Whether you already own real estate in the greater Columbus area or are from out of state and looking to expand your portfolio, Central Ohio has a lot to offer in terms of boosting your portfolio. As home to one of the largest universities in the country, a strong tech industry and plenty of arts and culture, the city is teeming with activity – and an active hub like Columbus means there is always demand for rental properties.
Choosing the right property to grow your real estate portfolio in Columbus will take some time, but finding the right fit will be well worth your efforts. Here are some considerations to keep in mind as you search for your next investment property in the area.
What to Look for in a Columbus Investment Property
- Location – a no-brainer, but it’s always worth mentioning. Depending on your goals, you may be interested in renting your property to those associated with the university or downtown, or perhaps you want to extend farther out from the inner downtown ring. For help understanding the different areas of Columbus and what the current market rates are for each of those areas, feel free to get in touch with us at RL Property Management for guidance and advice on what we’re seeing in the local market (and we can put you in touch with a few realtors we trust).
- Net Operating Income – Valuation for rental properties is generally based on its net operating income, or NOI. This is calculated by taking gross income generated by the property minus any expenses. This is an important metric to understand before taking the leap with an investment property. While you can improve the metric, you want to have a realistic baseline understanding of how the property currently performs.
- Single family or multifamily – Investors new to real estate often begin with single family homes, but now may be the time to assess if you want to expand to multifamily properties. In this post we outline several benefits of investing in multifamily properties in Franklin County.
As you consider expanding your real estate portfolio in Columbus, ask us your questions! Our team at RL Property Management has been managing properties throughout Franklin County for years, and we’d love to help you achieve success with your investment. Get in touch with us to learn more.