I am just starting my journey into Real Estate Investing. I have spent the last 3 months or so learning and taking in as much information about real estate as I can, whether it be through books, podcasts, or reading up on everything I possibly could here on BiggerPockets. I am getting to the point where I am looking to purchase my first property. House Hacking looks like it's going to be the way to go to get initially started but I plan on ramping up my purchasing fairly quickly. I live in the Cincinnati area and would love to hear from other investors in the area on how they got started or any tips and advice you guys may have.
Also plan on looking into purchasing properties in the Dayton,Columbus, and Indianapolis areas.
Would appreciate any and all advice!
Welcome @Account Closed ! Bigger Pockets, as I'm sure you already know, is a great place to learn from real estate pros who have been in the trenches and have plenty of lessons to share. With the house hacking, great idea! Are you planning to purchase and rehab a property yourself? Or are you searching for something more turnkey? Also, are you considering a buy/hold strategy for your future or flip and sell?
With all that being said, I think one of the most important factors to consider is if you plan on making this your full-time career or is it a side hustle? If you just want to make it a side hustle, you may want to research turnkey investing. It's a done-for-you way of investing and is all about cash flow.
If you're wanting to make it a full-time gig, you're in the right market. Cincinnati and Dayton both offer great opportunities. Both growing markets. Cincinnati has been booming for a few years now - especially the urban core. Dayton has started to see the same trend within the past 18 months. Lots of stuff happening downtown in both markets.
Just out of curiosity, if you're just starting, why would you be looking in 4 different markets?
I would suggest just the opposite, and think smaller, narrow your approach. Instead of picking 4 MSA's.....pick 4 neighborhoods. Learn the ins and out of those neighborhoods:
- what blocks are good/which are bad
-what school districts do I need to be in/is school district even important for the neighborhood
-how's the homes access to jobs, transportation, amenities, etc
-do you have any anchors-like a university, major company, hospital, etc--- WHO IS YOUR RENTAL POOL
My overall point is to just begin thinking much more local... particularly since you're just beginning.