Newbie-Trying to learn the ropes from Cleveland, Ohio

Newbie-Trying to learn the ropes from Cleveland, Ohio

Investor · Cleveland, OH · Member since 2014 · 55 posts · 48 votes

Hi All,

My name is Mike and I'm from the Tremont Area of Cleveland, Ohio. I came to this site with hopes to learn as much as I can, and when the time is right, both financially and personally start investing in Real Estate. I am a total newb, as the only Real Estate experience I have is buying a home of my own and working with a contractor to do a significant renovation. 

I feel that Cleveland is starting to turn the corner from up and coming to full blown resurrected rust belt city. I want to be a part of that resurgence in whatever small way I can. I am particularly interested in up and coming neighborhoods, like those of Tremont, OHC, Detroit Shoreway, Edgewater, Slavic Village, and North Collinwood. Currently, I am starting to save up a down payment and really learn as much as I can about REI and the markets that I am interested in.

My ultimate goal in getting into this is to "retire" by 45, and by "retire" I mean to be not reliant on a 9-5 in the corporate world for my income. Whether I actually retire and stop working a 9-5 would be completely up to me at this point. My less loftier goal is just to be less dependent on the corporate world for income. I am almost 28 and I have spent the last 5 years working in a few different jobs, all of which I have never really fallen in love with nor had a passion for. I want to be able to pursue my passions in life, and it is yet to be seen if I will find that in the corporate world, but I do feel that REI can be one avenue to follow my passion for real estate and give me flexibility to pursue my passions for fly fishing, snowboarding, and spending time with my family.

I wish you all the best in whatever endeavors you are pursuing and I hope to posting here regularly as I start learning and investing.

Thanks,

Mike

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  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    @Mike Trzaska 

    welcome to the site.

    Cleveland is on the up swing!

  • Isaac RowePro Member
    Rental Property Investor · Cleveland, OH · Member since 2014 · 214 posts · 86 votes
    11y

    @Mike Trzaska 

    Welcome to the site!  You have come to the right place to learn!  

  • Real Estate Broker · Cleveland, OH · Member since 2012 · 771 posts · 252 votes
    11y

    @Mike Trzaska 

    Welcome to B.P.

    Read the articles and forum posts and ask plenty of questions. There's tons of great information to be had and local contacts to be made here on the forums. 

    We're fortunate we happen to live in the midwest. If investment property is your angle, people from all over the country would kill for the rent : price rations we see here in Cleveland. Many of my clients live in much more expensive areas of the country but invest here remotely in effort to find higher returns.

    Best of luck to you,

    Tim

  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    11y

    Welcome @Mike Trzaska! This is s great site to learn. There are a lot of great connections to make here! 

  • Lender · Anchorage, AK & USA · Member since 2014 · 57 posts · 16 votes
    11y

    Welcome Mike!  you found the right place to learn.

  • Investor · Cleveland, OH · Member since 2014 · 55 posts · 48 votes
    11y

    Thanks for the welcome @Jerry Padilla @Account Closed .

    Right now I am just going through the strategy for learning the ropes that most of the experts here have laid out: Books, Podcasts, Forums, etc. I hope to be investing in the next year and was thinking about starting my first deal with a partner, either a close friend or my brother. Anyone have any thoughts on doing a deal with a partner that you have a personal relationship with?

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    I run my entire company with a partner.

    Lean on your partner. Choose a partner who's strengths & weaknesses balance out yours.

  • Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    11y

    @Mike Trzaska my partner is my best friend and wife. It can be stressful and rewarding having a partner. I so know other people that have had sibling and friend partnerships and it works. I have also seen it break up friendships. We almost bought a house from a partnership that was breaking up and my brother in law went in with a close friend and ended up doing all the work. It just has to be a very very trusting relationship. 

  • Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
    11y

    @Mike Trzaska Welcome. Partnerships can be very helpful in the beginning when your knowledge base is lacking, cash is lighter and you don't have systems or experience yet to handle the time commitment.

    You have found a great resource here.

  • Investor · Cleveland, OH · Member since 2014 · 41 posts · 10 votes
    11y

    Welcome, @Mike Trzaska 

    I wish you all the success you can handle!  Rest assured that having a goal of being in the financial situation you described at 45 is not too lofty at all.  At 28, keep that vision clear in your mind every day and remember there are a million ways to get there.

    Good luck!

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