All Forum Posts by: Reece Iovine

Doing a cash out refinance with only 20% equity will be next to impossible. What LTV do you hope to cash out at? 90 LTV? You'll most likely have mortgage insurance up to 80 LTV so I'd just do the HELOC and use that cash to renovate the property and add value if that is an option then cash out when you're sitting at 60 LTV

As you learn your market I believe it becomes very easy to tell the good vs. bad neighborhoods. Like @Steven Foster Wilson said having and experienced and local agent to where you are buying is key especially if you are out of state and can't drive the neighborhood your self. Driving the neighborhood, seeing the amount of construction or lack of construction, are there boarded up homes? What are the rents like in the area, are they low based on the city median? Crime reports? Call the non emergency police line and ask for crime stats or check out any of the many websites. Lots of crime, low rent, low home prices are a good indication.

Now just because an area is C or D grade doesn't necessarily mean its not worth investing in, is it in the path of progress? Are you comfortable managing D class rentals or have a PM company that will manage D class rentals?

Grade will always be somewhat subjective but you need to get boots on the ground and look at many neighborhoods in your market to start to compare to each other and form opinion of grade.

Check the demand and get cost estimates. Will the new rent be worth the cost to turn the garage into an accessory dwelling unit? Can you air bnb for more income? Will the city allow it? Definitely don't convert it with out legal zoning and approved plans/permits. It'll be a nightmare down the road if done illegally. Lot of questions, make sure to do your due diligence first :) Best of luck, sounds like an exciting project if the numbers make sense.

Columbus is the right place to be! Are you looking to house hack your first deal? I bought a duplex as my first deal and lived in one side while renting out the other.

Makes the whole process less intimidating to start in my opinion. Let me know if I can be of any help :)

I'm partial to the neighborhoods east and south of downtown. Merion Village, Hungarian Village, Old Town East, Franklin Park, Southern Orchards, South of Southern Orchards, South of Main, Old Oaks, King Lincoln, Milo Grogan  etc.

These neighborhoods like most of Columbus are appreciating rapidly while also cash flowing well.

Good luck on your search and reach out if you need help!

If you want to be around prostitutes, Franklinton is a good place to move... Franklinton varies drastically based on street, however for the most part I think the area is too high priced for the value and neighborhood grade. But that is due to investors banking on massive 10 year appreciation due to all the development in east franklinton...

@Hobart King South of German village is merion village then south of merion in hungarian village. East of German is southern orchards. I like SO and just south of SO between Whittier and Thurman, the are is not too bad and it quickly gentrifying. You can't drive down a street with out seeing development and yet pricing is still reasonable in that area :) But probably not for long!

I got in Milo Grogan 2 years ago and get texted on that property every week 😂 Great area coming up super fast, but I also love Southern Orchards and just south of SO. The value for your money is pretty high there and neighborhood is not too bad.

I own one campus rental and a few in neighborhoods surrounding downtown. I have seen no impact to my college rental. It leased up very quickly this year with multiple interested groups. However I only own 1 campus rental so small sample size. 

I own B&C rentals and still am receiving a lot of interest on re-leasing. So far so good, but could still see a pull back in the coming quarters...

We see a lot of out of state investors here in Columbus OH. Columbus OH is a strong market with a diverse employment base, population growth, and lots of investment opportunity to achieve cash flow and appreciation, something that is very difficult in more expensive markets. Reach out if you'd like me to share more about Columbus oh with you and potentially add it to your OOS search. Happy to help and good luck!