money) to finance their properties when using the BRRRR method. But how would you even go about talking to someone about this? How do you find and ask people if they are wanting to invest with you without looking like you're begging for money? I'm sure there's a certain script you could follow, but you'd just come off as a salesman. I'm wondering how I could possibly make a connection with a private money lender without looking like some young guy after their money, especially if it is going to be my very first deal. I live in a wealthy area of Columbus and feel like I could be surrounded by potential private money, but have no idea how I could go about trying to raise it without looking like a desperate salesman trying to dig into their pockets.