AVAILABLE NOW

544 S. Hampton Road Columbus, Ohio 43213

2 Bedroom, 1 Bath Ranch

Sits on HUGE corner lot.

Close to Schools – Across the street from Fairmoor Elementary School (Columbus Public School)

MAP – Click Here

Rent: $649.00 per month – Automatic Debit Program (deducts automatically from your checking account)

OR $699.00 if paying via money order or check via mail each month.

Deposit: $649.00

Also available as Rent To Own – Ask us about this program – $1,000.00 down and rent credit available.

Very clean and neat. Close to lots of shopping, restaurants and bus stop. Nestled in between Whitehall and Bexley

Interested??? Call (614) 893-4740 or email RTO4You@gmail.com

VIRTUAL TOUR – CLICK HERE

Over the last few months, I have been receiving a lot of questions at the real estate investing Association regarding how investors can purchase various types of Columbus investment property including Columbus foreclosure properties (also known as short sales), Columbus HUD Homes, REO, tax foreclosures and other types of real estate. In this first article in this 2 part series, I would like to address some of the most commonly asked questions.

1. What is a short sale?

Simply put, a short sale is getting the bank to accept less than what is owed on one of their mortgages as payment in full. In other words, they are agreeing to take a discount on the note. A negotiated short sale results in a discounted purchase price for the real estate investor. Here’s a typical scenario: Sellers are 3+ months behind on payments. Seller owes a $100K and they are asking $100K. The property is difficult to sell through a Realtor because there isn’t enough money to pay their commissions and other fees. Sellers have bad credit and can’t refinance. They also have terrible underlying financing (ARM) ruling out most creative techniques. In this scenario, both the seller and lender are highly motivated to get out of this mess. If the lender agrees to take $75K as payment in full, that’s a short sale. The real estate investor just created $25K in equity. Not a bad investment property. Similar concept for a HUD home sale.

2. Why on earth would a bank agree to let one of their properties go for pennies on the dollar?

REASON #1: Defaulted loans tie up cash reserves. Banks make the lion’s share of their money when they originate and make loans. In order to make lots of loans they need available cash. When an existing loan goes into default the lenders are required to set aside cash reserves of 3-8x the amount of the principal balance until the loan is cured. This severely hamstrings their ability to make more loans and run their business. This also hammers their credit and significantly increases their cost of funds.

REASON #2: Holding costs eat most banks alive. Most banks are not in the business to own single family homes as investment property as a result of getting the properties back at auction. Holding costs such as taxes, insurance, and the likelihood that the property might take several months to sell play a huge role in this decision. In our market, the banks are getting 80-90% of the properties back at auction. They are struggling to move this inventory and that is part of the reason why they will work with investors and take substantial discounts.

REASON #3: They may be in an unfavorable lien position. If the lender is in a junior lien position and there is little to no equity in the property, in most cases, they will take anything they can get.

In my next article, I will answer more questions regarding finding and owning Columbus investment property and dealing with common issues involving Columbus Foreclosures and Hud Homes.

columbus investment property

investment income

Dave Zehala is the Executive Director of the Columbus Real Estate Investors Association. Check out tons of free Columbus investment property, property management, wholesaling, tax foreclosure, lease-option, rent to own, HUD homes, real estate investment, landlord, REO, foreclosed home, real estate listings, and foreclosure info on his websites.

Head on over to

http://www.TheColumbusWholesaler.com

to experience our new website. 

All of our newest deals will be available on that site

starting January 6, 2009.

Be sure to join our Email list.

Head on over to

http://www.TheColumbusWholesaler.com

to experience our new website. 

All of our newest deals will be available on that site

starting January 6, 2009.

Be sure to join our Email list.

Columbus Investment Real Estate Rehab Deals

658 E 3rd Ave. Columbus, Ohio 43201

 The house is zoned as a two family but was converted to single family many, many years ago.   As it stands now, it has 3 HUGE bedrooms and 1 normal bedroom. 

658 E 3rd Ave. Columbus, Ohio 43201

Old Purchase Price: $12,000.00

In order to make your pockets FATTER in 2009, we negotiated bigger discounts and are ready to pass them along to you! Your new price is only $9,900.00

 We don’t know how much longer these low prices will last. Don’t hesitate. Start making money NOW!

 The house is zoned as a two family but was converted to single family many, many years ago.   As it stands now, it has 3 HUGE bedrooms and 1 normal bedroom. 

658 E 3rd Ave. Columbus, Ohio 43201

Old Purchase Price: $12,000.00

In order to make your pockets FATTER in 2009, we negotiated bigger discounts and are ready to pass them along to you! Your new price is only $9,900.00

 We don’t know how much longer these low prices will last. Don’t hesitate. Start making money NOW!

 The house is zoned as a two family but was converted to single family many, many years ago.   As it stands now, it has 3 HUGE bedrooms and 1 normal bedroom. 

690 Reinhard Columbus, Ohio 43206

Purchase this piece of Columbus for only $14,250.00

2 bedroom, 1 bath with around 800 square feet.
Market Rents: $600.00 per month
Rehab estimate: $15K

With it being located just south of Children’s Hospital, and east of German Village, this property is in an area that investors have zeroed in on. Meaning, invest your time and money here, and your investment will be protected for years to come.
So what rehab needs done?? . Your next moneymaker will need a new roof, kitchen (cabinets, appliances) and windows. The plumbing is gone and you need to refinish the hardwood floors or just throw cheap carpet over them. The bathroom can be salvaged or replaced depending on your preference with your rentals. You will also need to update electric, paint exterior and clean the trash out. Some of the other things to note about this property are the full basement, strong foundation, all interior doors in excellent shape, interior recently painted, nice arched doorways and woodwork/trim in fine shape.

After fix up, you could rent this house out for about $600/month. If you put $15,000 in rehab you’ve got a great ready to rent property for under $30k. Not bad for a property that will return you about $7000/year!

Purchase this piece of Columbus for only $14,250.00

OLD PRICE: $14,250.00

2 bedroom, 1 bath with around 800 square feet.

1019 Oakley St.  Evansville, IN  47710

ONLY $12,700.00

Market rents are $500.00

Comps are averaging $29,600.00.

This property needs very little work inside.  Homeowners are currently living there and will be moving out.  It will need new appliances and a new roof.   It currently has two gas space heaters. To make it more tenant friendly, you will probably want to replace the two space heaters with a new furnace. The layout is a two bedroom and one bath with a sitting area that could be made into a third bedroom. In the upstairs you can gain extra square footage by finishing it off. This area would make a great playroom, bedroom, etc.
 
On the exterior, there is a 2 car detached garage and a storage shed.  This, highly sought after area, has a good mix of rentals and owner occupied properties.

Columbus Investment Wholesale Rehab Real Estate Property Deals

2363 Linden Avenue Columbus, Ohio 43211

OLD Price – $16,111.00

2 Bedroom, 1 Bath

In order to make your pockets FATTER in 2009, we negotiated bigger discounts and are ready to pass them along to you! Your new price is only $14,000.00

We don’t know how much longer these low prices will last. Don’t hesitate. Start making money NOW!

This deal could be packaged up in many different ways. Probably the easiest and quickest way would be to sell off the lots to the neighbors for a quick payday. Or, you could wait until the market changes and build additional housing. Quickly sell off the land to the neighbors for $5000-$10,000 and have your rehab costs paid for!

972 Oakwood Ave Columbus, Ohio 43206

Purchase Price – $21,000.00

Market Rents – $625.00 – $700.00 per month

3 bedroom, 2 bath is just a light rehab.

Rehab: Your personal money train already has a new roof, vinyl siding, fenced in yard, and mostly new windows. It also includes all new plumbing and electrical updates. In the 2 bathrooms you need to throw in toilets and a sink. You will also need a hot water heater, new front door, carpet and some minor cosmetics. This is a quick turnaround rehab and will generate cash flow super fast.

Columbus Investment Wholesale Rehab Real Estate Property Deals

972 Oakwood Ave Columbus, Ohio 43206

Old Purchase Price – $21,000.00

Market Rents – $625.00 – $700.00 per month

3 bedroom, 2 bath is just a light rehab.

Rehab: Your personal money train already has a new roof, vinyl siding, fenced in yard, and mostly new windows. It also includes all new plumbing and electrical updates. In the 2 bathrooms you need to throw in toilets and a sink. You will also need a hot water heater, new front door, carpet and some minor cosmetics. This is a quick turnaround rehab and will generate cash flow super fast.

Columbus Investment Wholesale Rehab Real Estate Property Deals

76 S. Avondale Avenue Columbus, Ohio 43222
Bottom of the Barrel Price – $24,747.00

Columbus Investment Wholesale Rehab Real Estate Property Deals

76 S. Avondale Avenue Columbus, Ohio 43222
Old Price – $24,747.00

4 glorious bedrooms and 2 full baths.
Rents: $600.00 per month

In order to make your pockets FATTER in 2009, we negotiated bigger discounts and are ready to pass them along to you! Your new price is only $18,000.00

We don’t know how much longer these low prices will last. Don’t hesitate. Start making money NOW!

Columbus Investment Wholesale Rehab Real Estate Property Deals

1227 Shady Lane Whitehall, Ohio area of 43227.
Pick it up for only – $50,780.00
3 Bedroom, 1 Bath
Market Rents: $700.00 – $750.00 per month
ARV – $70’s

Rehab: The mechanicals, i.e. furnace and water heater will need to be replaced, light drywall work in several areas, paint, carpet, maybe linoleum in kitchen and bath and the electrical panel needs love also. On the exterior, the garage needs some fixing up or just knock it over, it’s up to you. The house could use some siding; fix some windows, and a little soffit, facia and gutter work. About $10K $12K and she’s rent ready or throw it on the retail market.

Columbus Investement Wholesale Rehab Real Estate Property Deals

1227 Shady Lane Whitehall, Ohio area of 43227.
Old Price- $33,000.00

In order to make your pockets FATTER in 2009, we negotiated bigger discounts and are ready to pass them along to you! Your new price is only $27,000.00

We don’t know how much longer these low prices will last. Don’t hesitate. Start making money NOW!

Market Rents: $700 – $750 per month

ARV – $70’s

3 Bedroom, 1 Bath

Rehab: The mechanicals, i.e. furnace and water heater will need to be replaced, light drywall work in several areas, paint, carpet, maybe linoleum in kitchen and bath and the electrical panel needs love also. On the exterior, the garage needs some fixing up or just knock it over, it’s up to you. The house could use some siding; fix some windows, and a little soffit, facia and gutter work. About $10K $12K and she’s rent ready or throw it on the retail market.

Columbus Investments Wholesale Rehabs Real Estate Property Deals

661 E. 2nd Avenue Columbus, Ohio 43201
Priced Right @ Only $17,000.00

3 Bedroom, 1 Bath
Market Rents: $600.00 – $660.0 per month
ARV: $50’s

When it comes to the rehab on the exterior, some of the aluminum siding is missing. (I think the siding fairy stopped by to pick it up.) The inside is a medium grade rehab. It needs new windows, paint, carpet, some drywall work, a furnace, some kitchens cabinets and the bath needs gutted.

Columbus Investment Wholesale Rehab Real Estate Property Deals