All Forum Posts by: Patrick Drury

@Isaac Gwin 

Yes, young people like you have a chance. I'm 19 years old and bought my first rental this past year in Columbus OH by myself my parents are not on the loan and quite frankly didn't help me at ALL. Anyway, doesn't matter what some people think the markets going to do or not do. It also might not make sense for you to invest where you live in some cases and you might want to consider looking to invest out of state. Columbus OH is a perfect example of that lots of people have been moving towards investing out-of-state in Columbus because of the population growth and job opportunities.

@Cheza M. 

Definitely hard to say rates change every day and week as mentioned above, but I think you might be able to do a little better. Columbus is definitely a great place to be looking to invest out of state with the population growth and job opportunities here. I just bought a SFH here in Columbus at the beginning of this year with a great loan product 15% down 30 year fixed 0 points at 3.75% interest. That was 6 months ago, and it was me something that works for one person might not work for another.

@Jessica Piff 

If you need help with OOS investing, you should reach out to @Remington Lyman he's a really good agent that works with lots of OOS investors and in the best markets in Ohio, which are Cleveland and Columbus. 

@Corey Frank 

Cleveland is a good market to get into because it's an undeveloped version of Columbus that kinda sucks now but will eventually be worth it. No matter what Columbus still takes the cake when talking about Ohio no way around it the population growth, job opportunities and, and rise in prices are astronomical in Columbus compared to Cleveland.

@Will Gebbie 

It definitely comes down to where you live and your income. Especially where you live in NYC prices are very high, also depending on your income it might take you a while to save money for a single deal that might not even give you the best returns compared to OOS investing where you could buy something in Columbus for example and cash flow at the 1% Rule. Out of all the markets to out-of-state invest I recommend you check out Columbus. My friend @Kyle Tom actually did exactly what I am talking about the first rental property he bought was out-of-state and he used to live in San Francisco California an expensive real estate market just like NYC and the prices there made no sense. So he invested in Columbus and now owns 11 units all in the last year. Feel free to reach out to him and ask about his experience.  

@Rachel Brandt 

You could just rinse and repeat what you have already done. Just wait till you refinance out of a WHEDA loan and do another one or some variation of an FHA low money down like 3/3.5%, but you have to live in it for a year, etc. With that method, you would have a duplex that you can rent both sides out cash flow and you put little money down and you would be living basically rent-free in the new duplex that in a year will be able to cash flow. I think that's probably the best method for the low money down approach.

@ Michael Grigorashenko

Hi Michael, the most important thing no one mentioned is consistency follow-up. You're probably not going to get the deal on the first call, let alone if you only call 1 property, you're definitely not going to get a deal. It's a numbers game, plain and simple. 

Definitely keep shopping around for a lender they should allow it. If you ask enough lenders bound to find one. If it comes down to no one will let the seller pay the down payment for some odd reason, the only option at that point would be to have him send it to you directly and then you pay the bank just tell them a family member donated it to you if they ask. It's definitely a gray area because you could just walk away with it from his perspective, and you can't put it in the purchase contract because the bank would see that. That's all I can think of. Good Luck.

@Kelly McClellan

Really sad to hear you had such a bad experience with out-of state investing in Ohio in general regardless of where you were planning to invest. If you ever change your mind on investing in Ohio let me know I would be more than happy to help and I can guarantee that will not happen again =)

@Akshay Johar 

There's some opportunity there just like some people see section 8 is an opportunity that can be a headache (when not done properly to add) even though your cash flowing like a tsunami very similar to Cleveland especially if you're an out-of-state investor. I definitely recommend you check the area out in person then look at other parts of Ohio like Columbus or Cincy there are better parts of Ohio.