All Forum Posts by: Brandon Schlichter

$1,000 a month. 

Bought for very little,  can resell for a pretty sizable gain,  hard to turn extra money away, has been a good money maker with low vacancy. 

Curious if anything resulted from this process? 

I'd just be careful in buying in the real cheap places like Linden and Hilltop. Not that you can't make money there, you certainly can, however if you're looking for your first properties I'd recommend something easier to manage. Whitehall seems to be an area where alot of people are seeing good results for their money in Columbus.

As a note, here's my rental list of people who want to rent off my company here in Ohio, been capturing names/phone numbers for about 6 months now and this is how far I've got. 

Columbus is seeing a 2% to 3% YEAR OVER YEAR population growth, the explosion is phenominal.

Ohio from what i can tell actually reversed the decline trend a few years ago, maybe 2010 or 2011 or so. These statistical points are all very rough estimates because the official census is only done every 10 years, so the 'official' growth/decline numbers were actually estimates from the 2000 to 2010 time frame.

I have plenty of other deductions for 2016 and would much rather depreciate over a few years rather than one.

Bought a house mid 2015, did rehab work on it over several months, sold it in 2016 at a total loss of $25k or so.

My question mostly is whether that loss can be depreciated or carried over several years, or has to be taken off only on my 2016 tax return. My goal is to take it off over several years, as with our growing income each year, it would be more beneficial.

I hear that @Kim Younkin @Robert Ellis and David Panzera might be useful for properties in Columbus.

Local credit unions and portfolio lenders, specifically ask for their commercial division.

It isn't easy to find , but there are ones out there. If you're in Central Ohio I could give you some recommendations. But any non-national bank may be a good fit. Some may have you do a line of credit if the house is under $50k though.

My  complaint wasn't the title work (It sucked, but wasn't worse than alot of banks, you also can elect your own local title company to do it, but you're paying 100% of those fees). My complaint was that Chase uses them and Chase screws around with their auctions, almost none are absolute auctions which means that you may be the highest bidder and never get it. In some cases I've seen guys win 10+ auctions on the same house and Chase keeps re-auctioning it in hopes of getting more money.

There's also a lack of inspections, and a $2.5k non refundable deposit that doesn't go towards the purchase price of the home.