All Forum Posts by: Myrna Gourgy

Hey @Adam Yonan I think it is great that you are seeking cash flow opportunities in Ohio. The word for Ohio in 2023 is going to be 'affordability'. A great market to consider in my opinion is going to be Columbus, OH and surrounded neighborhoods in the metro. I can sit here and list the endless development that have been approved all around the city such as the following: the fashion district, the 140M N high street development in Worthington, and so much more. A big player is the Intel plant coming to central Ohio. My point in mentioning the endless developments coming to town leads to the obvious growth the city is going to be expecting over the next few years. Adding long term and short term rentals in the near future could give you a great advantage in the next coming years with ROI.

@Elijah Robinson If you are getting started, the question is are you looking for rentals or flips? Columbus, OH is actually a great market to start in given the affordability right now in and around the city. Based on Columbus Dispatch, they mention the number of developments across central Ohio which indicates growth to come to our city. Also with the expected population growth over the next 10 years they are expecting a housing shortage given that income isn't increasing as quickly as home price which will make buy and holds in the city more lucrative. A great way to get started based on your purchase price of course is considering a house hack. House hacking is when you purchase a duplex for example live in one side while you are renting the other unit.  

Hey, @Albert Torosyan Is this your first time investing out of state? If so, congrats on looking to venture out of CA. It is actually pretty common for out-of-state investors to be intrigued by the Ohio housing market given the low costs compared to other markets. I was recently just looking into the data (kinda a numbers nerd) comparing Columbus, OH, and Cincinnati, OH so hopefully this helps. These are estimates from the realtor statistics in each given market and the trends and data they provide for realtors comparing July 2020 to July 2021 (August data has not been released yet). When it comes to median home prices both markets are increasing at the same percentage (Columbus at 12.8% and Cincinnati at 12.5%) so the rate of appreciation is looking to be similar at this point in time. 

On the other hand, the average number of days on market in Cincinnati is 3 days (25% decrease) and Columbus is 11 days (56% decrease). Lastly, I hate to beat a dead horse, we keep hearing "inventory is decreasing" which is true in most cases, but things seem to be cooling a bit. When it comes to inventory in Cincinnati it has decreased by 13.5% while Columbus has increased about 5% compared to July 2020.  Overall, and this is just my opinion, that Cincinnati is probably going to be a more competitive market given 3 days on the market and inventory down 13.5%. So you may have to offer more and margins may be a bit tighter. On the other hand, Columbus does have low days on the market with an increasing inventory. In my opinion, the competition may be lighter and would give you the ability to still negotiate and have more margins for profit. The market changes monthly and we see trends change regularly and this may be a completely different story two months from now. I hope that was helpful. 

Hey David! You mentioned Memphis, Knoxville, and Chattanooga. You are missing The Music City...Good ole Nashville, TN. Nashville is a very hot market. I work with a team here and we are averaging 3-6 deals a week most of which are off market. Though Nashville is a hot market the market is currently moving at 75-77% of the after repair value. You have very low days on market with Nashville's rapid growth. 

An article in the Tennessean talks about the rankings and trends in Nashville. The emerging Trend in Real Estate Report is based on interviews and survey responses from more than 1,600 real estate experts. Nashville has also been ranked among the Nation's top ten real estate markets for 3 straight years. In Nashville, houses still remain affordable when compared to the nation based on the Trends in Real Estate. Another thing to consider is Nashville rapid growth. On a net basis, 20,000 people are expected to move to Nashville over the next 5 years. I assure you that is a very positive trend to consider when making your investment.

Nashville is a growing very quickly, and right now is a great time to invest here. I'll be honest with you these properties are older, but if you are willing purchase and putting in money for renovations the returns look nice on both single family and multi-unit properties. If you have another questions don't hesitate to ask. 

Hey Ryan! Awesome that you are interested in the Nashville area; it's a hot market to be in. One piece of advice that I found the most helpful is going to networking events. Being willing to learn from people and meeting with people to learn from those who are experienced in the real estate market have been the most beneficial making my career in investing sky rocket . 

One thing that you should make sure you have lined up is financing, financing, financing. Reaching out to hard money lenders & private lenders to see where you stand in regards to their criteria. 

@Teresa Mui The areas you have named in Nashville are great areas to invest in. East Nashville is at a plateau right now. East Nashville is a great area to live in. It is close to downtown, and has become an artsy neighborhood. As far as gun shot in that area it is extremely rare because of what it has become. I wouldn't be concerned about east Nashville as much as being concerned for North Nashville. North Nashville is an up and coming area and gentrifying very quickly. 

As far as flooding West Nashville is usually in a flood zone because of the flood that occurred in 2010. They did rezoning for flood zones last week, and a lot for homes throughout Nashville area have increased the flood insurance significantly. So that is something to be cautious of if you plan on living in those areas. If you are looking to do flips they have insurance options that are much cheaper during the rehabbing process, but doesn't seem that is the case. Here is a link to an interactive map. 

http://maps.nashville.gov/FEMAViewer/

Welcome to Nashville in advance! I do investing here in Nashville I'm currently averaging about 20 deals a month. Let me know if you would like to link up and get some advice to help you out.

Happy Investing :)

Welcome to Nashville :) I just private messaged you. Hope to hear from you.

@Moshe Maeir I was speaking in regards to just the purchase price not margins. Nashville's market had gotten tighter yes, but the average I'm getting right now is 75-77% of the ARV, but very low days on market so they are flipping very quickly. Hope that clarifies my stance. Where are you purchasing at 70% of the ARV?

@Moshe Maeir I've had homes in East Nashville under 160K, north nashville for 85K, and even Antioch for 115K. Where are you guys getting your deals from, that may be a reason why your margins are tighter?