All Forum Posts by: Thomas O'Donnell

I appreciate this take on it! But I do not work in tech and I wouldn’t come close to having a 6 figure salary over here. I do not currently have a degree either. Also for reference, the jobs I could get where I’m at are $23-$26 and in Columbus it’s $20-23… so in reality yes I may make a couple dollars less, but even then with Columbus being so much more affordable, not only can I get into a property via house hacking but also have a good chunk of change left over each month. In the Bay Area of you don’t work In tech or work for a big company, you’re living check to check or working multiple jobs.  

What's up everyone! 

I'm moving to Columbus, OH on July 22nd to start my REI journey via house-hacking! I am originally from California and have lived here my whole life. After realizing that I had been stuck in the rat race for a few years I decided enough was enough. I fell in love with the idea of using real estate to obtain financial freedom and build my future wealth. I have spent hundreds of hours listening to podcasts, reading books and trying to stay on top of market trends. It took some digging and many market changes but I finally settled on Columbus. I feel that there is great potential here and those that are overlooking Columbus might miss out in the future. Although some people have given me crap for wanting to leave California to invest in Columbus, I truly believe that I have found a future gem and am making the right choice. I'm very excited to make this move and purchase my first investment property. Currently, I'm looking for fellow investors/agents/property managers/lenders to connect with in the area. I would love to start building a network of like minds over there!

 This is a good idea! Thanks!

 I have nowhere near enough money to invest in California and I'm kind of sick of living here. I'm not a fan of many things about this state, it is also very pricey to get started. I don't work in tech or a major industry so I don't have a high income. The population growth, job growth and the affordability of Columbus has been driving me there.

I am not planning on staying in that property forever. I will eventually move out and rent it out, do a HELOC to get into a bigger multifamily property and so on until I have many doors.

 Building wealth for the long term. I plan on buying and holding everything. I want my freedom back and I want to be able to have a family in a few years and actually spend time with my kids as well as building their future.

Love these responses, thank you!

Hey Scott! So yes I will be living in it (SFH- 3 bedroom) and probably renting out a room or two. I really wanted a duplex but I kinda got priced out of that. So I definitely would be saving on rent and have my mortgage either mostly covered or fully covered (if I can get roomates). There are many houses in the $140k-$160k range but the highest rents are in the areas is $1300. Obviously I can offer less so that it is a better deal, but where it stands nothing meets the 1% rule. Unfortunately I am not the best at running numbers but have ben trying to get better.

What's up BP fam!

I am looking to move and buy my first house-hack soon in Columbus, OH (and rent out a room or two). When going through some numbers on many properties, I always have a high negative CoC return and negative cash flow. I understand this is due to the low down payment and properties not meeting the 1% rule. However, it seems that Columbus is a great appreciation market which I am okay with in order to pull out that equity in the future via a HELOC for another investment property. Since I am using FHA, it has to be a turn-key property which won't allow for me to do a value add. Does anyone have some advice about the numbers when dealing with an appreciation market instead of a cash flow one? Or any pointers on what I could possibly do differently? I really don't want to mess up on my first deal.

Thanks to all who respond!

What's up BP fam!

I am looking to move and buy my first house-hack soon in Columbus, OH (and rent out a room or two). When going through some numbers on many properties, I always have a high negative CoC return and negative cash flow. I understand this is due to the low down payment and properties not meeting the 1% rule. However, it seems that Columbus is a great appreciation market which I am okay with in order to pull out that equity in the future via a HELOC for another investment property. Since I am using FHA, it has to be a turn-key property which won't allow for me to do a value add. Does anyone have some advice about the numbers when dealing with an appreciation market instead of a cash flow one? Or any pointers on what I could possibly do differently? I really don't want to mess up on my first deal.

Thanks to all who respond!