Selling Primary Residence to reinvest

[Brooke Roundy]

Hello BP Community! I am a new-ish real estate investor (on and off BP but finally ready to connect with this awesome community) with one 4-unit property out of state in Cleveland, Ohio purchased in 2021 that has a cash-on-cash return over 30% with the changes I've made (rent increases, conversion LTRs to STR/MTR). I did this with minimal knowledge so there was a large dose of luck and timing, lots of hard work.

 I live in one of the highest cost markets in the nation, and recently lost insurance coverage and now have the California FAIR plan (yay). For that and a few other reasons we are selling. Likely to remain here and rent (reducing our housing costs by 50%!) but I've strongly considered moving to Cleveland and house hack for a year, the book almost writes itself, but it's difficult moving middle school kids around for RE dreams.

I plan to take the equity and purchase more properties in northeast Ohio focusing on MTR/STR strategy, but I've had my eye on other areas great for MTR sticking with that strategy. I have a realtor and have a strong addiction to MLS listings, but I keep reading about finding great deals off-market and I've been learning more about "creative" real estate. What are some great ways to find the juicy off-market deals? Networking I know is key and I need more of that, is that really the secret?

Like many here, I love real estate investing and while I'm sad to sell my primary residence and go back to apartment living, I'm so excited to build my portfolio and long term wealth. 

Does anyone have a similar story? I'd love to hear about it!

[Drew Sygit]

Why can't you just spend 1 week a month in Cleveland and maximize your time there building your network & market knowledge?

That's really all it would take!

A word of caution starting out with Wholesalers - 90%+ of them are WORTHLESS!!!
Their goal is to make as much money as possible.
Have seen some trying to markup and sell MLS listings as wholesale "deals"!
Always due your own due diligence. Especially, on their claimed ARV and rehab estimates.