All Forum Posts by: Samantha Robbins

I recently purchased what is being marketed as a 3-multifamily unit. The layout is a residential single-family home that has been subdivided into three units consisting of 2 x two bedrooms and 1 x a one bedroom that is located in the "basement" of the house. It has a separate walk-out entrance, a gas heater, a kitchen and windows and has had a tenant residing in it for 9 years. According to the appraisal however, this is not an apartment but rather just a basement.

My questions are these:

1. If it is zoned as a 2-multi family, can I still LEGALLY rent all 3 bedrooms out?

2. What is the difference between the two zoning codes? And how do do I change them if I want to zone it as a 3-multifamily?

3. Is this something I can challenge? I.e. is this something that only this specific appraiser might think is a 2-family unit where as another person would consider it a 3-family?

Any insight anyone might have would be appreciated (especially on the first question)- I thank you in advance for any of your responses!

Just recently purchased a 3-family unit in Columbus, OH. I am currently in the process of searching for a good homeowners insurance and was wondering if anyone had any advice on who to go with. My car insurance is under nationwide so I was thinking about bundling the two but at this point I'm just looking for a good rate and decent coverage- any suggestions?? Thanks in advance for your help!

I am finishing up classes to get my real estate license and want to start looking for the right broker to jump on board with this fall BUT I'm a little confused about how to do so. I understand the difference between big and small firms and what questions to ask each firm but how do you even go about contacting each one? Do I just call up the brokerages and ask for a sit down? Do they hold open houses so you can meet the team? I obviously want to join the right one and find one that has a cohesive work environment but what is the best way to evaluate this if I don't know anyone working for the company? Help!

I am currently reading the book Building Wealth Buying Foreclosures by John Schaub and on page 42 he includes a case study that I can't seem to follow the numbers on: 

Questions:

1. Why do the homeowners owe $280,000 if the purchase price was $200,000? I understand there is interest on the property but $80,000-worth seems high.

2. Furthermore, on the second page it says, "They have pulled out $80,000 in profit" which I don't understand. Where is the $80,000 in profit coming from? 

Thanks for the help!

I just joined this site because I am interested in breaking into the Columbus house-flipping market and am looking for some information and advice before I do so. Anything people can provide would be appreciated!