Central Ohio Housing Market Update
Although inventory remains low, nearly 3,000 new homes were added to the market this October, 7% more than this time last year. Despite the low inventory, homes are continuing to sell. Last month, 2,348 homes sold, making October 2015 the 2nd most productive October in Central Ohio history. Due to the low amount of homes for sale, and high demand from buyers, we will continue to see prices rise and days on market shrink. Columbus REALTOR’s president, Kathy Shiflet, recently said, “It’s well past the Summer season and buyers are still eager to find that new home and make it their own; If you’ve considered putting your home on the market at all, it’s still a great time to do so.” For a detailed real estate market report on your neighborhood, or for any other real estate questions, please contact the Alfriend Group at (614) 395-1776.
1,212 SF, 3 bedrooms, 2 baths
Wonderful ranch home with a large master bedroom w/ walk-in closet, spacious great room & dining area, remodeled kitchen w/eat-space counter, partially finished basement w/full bath, deck overlooking large backyard, newer roof, and all on a nice quiet street in a lovely neighborhood. Located in the Worthington School District. This a great opportunity for investors and first-time home buyers!
Top 4 Advantages of Multi-Unit Investing
While many investors concentrate on some aspect of single family houses, there are some distinct advantages and differences to investing in multi-unit properties.From the very beginning of my investing in real estate, I liked the idea that a group of people (the tenants in a building) would get together and pool their money to pay down the mortgage on a property, and I liked the idea that they would also pool their money together to pay for all of the maintenance work for a building. In doing so, I also realized that there are certain advantages that investing in multi-units buildings had over single families. Listed below are the top 4 advantages of multi-unit investment properties:
- Cash Flow: Cash flow on a multi-family is always greater than that of a single family. Simply because you have more rents coming in. The more units you have under one roof, the less risk you have. If you have a single family house and you lose your tenant, you’ve lost 100% of your income. In some instances, this could be your entire profit for the year. If you had a three family and lost a tenant, you still have two rents coming in to pay your expenses.
- Economies of Scale: If you have six single family houses opposed to one six family, you have six roofs to be replaced or repaired, six lawns to be maintain, and six tenants spread out through out your city or town. In your six family unit you have one roof, one lawn, and your tenants are centrally located. Economies of scale are in your favor.
- Competition: There’s a lot less competition than there are in single family houses. Why? Because no one is out there teaching how to do it and all the single family guru’s make flipping single family houses sound as easy as chewing gum in the dark. The smart investors put multi-units in their portfolios along with single family houses.
- Management Companies: Because of the bigger cash flows, you can afford to hire management companies to manage your tenants, thus eliminating that hassle while you go out and do what you do best (or should do best), find and finance them.
Investment Property of the Month
This fully-rented duplex and turn-key investment property is in great condition and priced to sell! Two identical units each with 2 bedrooms, 1 bath, 1-car garage, and full basement. Recently repainted, remodeled bathrooms, new oven/stoves, fenced backyard, newer roof and furnace.