Best methods to acquire first investment property ?

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Best methods to acquire first investment property ?

Stedman Valentine
Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes

How’s it going ?

My name is Stedman Valentine currently located in Columbus, OH i’m in the very beginning stages of my R.E journey. I’m looking to connect with all R.E professionals, with hopes of  receiving feedback in regards to ( Leveraging Credit, Finding the right lender, Loans, Investment strategies etc) overall I’m currently in a good position with a down payment, credit, debt-income. I’m just not quite sure where to start !?!

Any feedback would be greatly appreciated, helping me get one step closer to my ultimate goal of obtaining my FIRST investment property!!

Thanks !!!

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Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
5y

The amount of times OH or Columbus has popped up on BiggerPockets as a market to invest in even just in the last week is a lot! 

So, you did not have a market issue and possibly a ton of options to invest in something. If you are unable to HouseHack, find a 3 bedroom to buy and maybe rent out rooms to friends depending on what stage you are in your life. 

As they say, there are a 100 ways to invest in real estate!

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  • Austin Steed
    Real Estate Agent · Columbus, OH · Member since 2016 · 593 posts · 664 votes
    5y

    @Stedman Valentine

    Would love to link up! I’m an agent by trade and a small MF investor here in Columbus.

    You'll find that As big as Columbus is you'll run across the same names in the REI community.

    1Reply
  • Stedman Valentine
    OP
    Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes
    5y

    @Austin Steed Sounds Great ! Let’s link up, very interested in speaking with you !

    0Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    5y

    You are definitely at an advantage by being local in Columbus. As said before you are coming to run across some of the same people in for real estate investing. I would love to connect and best of luck! @Stedman Valentine

    [email protected]614-963-3340
    0Reply
  • Raul Velazquez Jr
    Columbus, OH · Member since 2018 · 91 posts · 54 votes
    5y

    @Stedman Valentine welcome to REI @Remington Lyman is a rockstar realtor and @Chris Wharton is a rockstar lender.

    0Reply
  • Zeke ListonBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Stedman Valentine:

    How’s it going ?

    My name is Stedman Valentine currently located in Columbus, OH i’m in the very beginning stages of my R.E journey. I’m looking to connect with all R.E professionals, with hopes of  receiving feedback in regards to ( Leveraging Credit, Finding the right lender, Loans, Investment strategies etc) overall I’m currently in a good position with a down payment, credit, debt-income. I’m just not quite sure where to start !?!

    Any feedback would be greatly appreciated, helping me get one step closer to my ultimate goal of obtaining my FIRST investment property!!

    Thanks !!!

     Hi Stedman, I would start by connecting with a real estate agent who is focused on investments. A good agent will be able to help you get started. 

    [email protected]614-665-5793
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    0Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    The amount of times OH or Columbus has popped up on BiggerPockets as a market to invest in even just in the last week is a lot! 

    So, you did not have a market issue and possibly a ton of options to invest in something. If you are unable to HouseHack, find a 3 bedroom to buy and maybe rent out rooms to friends depending on what stage you are in your life. 

    As they say, there are a 100 ways to invest in real estate!

    5Reply
  • Nick Workman
    Member since 2021 · 3 posts · 3 votes
    5y

    Congrats on starting your Real Estate journey! I would love to link up and learn more about your goals

    1Reply
  • Stedman Valentine
    OP
    Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes
    5y

    @Raul Velazquez Jr Thank you so much for the contacts, very appreciated!

    0Reply
  • Stedman Valentine
    OP
    Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes
    5y

    @Nick Workman Sounds great ! I’ll be contacting you soon!

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Stedman Valentine:

    How’s it going ?

    My name is Stedman Valentine currently located in Columbus, OH i’m in the very beginning stages of my R.E journey. I’m looking to connect with all R.E professionals, with hopes of  receiving feedback in regards to ( Leveraging Credit, Finding the right lender, Loans, Investment strategies etc) overall I’m currently in a good position with a down payment, credit, debt-income. I’m just not quite sure where to start !?!

    Any feedback would be greatly appreciated, helping me get one step closer to my ultimate goal of obtaining my FIRST investment property!!

    Thanks !!!

     You are so lucky. Columbus, Ohio is the best market to be in when investing in real estate.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    1Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    5y

    Welcome @Stedman Valentine and congrats on getting going locally. Columbus is a very diverse and complex market with transition in full swing in several locations...the problem is that locating the transition and understanding the market requires data...you will hear a lot of folks claim one location is "in transition" or a certain "class"...but most folks are not using data-driven decision making...this can be a volatile mix and get you in trouble quickly.

    Glad to chat further,

    Best of luck

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    2Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Stedman Valentine

    Your first deal won’t (and doesn’t have to be) a grand slam deal. It will get you in the door and help you feel more comfortable on your 2nd, 3rd, 4th, etc deal. There are a lot of great resources in Columbus. Good luck on your journey!

    [email protected]614-363-2787
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    4Reply
  • Stedman Valentine
    OP
    Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes
    5y

    @Marc Rice Thank you for your encouragement, much appreciated!!

    1Reply
  • Jeremy Colvin
    Member since 2020 · 7 posts · 2 votes
    5y

    @Stedman Valentine

    What type of investment property are you looking to invest in?

    1Reply
  • Ryan Mainwaring
    Rental Property Investor · Blacklick, OH · Member since 2016 · 286 posts · 253 votes
    5y

    @Stedman Valentine Congrats on starting your journey.  Would love to learn more about your goals and any advice I could provide as local investor to you.  

    0Reply
  • Ryan Mainwaring
    Rental Property Investor · Blacklick, OH · Member since 2016 · 286 posts · 253 votes
    5y
    Originally posted by @Brandon Sturgill:

    Welcome @Stedman Valentine and congrats on getting going locally. Columbus is a very diverse and complex market with transition in full swing in several locations...the problem is that locating the transition and understanding the market requires data...you will hear a lot of folks claim one location is "in transition" or a certain "class"...but most folks are not using data-driven decision making...this can be a volatile mix and get you in trouble quickly.

    Glad to chat further,

    Best of luck

    @Brandon Sturgill Love some of your comments here, would love to chat further on your data driven approach.

    1Reply
  • Jacob Ayers
    Rental Property Investor · Oklahoma City, OK · Member since 2015 · 66 posts · 21 votes
    5y

    Hi @Stedman Valentine, I think one of the best ways to get started investing in real estate is a house hack with a low down payment loan. As @Ola Dantis said, you could buy a house and rent out spare bedrooms, or buy a 2-4 unit and rent out the other units. Connect with some of the realtors here who have reached out, and start analyzing deals with the BP rental calc. Good luck! 

    2Reply
  • Jonathan Wigan
    Real Estate Agent · Columbus, OH · Member since 2017 · 38 posts · 12 votes
    5y

    Working with a good lender that is familiar with investment properties is critical as is connecting with a real estate professional that is able to analyze property, present real numbers and project possible income.  Most agents should be able to give you a pretty good breakdown on a property just based on a rent roll and expenses from the previous year.  Even just a rent roll is good enough initially as its not hard to estimate the costs of most expenses and things like taxes are public knowledge. Also, your agent should be very familiar with market rents and be able to estimate how much it would cost to increase the rent on a unit as leases turn over and certain improvements can be made.  Being familiar with different areas of the city and what areas are improving more rapidly than others should be part of an agents knowledge base as well. Also, and maybe most importantly, your agent should be a skilled negotiator so as to get you the best deal possible once the numbers have been confirmed, the property has been inspected and all financials associated with the sale of the property have been analyzed.  A good agent should help to educate you on the purchase process as it progresses and make sure you are fully aware of and completely understand of all parts of the deal. It should be a team effort. 

    0Reply
  • Stephen DeThample
    Real Estate Agent · Las Vegas, NV · Member since 2020 · 459 posts · 305 votes
    5y

    @Stedman Valentine

    Look into house hacking something ( SFH OR MULTI). And repeat it every year!

    0Reply
  • Chris WhartonBusiness Member
    Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
    5y

    @Stedman Valentine let's have a chat about lending options. Give me a date and time and we'll make it work.

    [email protected]614-638-9531
    0Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    I bought all my rentals from multiple sources: MLS Software , Roofstock, Turnkey Company,Real Estate Agent, wholesaler. They're all good sources with plus and minues.

    But before I buy, I already know what's the cap rate and expense/capex,risk that I face so I plan this accordingly. You need to have a plan and do cost simulation and work with the same lender that will benefit you.

    0Reply
  • Lisa Knapp
    Member since 2021 · 1 post · 0 votes
    5y

    @Brandon Sturgill Hi Brandon! I love data but am very early in my RE investing research. Do you have 2 or 3 favorite analytic programs specific to RE you use?

    0Reply
  • Stedman Valentine
    OP
    Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes
    5y

    @Jonathan Wigan Thank you for taking the time to provide your insight ! Much appreciated!

    0Reply
  • Stedman Valentine
    OP
    Rental Property Investor · Columbus, OH · Member since 2020 · 7 posts · 12 votes
    5y

    @Carlos Ptriawan Thank you very much !

    0Reply
  • John Wright
    Real Estate Agent · Cincinnati, OH · Member since 2017 · 51 posts · 63 votes
    5y

    @Stedman Valentine house-hack a duplex with an FHA loan on the Southside, near German Village or on the east side in Blacklick or Gahanna. Your tenant the other side will be paying the majority of your mortgage while you get landlord experience. You can then choose to either live cheap for a while and save for a house or for your next duplex to hack. I just did this successfully in Southern Orchards last year which allowed me to buy another property in Florida!

    1Reply
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