New/Young investor in Columbus, Ohio

New/Young investor in Columbus, Ohio

Rental Property Investor · Columbus, OH · Member since 2019 · 19 posts · 15 votes

Hey all, my name is Charlie Scheiderer and I am a 19 year old electrician apprentice in Columbus, Ohio.  On the side I farm part of my family farm as well.  I read Rich Dad Poor Dad several years ago and since then I have been brainstorming ideas on how to build wealth.  So to start my journey I have been building up capital to start investing in real estate.  I have read a couple books from bigger pockets and listened to tons of podcasts.  To start my portfolio i am looking into house hacking where I plan on using the brrrr strategy and trying to find a multi family home in columbus, Ohio within the next few months.  I then want to keep repeating that process and gain rental properties.  Also, after a couple deals I would like to branch out and start doing a couple flips a year.  I feel that with working with my hands and my electrical background I can get a good chunk of the rehabbing done on my own.  If you all could give me some tips, or ideas, or things you would have done if you were to restart at 19 I would really appreciate all feedback. Thanks so much! I am also looking for some contacts within the area that I can bounce my ideas off of as well or help out if they need some help.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y

@Charlie Scheiderer That is exactly how I started off. I used my W-2 income to house hack my way to 10 units in the Columbus, Ohio area. I then got laid off and went full time into real estate investing.

Good luck! It is a get rich slow play.

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  • Member since 2019 · 8 posts · 3 votes
    6y

    @Charlie Scheiderer I’m an hour south of you from Chillicothe. My wife and I started house hacking in October with a duplex. It’s a great way to start

  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y

    @Charlie Scheiderer That is exactly how I started off. I used my W-2 income to house hack my way to 10 units in the Columbus, Ohio area. I then got laid off and went full time into real estate investing.

    Good luck! It is a get rich slow play.

  • Charlie ScheidererPro Member
    OP
    Rental Property Investor · Columbus, OH · Member since 2019 · 19 posts · 15 votes
    6y

    @Remington Lyman Thanks so much for your response but how would you recommend paying for my first multi family.  Would you recommend a conventional loan or fha? Or maybe something else? Thanks

  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y

    @Charlie Scheiderer I would recommend doing a first time home buyers conventional loan which will allow you to do a low downpayment on a multifamily. Then move out to a rental after you move into that. Then go FHA.

  • Rental Property Investor · Lewis Center, OH · Member since 2019 · 49 posts · 63 votes
    6y

    @Charlie Scheiderer Welcome to the BP community,

    stay patient, stay positive, and never give up.

  • Member since 2019 · 89 posts · 64 votes
    6y

    @Charlie Scheiderer - good luck.  great job planning so early in life!

  • Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    Welcome to BP @Charlie Scheiderer! Your electrical background will definitely save you money during the rehab process. Best of luck! 

  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y
    Originally posted by @Charlie Scheiderer:

    Hey all, my name is Charlie Scheiderer and I am a 19 year old electrician apprentice in Columbus, Ohio.  On the side I farm part of my family farm as well.  I read Rich Dad Poor Dad several years ago and since then I have been brainstorming ideas on how to build wealth.  So to start my journey I have been building up capital to start investing in real estate.  I have read a couple books from bigger pockets and listened to tons of podcasts.  To start my portfolio i am looking into house hacking where I plan on using the brrrr strategy and trying to find a multi family home in columbus, Ohio within the next few months.  I then want to keep repeating that process and gain rental properties.  Also, after a couple deals I would like to branch out and start doing a couple flips a year.  I feel that with working with my hands and my electrical background I can get a good chunk of the rehabbing done on my own.  If you all could give me some tips, or ideas, or things you would have done if you were to restart at 19 I would really appreciate all feedback. Thanks so much! I am also looking for some contacts within the area that I can bounce my ideas off of as well or help out if they need some help.

     Hi and welcome Chris, your background and experience in electrical will definitely be an advantage especially in a market like Columbus,OH where we have an inventory of old homes that most are going to need some type of electrical work done.  

  • Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Charlie Scheiderer:

    Hey all, my name is Charlie Scheiderer and I am a 19 year old electrician apprentice in Columbus, Ohio.  On the side I farm part of my family farm as well.  I read Rich Dad Poor Dad several years ago and since then I have been brainstorming ideas on how to build wealth.  So to start my journey I have been building up capital to start investing in real estate.  I have read a couple books from bigger pockets and listened to tons of podcasts.  To start my portfolio i am looking into house hacking where I plan on using the brrrr strategy and trying to find a multi family home in columbus, Ohio within the next few months.  I then want to keep repeating that process and gain rental properties.  Also, after a couple deals I would like to branch out and start doing a couple flips a year.  I feel that with working with my hands and my electrical background I can get a good chunk of the rehabbing done on my own.  If you all could give me some tips, or ideas, or things you would have done if you were to restart at 19 I would really appreciate all feedback. Thanks so much! I am also looking for some contacts within the area that I can bounce my ideas off of as well or help out if they need some help.

    Charlie! Man....if I could have started at 19! 

    It's AWESOME that you're getting such an early jump on this! I'm a huge fan of house hacking, and like you, possess some ability to do my own work in the properties I own. 

    After saving up some capital to get started, I house hacked a 4 plex, then after a year purchased a SFR that was ripe for a renovation. I'm currently doing a live in flip at that property and have a couple house mates that more than cover the mortgage, so I get to live for free. It's a great way to get started and isn't cost prohibitive in the same way of buying an investment property with 25% down on. I enjoyed being a landlord so much that I eventually started a property management company in Connecticut.

    Be careful starting this early - if you get the bug as bad as I did, it'll change your life's direction, haha. (I earned a bachelor degree and master's degree in architecture, and after I purchased my second property I quit my job to go full time in real estate). 

    Best of luck dude and let me know if you have any questions!

  • Rental Property Investor · Auburn, WA · Member since 2015 · 110 posts · 33 votes
    6y

    @Charlie Scheiderer Congrats on getting started. The electrical background will be huge moving forward. But because you are young that doesn't mean you need to do everything. Build relationships!!! Use your electrical skills to maybe partner with someone already doing what you want to do and learn ask questions. You are on the right track and just stay focused and don't rush.

  • Accountant · Member since 2018 · 43 posts · 37 votes
    6y

    @Charlie Scheiderer @Keith Thomas

    Charlie, I agree with Keith!  Those skills of yours are a definite asset in a city like Columbus where there are a lot of people wanting to invest, but also have a hard time finding someone that can do quality work.  Providing some sweat equity in a partnership could help reduce how much you have to invest financially.  Also, make sure you do everything correct from a tax/legal standpoint so there are no issues/taxes/penalties that eat up your cash flow and slow you down.  Best of luck!

  • Property Manager · Cleveland, OH · Member since 2019 · 123 posts · 65 votes
    6y
    Originally posted by @Charlie Scheiderer:

    Hey all, my name is Charlie Scheiderer and I am a 19 year old electrician apprentice in Columbus, Ohio.  On the side I farm part of my family farm as well.  I read Rich Dad Poor Dad several years ago and since then I have been brainstorming ideas on how to build wealth.  So to start my journey I have been building up capital to start investing in real estate.  I have read a couple books from bigger pockets and listened to tons of podcasts.  To start my portfolio i am looking into house hacking where I plan on using the brrrr strategy and trying to find a multi family home in columbus, Ohio within the next few months.  I then want to keep repeating that process and gain rental properties.  Also, after a couple deals I would like to branch out and start doing a couple flips a year.  I feel that with working with my hands and my electrical background I can get a good chunk of the rehabbing done on my own.  If you all could give me some tips, or ideas, or things you would have done if you were to restart at 19 I would really appreciate all feedback. Thanks so much! I am also looking for some contacts within the area that I can bounce my ideas off of as well or help out if they need some help.

     Good luck !!

  • Member since 2019 · 2 posts · 0 votes
    6y

    HI Charlie! 

    You asked for "some tips, or ideas, or things we would have done." Here you go:

    1. Keep it up! You are already doing some good things, like reaching out for advice from others. Just be careful WHO you get your advise from. If they are not already successful at exactly the things you want to learn, simply acknowledge their comments and move on. 

    2. Most important thing I can tell you: Don't work for money! Sound familiar? Get paid to learn. Look for a "job" with an investor who will pay you to do the legwork. someone who is already successfully doing what you want to do. This person would be looking to hire because they know their time is better spent working ON their business, versus IN their business. In other words, spent growing their business VS managing the business they already have. This is the difference between being a true entrepreneur and a technician. You'll learn more about this as you go. For now, get paid to learn so you can accelerate your growth, cut the learning curve and put yourself in a position to give back sooner and bigger than you ever imagined. 

    Go get em!


    Jeff Gamby

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