All Forum Posts by: Steven J. Umaña

How's this for a real estate investor/landlord story. I currently own a duplex with units that are side by side with driveways that slope down into the first level garage/basement. The duplex is at the end of a"T" intersection. A few weeks ago, I get a call from one of my tenants that a car has RAN INTO THE DUPLEX. Now, I've heard some pretty funny "tenant diagnoses" of maintenance issues with the property over the years, but I was pretty sure that my tenant couldn't have been misdiagnosing this one.

Apparently, someone decided to have 1 to 75 too many drinks and drove a Buick Enclave right through the garage door, through the garage, through the garage wall and into the basement. I don't know how they managed to go directly into the garage of just one of the units and not hit the other car in the driveway. It also appears from the picture that they didn't miss the fusebox by much. Even luckier, the tenants who live in this unit were on a spur of the moment vacation and didn't have their car in the driveway. There were no injuries (including the driver, amazingly?) which is the best news of all. Well, unless you count the huge headache that this has caused...

How's this for a real estate investor/landlord story. I currently own a duplex with units that are side by side with driveways that slope down into the first level garage/basement. The duplex is at the end of a"T" intersection. A few weeks ago, I get a call from one of my tenants that a car has RAN INTO THE DUPLEX. Now, I've heard some pretty funny "tenant diagnoses" of maintenance issues with the property over the years, but I was pretty sure that my tenant couldn't have been misdiagnosing this one. 

Apparently, someone decided to have 1 to 75 too many drinks and drove a Buick Enclave right through the garage door, through the garage, through the garage wall and into the basement. I don't know how they managed to go directly into the garage of just one of the units and not hit the other car in the driveway. It also appears from the picture that they didn't miss the fusebox by much. Even luckier, the tenants who live in this unit were on a spur of the moment vacation and didn't have their car in the driveway. There were no injuries (including the driver, amazingly?) which is the best news of all. Well, unless you count the huge headache that this has caused...

Hey Marty - Welcome to CBUS. I'd be happy to chat about my experience if you'd like to direct message me. Happy Investing!

Steve

@Steve Baldwin I believe so. I think there still is significant opportunity in some of these mid-priced subdivisions inside the 270 belt with Columbus taxes and good school districts.  There seems to be "diamond in the rough" duplexes in these neighborhoods, which is really what I want. My duplex in Strawberry Farms is doing great.  Thanks for the tip about New Albany - I haven't been considering that area. Happy investing. 

As it relates to purchase price, ideally something close to the old "rule":  Purchase Price = Gross Monthly Rents x 100. I really like the duplex I bought in 2016 as it cash flows great with the renovations since each side is basically a single family home. I'm doubtful I'll be able to find something close the metric I just mentioned, but perhaps someone has an off market deal I can snap up. Looking to acquire likely end of 2019... Haven't looked into acquiring 4+ unit properties yet, as I'm tied up a lot with my legal practice. Would love to connect over lunch or a beer and talk more. 

Looking for a few recommendations for the above described subdivisions for another acquisition. I have a duplex in Westerville school district/Columbus taxing district and its worked out great. Any information would be very helpful! 

Thanks in advance!

Steve

@Robert Ellis

@Robert Ellis

@John L. I have experience dealing with these and the potential ramifications. I’d be happy to chat with you more about this. 

@Mohamed Ahmed I’d be happy to speak with you today.