【Investment Property】Ridgewood Estates

Pramant is Mr. Harada’s investor friend. He owns rental properties in other states like FL. While I was assisting Mr. Harada for his investment property purchase in Dublin, Pramant contacted me from NY. His name was added to my mailing list of investors. When I locate a long term tenant and a property that the tenant decided to write a lease for, an email newsletter is sent out to this list with property details.
Pramant wrote back to me immediately after this newsletter was released on May 8, 2013.

I have a tenant who would like to sign a four year lease to this property for $2,000/mo. Honda supplier executive. On time rental payment is guaranteed. I will stay through the lease to make sure everything goes smoothly between you as a landlord and the tenant.

– 3 Bed/2.5 Bath single family home currently listed for $204,900 (well below market price) with $4,372 tax (2012).

– Listed lower than CMA. Same size house in the same sub division went into contract for $239,900 and $245,00 in 4 -8 days!

– Highly desired area by the Japanese community.

– Hilliard School (This area is most desired because all the Japanese kids who need ESL classes are all sent here.)

– 10 year forecast, Cap Rate 7-8% (NOI)/annual cash flow close to $7000/payoff comes at the time of purchase
The current owner has already received two offers, but they are asking to close at the end of July. The husband has already been relocated and the wife is finishing work in June. She plans to join the husband with kids at the end of June. They are waiting for an offer to close in JUNE!!! The tenant asked for carpeting/repainting in the basement, washer/dryer, and new oven which comes to $4800. We can ask to deduct that from the asking price. I have an invoice from my contractor. I am more than happy to introduce you to him.

You will not have any problems finding another long term Japanese tenant after this family because of the school district. I am more than happy to assist you finding your next tenant, too.

Property Information:
3779 Wenwood Dr., Hilliard, OH 43026
3 Bed/2.5 Bath/2Car Attached Garage/2,046 sqft plus half finished basement/Tax $4,372

MLS Listing

Currently listed for $204,900

I will assist you through purchase negotiation, finding a lender, and having a lease agreement with tenant.
Please send me an email at akiko.miyamoto@kingthompson.com for 10 Year Forecast of this investment and more details.
Akiko Miyamoto

This tenant desired to keep sending his children to Ridgewood Elementary School. Their residency at that time belonged to a different school district where ESL classes were not offered. His children were sent to Ridgewood. Students from other school district sent to Ridgewood for ESL needs had to go through an annual review from school for their eligibility. He and his wife were afraid that their daughter and son eventually had to change schools and to make new friends all over again. This property sat right in the Ridgewood school district and they were hoping to move in before the school starts in August.

I have had walked through the property with a contractor to get an estimate of repair/update that the tenant requested. With that number in mind, we put together and delivered an offer on May 9 and went into contract the next day.

Pramant came to Columbus from NY for a walk through, introduction to the tenants, and closing all on the same day on Friday, June 14 and got to spend the weekend with his family who drove along with him : )

【3 Bed/2.5 Bath/2 Car Grage Single Family Home in Hilliard】
cap rate/year (NOI) 7-8%
net operating annual income from $14,200-15,700
pay off comes upon purchase

【Comments from Pramant】

How did you find me?

Through a friend that was using your services for investment in the Japanese rental market.

Why did you decide to hire me as your agent?

You know the target market and you are fair. You already had prior experience doing this type of investment so your experience was a plus.

What did you like about my service and why?

1. You’ve done this before many times and can answer my questions
2. You had all contacts (contractor, inspection) and processes in place for a smooth start to end
3. You understood the market (renter and investor) and priced out accordingly to each sides needs
4. You are reachable with the renter after the closing and keep on top of things if there are issues

Where can I make an improvement in the future?

Nothing so far.