All Forum Posts by: Thomas O'Donnell

 P.S. I was born and raised in Santa Clara, and moved out to Columbus, OH to begin my investing journey. 

Hey Ben,

I'm a new investor as well having just purchased my first duplex to house-hack in October 2022. My opinion is to not overthink it on your first property. The main thing is to get started. However, due to the current market that we are in, and with a lot of uncertainty, I would definitely stay conservative. Look for something in a nice neighborhood, that might not cash flow from the very start, but has a great chance to cash-flow in the near future once you move out and raise rents. Buying in the right area is key if you're looking to hold long-term.

Chances are in a market like Austin, it is going to be hard to cash-flow at the beginning with an FHA loan (due to the lower down payment), and better neighborhoods usually cash-flow less but appreciate more. Interest rates are not certain to fall within the next year and may stay about the same or even increase a tiny bit more. I would definitely pad any rehab estimates and budget for more than you think they will come out to. Using an FHA 203k loan may be an option for you as it allows you to pair the rehab costs with the first-time home buyer loan (though it can be a tricky process).

Make sure you are also negotiating on your purchase. Buyers now have the power to offer less and put in more contingencies like inspections. Some sellers are still trying to sell their properties at peak 2021/2022 prices. Offer knowing that the market could slide a bit and make sure you have a cushion for yourself. One of the things I negotiated that helped a lot was for the seller to pay all closing costs. If you can get this done, it also leaves you with more capital to use towards any necessary renovations, or to pay the full mortgage on your own until you can get a tenant in there. 

I wish you the best of luck and I hope everything works out for you, happy investing!

I was messaged by someone interested in renting my duplex. Not only are they looking to move in “immediately” (red flag) but they also stated they have a service dog and another small dog. My listing and lease both say no pets… although I know you can’t really deny someone based on having a service animal. How should I go about this situation in a way where I don’t violate any fair housing laws? Any advice is welcome, thanks!

I am definitely interested in getting more information from them as it doesn’t hurt. What kinds of questions should I be looking to ask them? 

Hello all,

I recently received a message from a corporate housing company for my vacant rental unit. The message reads as followed

"Hi, My name is Zach, and I run a corporate housing company called Zillycon Capital. We have been in business for 5 years and are becoming the premier name in corporate leasing. We are seeking high quality vacant units to rent to our corporate travelers (stays of 90 days or less). If your unit qualifies, we can sign 1-4 year leases for your property or as many units as you have available. With Zillycon, you get the highest quality tenants, free property management, which includes weekly cleaning/minor maintenance, and a host of security features. I'd love to continue this conversation and see if we are a good fit. Looking forward to hearing back. Zach https://zillyconrentals.com/ho... zillyconrentals.com Home | Zillycon Rentals"

However, I am not sure if this is legit or how it truly works. It seems like its basically a medium term rental arbitrage situation. How should I go about this? I'm currently having trouble getting my unit rented, but it also is completely unfurnished making it hard to do medium-term. Should I entertain this idea at all? If so, why? If not, why not? Thanks! (P.S. I live about a mile from Children's Hospital)

How do you go about having an applicant with a co-signer? I might end up having one and I am just wondering if I have them both fill out an application, or if they are both put on the lease. Sorry for what might be a "dumb question".

Thank you so much for all of this great input! I really appreciate all the responses.

 I do not have the funds to furnish the whole unit, or I would have thought about doing mid-term since I am less than a mile from Nationwide Children's Hospital. I am about 15-20min south of the college so renting to students wouldn't make much sense. 

 Zillow, FB marketplace, Avail, apartments.com etc

 So it’s a 3bed 1bath duplex, and market rents are 1200-1500 in the area. I am asking $1300 water included because it isn’t split. My basic criteria is 600+ credit, no smoking, no evictions, renter’s insurance and income 3x the rent. Many leads that I have got have been asking for section 8 but I have not gone through that process to get certified yet. It has an unfinished basement that can be used for storage. I moved her from California back in late July and did not know anyone in the area which rules out renting to a family member or friend.