All Forum Posts by: John Wright

@Dina Schmid if you are downtown and have a larger property you can do 125k plus a year. There is a property in OTR doing 250k and several others at 200k. Downtown is a good landing spot for wedding parties, corporate groups, families during the holidays, events, etc.

Looking for advice on a creative finance deal in Round Rock. Single family 4bd house in Round Rock that needs foundation work. I am told that foundation problems are common in this part of Austin. Seller would be open to creative financing since house needs foundation work.

Asking 300k

Foundation Repairs- $40k ( could be way less)

ARV- $385 to 400k

@Raza Rizvi I have experimented here in Cincinnati with arbitrage.

Hey Emily,

Are you saying that buyers in Austin are using earnest money of 1%? An agent in Austin just told me that earnest money is not really used anymore.  

Hey Agnes,

I have a good handyman who might work for you. I will send you a dm.

I have a corporate lease that you can look at. I am usually the one on the other side of the table but I think it works much better than any residential lease I have seen.

Paradigm Property Management.  

 I just sold a Southern Orchards duplex I bought in 2019. Househacked it, rented it both as long-term and as a short-term rental (Furnished Finder). 

Bought it for 180k, put 30k into it and just sold it for $425K!!  LFG!

I learned that you can still buy at this price point today although construction costs and complexity have both increased. Getting good long-term tenants was not as easy as I thought it would be. Actual rents were lower then projected.

I grew up in Whitehall so it coming around in the cycle totally makes sense to me. 

Expect the housing inventory to be much older then in Columbus. Most of the investors new to the market are surprised when they see properties that were built in 1890's. 

Traditionally it's been Eastside for appreciation and Westside (West of 75) for cashflow. 

C-class neighborhoods can be very street by street which makes it more difficult for investors. 

These would be my top strategies ranked for the market: 

1. Healthcare focused- Major healthcare operations and healthcare developments  

2. Student rentals- Two major universities within 5 miles of each other

3. Value Add- Plenty of older housing inventory to fix-up

4. BRRRR- Combination of smaller properties with plenty of rental demand

5. Fixed Income- Just like the rest of Ohio, plenty of fixed income residents who need proximity to healthcare, public transportation, and other urban amenities. 

Honorable Mention:

Short Term Rentals- Would be limited to downtown or NKY but all year round demand and limited hotel room inventory

Let me know if you want me to send you a market presentation I recently did for an out of state investment group. 

With any of the Ohio cities you should follow the local convention bureau's lead. The midwest is not a destination/vacation markets but STR's that are focused on capturing corporate travel and convention/event business can do well.

I previously worked at a busy corporate hotel in downtown Cincinnati and was always surprised to see bookings all year round between business travel Monday through Friday and the convention travel on weekends.

P.s. Cincy has Joe BRRRRow