All Forum Posts by: Richelle T.

Hmm this is a great question. I struggle with gentrifying neighborhoods also. My problem is that the new owner has to deal with the reality of the neighborhood the way it is. The seller wants to sell based on speculation. Gentrification in my opinion, is only profitable AFTER it has happened. Anything before is pure gambling. Some of these neighborhoods have been dubbed as the "next big area" for the last 20 years! Yeah... I'm not in the market to spend the equivalent of an investing career to be on the cusp of what really is nothing tangible.

@Jeffrey Lester 

I bought my first property in college. My advice would be, if you can manage to have a job and study, then get a job. You will need at least 1 year of income to qualify for a mortgage. Since you will only have a high school diploma, you will likely qualify as low income. Most cities have first time homebuyer down payment assistance programs for low income persons. If you were to use the down payment assistance to purchase a homepath property you would be doing amazingly well. You would have the city helping you with the down payment (normally either a forgivable loan, 0% interest loan or grant- the amount and terms vary from city to city) and you would be able to purchase a property before investor competition. All in all you would have beat out investors with little to no money out of pocket.

I did this and basically did what @Blake C. did and got a roommate to cover the monthly expenses. It was a great way to start. Be careful to make sure you can meet the residency requirements the owner-occupant and down payment assistance programs require and you'll be off to a great start!

Congrats on your first buy and hold @Jaclyn B. ! What part of the city did you choose? I'm partial to north Austin :-)

Hi Barbara Riley I'm with you. I'm following up on one that got no bids at the June tax sale. The trustee is coming up with a price and will get back with me. It's one those free and clear properties but it had almost $30k in back taxes. The house is in great condition though. I was listening to a wholesaling podcast and the guy hires a private investigator to find owners. We might have to do that. I think it was around podcast #42 or so

This is an awesome thread, following!

Tracking this thread. I'm having a time getting that relationship to work

@Jeremy Davis 

It seems so!

Erick Rivers there are a lot of wholesalers in columbus. I'm. It sure if that's a good thing or a bad thing. They are literally everywhere. That being said, I haven't come in contact with a lot of good ones. I feel that most if them target but and hold investors (like me). Honestly, there are plenty if rentals that are available on the mls and some of them have better numbers than the wholesale deals. In my opinion, columbus is really depressed so a flip would only be profitable out in the suburbs. The location you go after depends on what you're targeting.

Hi Benjamin DeLeon I recently finished grad school and had the same dilemma. I was in Austin, Tx. So it has fantastic weather, lots of tech industry (I'm an engineer) BUT expensive housing. I absolutely factored in the cost of living and the cost of real estate in my decision to come to Columbus. I find that the Midwest salaries are comparable to the east coast and higher from a cost of living standpoint. I have been here almost 6 months and I have been able to identify my target areas. I can buy houses in excellent neighborhoods for less than the suburban condo I bought in grad school. Columbus to me offers the best combination of cost of living, property values and vibrant social scene. The cities of Austin and Columbus have similar demographics.

@Barbara Riley 

These are good suggestions for what we were discussing :-)