All Forum Posts by: Simon Ashbaugh

Hey Etienne, welcome to BP! I agree with Samuel, your Core 4 is crucial for success in your real estate journey. Given the challenging market conditions you mentioned, it's wise to stay vigilant in analyzing potential deals. Opportunities can surface, and understanding the associated risks is key.

Exploring diverse financing options including creative strategies suitable for a high-interest environment is a smart move. FHA loans can still work, I recommend consulting a local lender to discuss your specific financial situation and explore the best options available to you.

Considering your hesitation about buying out of state for your first property, focusing on local opportunities like foreclosures might be a good strategy. Just ensure thorough research to navigate potential risks. Hope this helps!

1 Vote

New York City, New York

Hi Zach, welcome to BP! You've landed in the perfect spot to kickstart your real estate journey. I recommend you start by tuning in to the BiggerPockets podcast. Expand your network and explore social media events.

Make sure to connect with local lenders and brokers too, they're always beneficial to have in achieving your real estate goals. Hope this helps!

0 Votes

Minneapolis, Minnesota

Quote from @Michael Nesteruk:

I am both excited and nervous to be exploring real estate investing in Central Ohio and beyond.

Hey @Michael Nesteruk, welcome to BP! Columbus is a standout choice. The city has been experiencing impressive property appreciation surpassing the national average. Plus, Ohio's landlord-friendly reputation really boosts its overall appeal. It's an enticing spot for anyone wanting to make strategic moves in the real estate game.

1 Vote

Columbus, Ohio

I think there are far too many generalizations here. For instance: north linden is classified as D+ yet there are plenty of homes along Cooke that have sold for 400k-500k. in addition, here are the number of single family home sales over 200k in north linden vs east cleveland (true D class)

that lone property is double the sqft of any linden house and on a ravine.

1 Vote

Columbus, Ohio

Quote from @Trevor Ray:

Hi, all great people. I just came across BiggerPockets and it's full of great content and resources. I recently bought a duplex in Cleveland and am looking for a property manager.

I can send you a list of cleveland pms!

0 Votes

Cleveland, Ohio

Quote from @AJ Aviles:

@Simon Ashbaugh - I am leaning more towards this route because I can take the risk while I am young and will have minimal living expenses since I live at home with family. Thanks for the encouragement!

Absolutely!

0 Votes

Miami, Florida

Quote from @AJ Aviles:

Hi BP Community. For those who have ever been in the situation on booting a month-to-month tenant to remodel unit and rent for more cash, this question/situation is for you :)

I currently have a side studio to my single-family home that is being rented out for $700. The tenant has been there for 5+ years and has never been an issue and always pays on time via Zelle. She was the previous owners friend. And if I bump rent +$150, I do not think she will go anywhere and accept to stay because of convenience to her mom and work.

Due to my 2-1 buy down, on April 2024, my mortgage will be going from $2,546 to $2,803 and then to $3,071.25 in April of 2025. That amount includes Principal, Interest, Property Taxes, Home Insurance, and PMI. I currently cashflow, $50 on the full property (3bed-1bath + separate entrance studio) with the $2,546 mortgage payment but will not be able to once April 2024 comes up.

So if I were to put ~$12K worth of renovations to the studio (new kitchen counter tops, cabinets, furniture, paint) and based on my research, I should be able to rent the place to a mid-term renter for $1,000-$1,300 per month (+$300-$600 more than what it is now).

So based on my situation, these are the current option I am thinking of:

a) Lowest Level of Effort: Bump my tenant's rent by $150 with no renovations or value adds to the unit. This will leave me at negative ($107) cashflow per month.

b) High Level of Effort + Vacancy Risk: Perform the remodel (I already have a trusted contractor) and find a mid-term renter which is very obtainable given the B+ location of this property in Florida.

Which route would you take and why?

Thanks,

Personally id say take the risk and renno. Worst comes to worst you'll be able to bring top dollar if you decide to sell!

1 Vote

Miami, Florida

I love the cleveland market! the price to rent ratios are really good, and theres decent inventory. Let me know if you need some pm or contractor referrals!

2 Votes

Cleveland, Ohio

Sent you a dm

0 Votes

Are you cash? if not what contingencies do you have in the contract?

1 Vote

All Forum Posts by: Simon Ashbaugh

Simon Ashbaugh has started 0 posts and replied 838 times.

Post: Where do I start?

Post: The beginnings of multifamily investing!

Post: Starting to get involved in Columbus!

Post: Grading Neighborhoods in Columbus, OH Neighborhood

Post: New Investor Intro

Post: Boot Month-to-Month Tenant

Post: Boot Month-to-Month Tenant

Post: New to investing

Post: Should I pull out of this deal and lose escrow money?

Post: Should I pull out of this deal and lose escrow money?