Finding A New Property
I am a landlord in Columbus, Ohio. I am working to improve my current portfolio of properties. I am planning on selling an underperforming duplex.
I will be looking for a new property that performs better. I have heard suggested that a DCR of 1.25 is a suggested minimum. My current properties are in reasonably nice sections of town. I like this because it is easy to keep them rented, and rented with tenants who take care of the property. I am hesitant to purchase property in a rougher section of town, although I may consider this.
How would I go about finding a property in the current market? Any suggestions?
Let me offer you a suggestion. Instead of selling your underperforming duplex,put it in the HUD section 8 program. They will normally allow a 10%-20% rent rate above fair market. A well located property appreciates more than one in a declining area. Check with your local housing authority about the section 8 program in your area.