All Forum Posts by: Tristam Griffith

Yes, my company manages it, and would stay on if requested. We have one unit open to see, but they rent really fast. 

CASH COW!!!!! 4 units bringing in $2,800 per month! One unit open for showings.

FOUR three bedroom, one bath, units in two separate, RANCH, brick buildings. Tenants pay utilities, except water, which is paid by the owner. The 2 front units, and one back unit were rehabbed this year and are on fresh, 1 year leases. One vacant unit can be shown. 

Tristam Griffith

Cap Rate Realty

[email protected]

614-506-3086

I went to the International Culinary school in Pittsburgh......lol....Then I managed restaurants my whole adult life until RE. 

It was actually great prep. The restaurant biz is not sales, it's customer service. 

Selling real estate is a "coaching" business, not a sales business. Basically, seeing your clients needs and exceeding them-AKA....customer service!

Hi @Chris Schoonhoven. That area is just as bad with bugs. That being said, I have clients who love the Hilltop. I'm not trying to turn you off it. I'm just saying I don't buy there. 

You can't get rid of the bedbugs, because the tenants won't cooperate in cleaning up to do remediation. They complain about the bedbugs, but won't clean up to treat for them. It's just a money drain. I had 3 duplexes there, and it was a nightmare. I sold all of them, and moved my investments to the other side of town, literally. :-)

Columbus is, however, an amazing market for returns. You can be all in at $45k-$55k on a decent house and get $650-$750 a month in rent. Sometimes cheaper, depending on the deal. I bought a house last month for $14k. I'll put $15k in, and get $750 a month in rent, because the house is right next to a high school. Not an amazing neighborhood, but $29k in for $750 in rent is pretty dang good. 

I don't know what you are paying for this house. Keep it under $25k with at least $650 a month in rent. And, screen the crap out of your tenants! Tenants in this area don't have jobs. They are all on Social Security, which is good from a regularity standpoint, but if they screw up and miss even one payment, you'll have to evict them, because they will never catch up.

Good luck!

Hi Chris.

Columbus, Ohio is an amazing investment area. I own rentals, and I sell rentals.

I used to buy in the Hilltop, and Franklinton area. I sold all my stuff there. I was sick of paying for bed bug remediation.....ergh..

I still sell to clients there. 

The Hilltop has several different types of area. The Westgate area is the nicest.

What street is the property on and what do you need to know?

A resolution is the same as an operating agreement. Many LLC's have multiple members, so the title company needs to know who is allowed to sign on behalf of the LLC.

You can get one done on Legal Zoom, or ask the title companies staff attorney to get you a template. Eazy peazy :-)

Good morning @Anna Milligan.

Yes. Winter renting  in Columbus costs you about $100 a month. Lower your price $100 a month, and get it rented. You are likely to get a Jan 1 rental. That's when all the winter transfers come in. Then make sure all your future leases end between May-September. June, July, and August are the easiest rental months.

Don't forego background checks!

Also, ask all prospective showings to call or text you an hour before the showing to confirm attendance. That will save you many wasted trips!

I have people who do it in the Columbus area. Nothing in Dayton. PM me for info. 

Welcome Brittany! 

You look super young in your picture, so this is a great time to start! 

Read through the forums and the podcasts here. There are some great ones.

If you want to meet for coffee sometime to talk shop, just hit me up. I'm usually scheduled about 2 weeks out.

Congratulations.

Tristam Griffith

I agree with both of the above.

I work with clients on owner financing frequently, and I owner finance homes myself. 

My point is that, when the seller has the mortgage drawn up, the attorney will inevitably say to the seller that they shouldn't lend to an entity, only to people. That can kill a deal. Doing a personal guarantee makes it more likely the owner will do the financing. I had this happen a few months ago with a seller. 

It's not that they can't lend to a LLC, it's that the attorney drawing the paperwork up will tell them not to.