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All Forum Posts by: Carlo Santarelli

Carlo Santarelli has started 2 posts and replied 15 times.

Post: Should I do this deal? This will be my first purchase!

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

@Mark Fries Wow that's fantastic! Ok thank you!!!!

Post: Should I do this deal? This will be my first purchase!

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

@Brian Fisher thanks for the tip. I was thinking the deal was just "okay". The difference would be about $550 leftover each month for repairs, savings/profits. Do you think that's too close?

Post: Should I do this deal? This will be my first purchase!

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

I am in the Columbus Ohio area looking at a duplex. It is currently renting for $700 per month each side. There are tenants occupying both sides. One has 11 more months and the other has about 7 more months on their leases. I have met them both an they both seem content. The purchase price will be 125k. I will be financing the deal at 15% down over 25 years at 6.25%. The property could probably use about 10k of improvements but wouldn't be necessary right away (the current tenants expressed happiness). Do you have any thoughts? Is it a good deal?

Thank you,

Carlo

Post: Looking for a property manager in Columbus, Ohio

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

I was just looking at this thread... I am in the market for a good propert management company, too.  Are you still happy with RL Property Management Group @Kevin Felger? Does anyone have any other suggestions or companies to stay away from?

Post: New in Columbus

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

Hey All,

I am looking to establish relationships in the Columbus area as well. I live on the Southeast side of town (Pickerington) and I am a beginner to real-estate investing. I am definitely interested in any local meet up's and beginning the process to expand my investor network. Please feel free to contact me if you would like to know more!

~Carlo

You guys are awesome! I seriously would have thought it was a good deal if it wasn't for BiggerPockets. I will move on to the next opportunity.

@Kathy C. Most of the homes in that area are selling around 75k-80k. I am also too conservative to bet on house appreciation, even though it is a nice area.

Post: Screening Tenants

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

@Mike H.  That is a great idea! I would not have though if that. 

Thanks for the suggestion

Carlo

A little update on the $74k house...

I spoke to the owner today and this particular house has been in the family since 1900. I must say it looks really nice from the outside. Their mother began renting it out in 1957 and it has only had 9 tenants since 1957.

Most of the major mechanicals/expensive items have been updated such as:

     New Roof 7 years ago

     New Hot Water tank

     New Plumbing this year

     Foundation Repairs last year

     New Air Conditioner Condensing Unit today

I also asked him his bottom line and I think that I will be able to get him down to $65k.

Does this change anyone's answer?

@James Wise  and @Jared Rogers  I agree with you guys 100% about paying 74k to get $650 but do you think the fact this place has a quote "awesome" tenant that pays on time would change your answer? Also, I learned the tenants mother lives next door so I really don't think she will be moving anytime soon. And, the current owner already has established handy men and other contractors. Do you think that is worth something for a newbie or am I placing too much value on that stuff? Ugh! this first buy is SO STRESSFUL!

@Amanda Sutherlin Thank you for your input as well. I take everyone's input into account and since this could be my first deal I don't want to mess it up! I will definitely try to talk him down to 65k!

Here is a pic...

Would you do this deal?

Two Storey Single Family Home in a quiet neighborhood
Square Footage: 1244 sq/ft
2 Bedroom
1 Bath
Detached Garage
New Roof
New Central Air
No major repairs needed

Lancaster, Ohio 43130
ARV: $74,000
Asking Price: $74,000
Property Taxes: $1929/yr
Repairs: $0
Rent: Currently renting at $650 /Month... There is already a tenant and they pay all utilities, too.

I guess it was in the family for 57 years, the mother just passed away, and the two childeren want to unload all of the rentals. Also, what kind of offer price should I make?

Thank you so much,
Carlo Santarelli

Post: Screening Tenants

Carlo SantarelliPosted
  • Engineer
  • Pickerington, OH
  • Posts 17
  • Votes 3

@Nick B. I would like to have that, too. I am not familar with the laws in Columbus, Ohio but I think it seems like a good idea.

No offence to you lawyers out there!

@Anne A.
Thank you for the encouragement and good luck being a new landlord! I am still working on my first deal. TOTALLY guilty of the analysis paralysis!!

Thanks,
Carlo