All Forum Posts by: Sharon Seiter

Thank you @Jeff Hughey!

Hello everyone,

We are planning to 1031 exchange a property in Columbus into something with better cash flow and a little closer to our new home in Northeast Ohio.  Can anyone recommend a great realtor in the Akron market who has a strong investment mindset and would be responsive enough to help us with the logistics of purchasing several properties within a short time window?

Thanks in advance!

Sharon

Thanks for the feedback guys!  We concluded that it would be possible to join the parcels prior to closing, but ended up putting in an offer on another place.  This particular property ended up selling a few days later for cash, so they won't have to worry about the platting complexity.

Hi Luke!  I'm dealing with a similar issue right now: want to buy a duplex that sits squarely accross two parcels.

So far, my lenders have said that it isn't possible with FHA or a conventional mortgage. The second parcel is viewed as investment property, and requires 20-25% down. However, it would be possible to use a blanket mortgage, with 20% down. I would ask around with different lenders in your area - smaller ones might be more flexible on this, especially with a good portion down.

Hi Devin!

I'm also looking for my first deal in Columbus, and know the property you are referring to.  At first glance, the $1,000 rent ballpark seems right for the neighborhood, with two potential issues:

1. This property backs up to the highway, which could decrease rents and property value.

2. This property appears to be much less updated and "pretty" inside than some of the nearby townhouses that are renting between 900 and 1000 on Craigslist.  I'd be sure to budget something for cosmetic improvements to each unit to maximize rents.

Do you know why the seller is selling the property so quickly after purchasing it?  That's not necessarily a red flag, but always makes me curious if there is an underlying challenge with the property.

In general, I have observed that duplexes in Columbus are selling at 100% of potential monthly rents, so $2000 in total rent would work out to a rough value of $200k.  Of course, this varies depending on taxes, maintenance needed, age of the home, etc., but you are probably in the right ballpark. 

This biggest question is whether this property can meet your personal specifications for a house ahck AND cash flow to your goals once you've accounted for aIl the ongoing expenses, improvements, taxes, etc.  If it matches what you are looking for, go for it! 

Let us know how it turns out!

Sharon

I'm currently looking for my first multifamily property to house-hack, and found an interesting duplex which needs some work.  This particular duplex sits on two separate parcels.  Although it's one building, the two halves of the duplex are platted as single family dwellings, and could theoretically be sold individually.  The county recorder currently has both parcels recorded on a single deed, and they have been owned together for years.

The listing agent alerted me that the two-parcel setup may cause complexity with financing - especially FHA. Does anyone have any experience with financing a duplex on multiple parcels? Will a blanket mortgage with 20-25% down be needed? What are some creative ways to make this work?

Thank you for your insights!

Very useful reference!  Thank you Rob.

Welcome Jacob!  I'm also learning the Columbus market and hoping to begin investing later this year.  What type of properties are you hoping to get into?  Single Family, small multifamily?

@Ed W.'s post is great advice, and the meeting at Tommy's is extremely helpful.  There's a great mix of new and experienced landlords, and plenty of people to answer questions / help newbies get started. 

Good luck as you get started!

Welcome Carlos!  I'm also learning the Columbus market.  There are several helpful groups for learning and networking with other investors, including COREE and a monthly meetup at Tommy's Pizza in Dublin.  Good luck!

I've been wondering about this too in the Columbus area, so I'm curious to hear the replies.  There are 3 duplexes within spitting distance of each other in one of the neighborhoods I'm interested in....