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My organization’s (which I cofounded) was in 2015. It took me six months studying to get into this business, then a bit over 4 months from identifying the property to closing. The problem I think you’re having now is that cap rates are really low and everything is so expensive. As the first banker who gave us money said to me once: “The only thing worse than having no property is paying too much for it.” Her words have reverberated in by head ever since. Do your pricing and due diligence right, and if one deal doesn’t make sense, go to the next.
This. Market is too tough right now, we’re sitting it out
10 months. Crazy market. Had to wait for a duplex that would cash flow once I moved out. Close on Tuesday 🥳
Great 👍🏻, sounds like a good plan . I am pretty familiar with Columbus , is it close to OSU ?
Over a year, started 2018
I have been hunting too , I bought a duplex in June - it was pure luck. Now I am looking for more and the market is burning hot - hard to find a deal that also makes sense number wise.
It took me 4 months and the market was not this hot.
Coach
Took me 6 months
Over a year back in 2015/2016
Mentor
A weekend or two back in 2016. Same in 2017. Austin here.
Now it’s nearly impossible. Have a few new builds lined up but these were contracted all last year. I took a lot of heat for all the new builds strategy I’ve had but it’s worked really well. Buy early in a development cycle of a new condo or sub division. Wait a year or two for it to get built while gaining appreciation the whole time. By the time it’s ready to rent out the market rate for rental income has surged. And appreciation is great.
That’s super interesting - are these single families?
Coach
Quick the first time in 2005. Then over a year in 2018/19 when seeking a vacation rental home. Pickier as we would use it. Did a lot of observing and looking to find the right location. Lucky to get in before COVID crazed the market. We are buying another home now (tear down/rebuild). Was watching since 2020 and missed out on an amazing opportunity in early 2020 because I couldn’t get financing as they wouldn’t recognize my rental income. It’s difficult when deals don’t work out but there will always be another place.