Just beginning my REI journey - exploring my strategies

Just beginning my REI journey - exploring my strategies

Stow, OH · Member since 2018 · 4 posts · 2 votes

Hey everyone, I'm new to the community as I just joined a few days ago..... I have been reading many of the forums in here, listening to the podcasts, and have read several real estate related books over the past several months. I feel like I have built up a wealth of knowledge and am now ready to begin applying it. A little bit about me - I'm 25 years old grew up outside of Columbus and currently live in Stow/Hudson and work as a software engineer. I have a solid W-2 so that has allowed me to save up some money and get my feet under me after graduating from college. I plan to continue working full time and invest on the side, although both endeavors will be getting my full attention equally. I am new to real estate myself, but it has been in my family and around me all my life. Two of my family members co-own around 12 apartment complexes throughout Ohio (mostly Columbus, Stow, Kent areas) so rental properties has always caught my eye. Is anybody else in the Stow/Hudson/Kent area or familiar with the market (especially Stow)? I would love to connect with you!

Strategies and thoughts on starting out - I am currently looking at a multi-family house (duplex) as a way to get my feet wet. I have a few on my radar in the Stow area. I'm thinking of getting an fha loan and living in one unit for a year and renting out the other side to pay for most of my mortgage payment. Then after a year I plan on moving again and attempting to rent out both units for a monthly profit. I have more details on the numbers if anyone is interested. For those of you with experience in rentals / buy and holds, what are your recommendations/best advice/things to look out for?

Another area of investing I was exploring was wholesaling, although I obviously have many concerns on it as do others throughout the forums. I even already have a lead and potentially a second, but am thinking it through if this is the route I want to take. I know in general wholesaling can be legal, but from what I understand and have learned, it's a very extreme fine line. I will save the details of this for another time.

Thanks for your time and I look forward to networking and learning from as many of you as I can!

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  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y

    @Ryan Smeltzer as an engineer too I would suggest not doing wholeselling at that does not really help you invest and your hourly rate is higher than that. 

  • Stow, OH · Member since 2018 · 4 posts · 2 votes
    8y
    Originally posted by @Lane Kawaoka:

    @Ryan Smeltzer as an engineer too I would suggest not doing wholeselling at that does not really help you invest and your hourly rate is higher than that. 

     Thanks for the advice @Lane Kawaoka

  • Rental Property Investor · Channahon, IL · Member since 2018 · 161 posts · 103 votes
    8y

    Hi Ryan, I would suggest talking to those family members who have had rental properties if you can. They know your personality and tell them your thoughts.  If you can’t talk with them, see if you can talk with someone who has done whole sales.  Maybe they will let you ‘tag along’ with some calls or such.  

    I agree with Lane, your time is valuable, use your time the best you can. Best of luck with your investment endeavors.  

  • Stow, OH · Member since 2018 · 4 posts · 2 votes
    8y
    Originally posted by @Diana Dorantes:

    Hi Ryan, I would suggest talking to those family members who have had rental properties if you can. They know your personality and tell them your thoughts.  If you can’t talk with them, see if you can talk with someone who has done whole sales.  Maybe they will let you ‘tag along’ with some calls or such.  

    I agree with Lane, your time is valuable, use your time the best you can. Best of luck with your investment endeavors.  

     Thanks for the advice @Diana Dorantes, I have certainly spoke to them and they have given me some help as well. Was just looking to get BP's thoughts as well.

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