All Forum Posts by: Ryan Bodenhorn

I recently updated all of the outlets and switches in a rental property, which I have done several times before, and everything works fine except one of my switched outlets is now always hot on both top and bottom even when the switch is flipped off. Do you have any recommendations?

I am rehabbing a small 3 bed 1 bath home in Columbus, Ohio. I have ordered pre-assembled white shaker kitchen cabinets for a simple L-shaped kitchen with a total of 9 cabinets and crown molding on the uppers. The quote I have received just for installation is $1,500 ($167) per box. That seems incredibly expensive to me. What is a normal rate for installation of kitchen cabinets? Any recommendations on who I can contact in the Columbus market for a better price?

Can anybody recommend a good general contractor in the Columbus, Ohio market?

I came across an app a couple day ago called Plowz and Mowz (I have no relationship with this company, this is an unbiased opinion), and decided to give it a try.  Here is my review. It is an Uber type mowing and snow plowing service - I only have experience with the mowing service so far. I needed the yard mowed at one of my rental properties while it is being rehabbed, so I signed up, put in basic information about my yard and received a quote immediately. It was a cheaper quote than I received anywhere else so I proceeded. I even had a coupon code (H5E8Q5) which gets you $10 off your first service - you can use this code when you sign up too, it never expires. Then a qualified landscaper is able to select my job for the day I selected, and once they are finished they send me a picture of the completed yard before my credit card is charged. They did an excellent job on the yard and I will definetly use the service again. Will try the snow plowing service this winter too as I am in Ohio where we typically get a lot of snow. Check it out and let me know what you think. Thanks.

@Jeremy Adkins - Any updates on this property?  I am also a newer real estate investor from Galena, about 10 minutes north of Westerville.  I just purchased my first single family rental property a couple months ago, and am very interested in multifamily investing as well.  

Is this complex located near campus (near enough where students would rent the units)?  You say the owner has several properties for sale - why did you choose this one to pursue vs. his other properties?  I would love to help you run some numbers on this deal to see if it makes sense.  The seller says he wants $2,300/month for the loan payment - what are the other terms (years, interest rate, can you pay off early without penalty, etc.)?  What is the current condition of the units - what is your estimate of what you would need to put into them in order to get them up to date?  Are there still only 5 of the 13 units occupied?  What is your plan to fill the remaining units with quality tenants?

Feel free to reach out with any questions.

@Jay Sey Thanks - I have not yet drafted my lease agreement, but that is very high on my list.  Do you have any recommendations as to where I can get a good template from?

@Dmitriy Fomichenko Thanks - I am hoping to not have to tackle the AC unit during the initial renovation process purely due to the cost.  But I have my inspection scheduled for Thursday and will further asses the current condition of the unit at that time.

@Michael Rodriguez It is on the east side of town, outside of the outerbelt. I found it on the MLS. I believe I have a solid renovation plan in place, but I have added a couple extra weeks and 15% overage to my budget for extra cushion.

@David Panzera Thanks - I am really looking forward to my first investment.  Hopefully it is the first of many here in the Columbus area!

@Jason Birney I am working though Brian Flaherty at Ohio Capital Mortgage - he has been outstanding to work with so far and is willing to take on mortgages less than $50k with 20% down.  I would highly recommend him.

I am fairly new to BP and this is my first forum post - I have been watching podcasts and reading a lot in the forums. I have been a CPA for the past 9 years and am new to real estate investing. I just got into contract on my first buy and hold rental property located in the Columbus, Ohio area, expected to close by the end of May. The purchase price is $54k, with the seller paying $2k of my closing costs and buying me a 1 year home warranty ($450). The reason i opted for the warranty is mostly due to the age of the AC unit - I expect it to need to be replaced within the next year and was hoping to not have to replace it immediately. ARV is approximately $70k.

The home is approximately 900 square feet, 3 bed, 1.5 bath, with a full unfinished basement.  Built in 1970 and located near both an elementary and middle school.  The property does not have a garage, but I will most likely add an 8' x 12' shed in the back yard for storage.  Based on similar rental properties in the area I should have no problem getting $895/month in rent.  I will be using a 30 fixed rate mortgage and putting 20% down.

After I close, I will be doing the following renovations: Refinish/stain the original hardwood floors which appear to be in pretty good shape; new interior trim; renovate full bath (tile floors, tile shower surround, new toilet, new vanity, towel racks, etc); paint interior; new interior light fixtures; minor landscaping; new interior doors; new closet shelving.  Expected renovation budget is approximately $6,000 - $6,500.  I will do some of the work myself and contract the rest out.  The renovations are expected to take about 30 days.

I will be self managing the property.  After factoring in vacancy loss (8%), cap-ex reserves (10%), and repair reserves (10%) I expect to cash flow about $200/month.

I will post images after I close.  Looking forward to your feedback.