New investor in south west Ohio

Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes

So I’m 18 years old and am looking to start really diving into real estate investing. I have taken time while on quarantine to learn as much information as I can about the proper steps a beginner should take to begin real estate investing. I have a plan loosely in place but would definitely prefer to run it by a few investors and see what they feel my first steps should be. Any advice or any good information you wish you had known early on I would love to hear!

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Zachary Elliott

Real Estate Agent · Burlington, KY · Member since 2018 · 207 posts · 232 votes

@Kevn Wolf Welcome to BP. My best advice is to never stop learning. I started investing in RE in Northern Kentucky about 4 years ago and I've learned SO MUCH since then. Your house hacking idea is a great one, as is will help you to both cut expenses and add to your savings as well.

Another thing that has been immensely helpful for me is understanding how much peace is brought by having a reserve in place. Your house hacking situation can help you to quickly build a reserve of cash in the event that something bad happens. While each property is going to be different, you should set aside a percentage of your gross income on the property for vacancy, capital expenditures and maintenance. That way, when an A/C unit breaks or you have to replace the roof, you've already budgeted for that.

I've previously heard David Greene (on the BP podcast) talk about how starting out in RE is like getting a huge train moving. In the beginning, the progress feels slow but you are working extra hard to get a really large piece of machinery moving. Once you've had an opportunity to get moving though, you'll be hard to stop.

Getting money for your first down payment might take some time and effort and saving money for your reserves might be the same way. But if you put in this hard work now, you can save yourself a lot of headache later by being prepared.

Feel free to DM me if you have any questions. Good luck in your investments!

- Zac.

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Account Closed
Kingsland, TX · Member since 2018 · 164 posts · 86 votes
6y
Hey, @Kevn Wolf! Welcome to BiggerPockets. How did you learn about BiggerPockets? I am curious about what your plan is. Do you know what kind of strategy you are interested in?
1 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
Hey, @Lauren Juarez! I heard about biggerpockets from my uncle here about a week ago. My dad and uncle are both learning about real estate as well. As far as my plan I should probably give a little background on myself. I’m still in high school and will be graduating here in the coming months. I’m also going to be beginning college at Miami University here this fall to go into Marketing. I currently work at Starbucks and have a job interview lined up at Home Depot to hopefully be picking up a second job. Ideally I would like to purchase a duplex property and rent out one side whilst I live in the other. While I’m living there I would be fixing up the side I am living on and trying to add to the value of that door. Then I would rent out the side I worked on and once the other door becomes open I will move in to that vacant door and continue to work adding value. Now once I have that side fixed to my standards—depending on where I’m at in my college career— If I am still in college I would move back in with my parents, or if I have graduated college I would go and acquire another property, a duplex or even maybe a 4-unit, that I would live in and rent out other units once again. Most of my issues is the money aspect considering I’m 18 I don’t have an established credit so I think my best option would be to find a hard money lender to fund my first duplex. What are your thoughts on this?
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Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Matthew Lopez Thank you!!
0 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Kevn Wolf:
So I’m 18 years old and am looking to start really diving into real estate investing. I have taken time while on quarantine to learn as much information as I can about the proper steps a beginner should take to begin real estate investing. I have a plan loosely in place but would definitely prefer to run it by a few investors and see what they feel my first steps should be. Any advice or any good information you wish you had known early on I would love to hear!

Welcome! Ask as many questions as possible. I started off when I was 22 here in Columbus, Ohio. I now have 24 doors!
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
2 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Remington Lyman Thank you! Having 24 doors is just a goal of mine right now! Do you invest only in Columbus or do you branch out around Ohio?
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Kevn Wolf:
@Remington Lyman Thank you! Having 24 doors is just a goal of mine right now! Do you invest only in Columbus or do you branch out around Ohio?

I will probably start to move into other parts of Ohio. I need to start finding bigger deals.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
0 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Remington Lyman I see. I noticed that in your description it says “house hacked” that’s a term that I’m unfamiliar with. What does that mean?
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Kevn Wolf:
@Remington Lyman I see. I noticed that in your description it says “house hacked” that’s a term that I’m unfamiliar with. What does that mean?

House hacking is a great real estate investment strategy when owning multi-family rental properties. House hacking is when you live in one of the multiple units of your investment property as your primary residence, and have renters from the other units pay your mortgage and expenses.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
1 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Remington Lyman That’s essentially what my plan was I just didn’t actually know there was a formal term. Thank you!! Do you have any advice or tips that might help me throughout that process? I’ve heard it can be difficult to live in the same building as your tenants as well. Have you had any bad experiences living with your tenants?
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Kevn Wolf:
@Remington Lyman That’s essentially what my plan was I just didn’t actually know there was a formal term. Thank you!! Do you have any advice or tips that might help me throughout that process? I’ve heard it can be difficult to live in the same building as your tenants as well. Have you had any bad experiences living with your tenants?

No but I lived in a B class neighborhood
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
0 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Remington Lyman Thank you for your time! Your information is much appreciated!!
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Kevn Wolf:
@Remington Lyman Thank you for your time! Your information is much appreciated!!

No problem!
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
Website View Page
0 Reply
Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
That's great @Kevn Wolf, I would suggest trying to find an internship or mentor that you can learn from and of course continue to ask questions and be active on BP!
0 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Zeke Liston Thank you for the input!! What would be the best way to find a mentor like that? I have heard about how I would need to bring value to them obviously and I feel that I could by finding deals or crunching some numbers for them. I just don’t really know where to go to find something like that.
0 Reply
Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
Are there any local meetups in your area? If so, I would go to some of those and start talking to people. I would also try and find some Facebook investing groups and connect with people that way @Kevn Wolf!
0 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Zeke Liston Once again thank you!! Those are both great ideas. I appreciate you taking your time to help me!
1 Reply
Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
Of course, best of luck @Kevn Wolf, let me know if you're ever in the Columbus area!
1 Reply
Zachary Elliott
Real Estate Agent · Burlington, KY · Member since 2018 · 207 posts · 232 votes
6y
@Kevn Wolf Welcome to BP. My best advice is to never stop learning. I started investing in RE in Northern Kentucky about 4 years ago and I've learned SO MUCH since then. Your house hacking idea is a great one, as is will help you to both cut expenses and add to your savings as well.
Another thing that has been immensely helpful for me is understanding how much peace is brought by having a reserve in place. Your house hacking situation can help you to quickly build a reserve of cash in the event that something bad happens. While each property is going to be different, you should set aside a percentage of your gross income on the property for vacancy, capital expenditures and maintenance. That way, when an A/C unit breaks or you have to replace the roof, you've already budgeted for that.
I've previously heard David Greene (on the BP podcast) talk about how starting out in RE is like getting a huge train moving. In the beginning, the progress feels slow but you are working extra hard to get a really large piece of machinery moving. Once you've had an opportunity to get moving though, you'll be hard to stop.
Getting money for your first down payment might take some time and effort and saving money for your reserves might be the same way. But if you put in this hard work now, you can save yourself a lot of headache later by being prepared.
Feel free to DM me if you have any questions. Good luck in your investments!
- Zac.
2 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Zachary Elliott Thank you for taking time to help me out! That advice was great and definitely helps me fill in parts of my plan! Especially building a reserve that’s a very good idea that I hadn’t given a ton of that at this point. Also the train analogy was a great one and I’ll probably start using that to describe real estate to family and friends that don’t understand much about it!!
0 Reply
Jerome Ratliff
Palatine, IL · Member since 2020 · 5 posts · 5 votes
6y
@Kevn Wolf welcome to BP community. You’re in good hands here. A lot of great resources here!
1 Reply
William Alonso
Real Estate Agent · Columbus, OH · Member since 2016 · 42 posts · 37 votes
6y
Hey Kevn,
Congrats on moving into the world of Real Estate Investing. I spent most of my career as a Mortgage Consultant working for companies like JPMorgan and Huntington. I wish I would have started at your age and made it a career at that point. With that said, I think you're on the right track already. I would recommend reading one or two of the BP Investing books as a starting point as they are extremely helpful. From there, taking action is the toughest challenge for most people.
Good luck sir!
1 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Jerome Ratliff Thank you I’m loving it already!!
0 Reply
Ivan Maldonado
Rental Property Investor · NJ · Member since 2020 · 35 posts · 17 votes
6y
@Kevn Wolf
Hey brother! I don’t have much insight for you but we’re a bit on the same boat. I’m 21 and actually in the miami area, starting up my “real estate empire” as well. Best of luck man, only advice I guess I can give is don’t ever get discouraged!
1 Reply
Kevn Wolf
OP
Rental Property Investor · Cincinnati, OH · Member since 2020 · 27 posts · 15 votes
6y
@Ivan Maldonado appreciate you reaching out man! I’m glad to see someone else starting early! If you ever want to know any information about the market in Ohio or anything just send me a message!!
0 Reply
Account Closed
Kingsland, TX · Member since 2018 · 164 posts · 86 votes
6y
Sounds like a good plan @Kevn Wolf! I have a friend who closed on his first property (a duplex) a few months ago, and he is doing exactly what you plan to do. Best of luck!
1 Reply

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