Newbie from NE Ohio
Chagrin Falls, OH · Member since 2016 · 14 posts · 3 votes
Hi All-
So happy to have found this site. I am enjoying beginning to build my understanding of Real Estate investing and look forward to using the resources on this site. The podcasts have been so educational and inspiring- I am trying to take the advice of many and "take a deep breath and do your homework" before jumping into anything. I am just beginning to understand the possibilities but my initial interest is in buy and hold properties in the NE Ohio area.
Curious to hear how some of you have engaged your partners/spouses to share your excitement/interest in Real Estate-
Thanks in advance for the opportunities to learn!
Hi Michelle ... I work with my hubby ...but we are very different people with different strengths and weakness but together form a better partnership...I guess that its important to share with ones partner but let them do the things they do best and you do the same...gives everyone a scene of accomplishment and make for a strong partnership... want to chat more give me a call >>.we do a lot of work in Ohio it is a wonderful place to invest
Hi Michelle ... I work with my hubby ...but we are very different people with different strengths and weakness but together form a better partnership...I guess that its important to share with ones partner but let them do the things they do best and you do the same...gives everyone a scene of accomplishment and make for a strong partnership... want to chat more give me a call >>.we do a lot of work in Ohio it is a wonderful place to invest
Thanks for the reply Linda- I am getting excited to share what I have been learning and really see this as an option to explore to give us a bit more flexibility and earning power. Looking forward to connecting to the broader community.
@Linda Labbe- Linda- any advice on getting more responses to posts?
not sure but feel free to call me
@Michelle Tucker welcome to BP! Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche. Best of luck!
thanks both! I am listening and reading all I can and getting a better sense of what we would be interested in. Will join our local REIA as well to begin networking.
I have a great job and want to continue to work full time and use REal Estate as a supplement and to build wealth for the future through buy and hold rentals.
I would like to start to model scenarios to get practice working the numbers- what source would you suggest I use to get a starting point for estimated rents in a specific area? I am looking at Zillow but imagine there are better sources. Thanks again!
@Michelle Tucker, welcome to the group. I am originally from the NE Ohio area and most of my family still live there right outside of Youngstown. My wife and I run our Investment business together. I handle all of the property management aspects and she handles all of the financial aspects. Her strength is management & finance and mine is management and construction/maintenance. We both have good people skills which helps as well. So far in the 4 years since we started this business it has worked out great.
Ayodeji is right, read, read, read and educate yourself as much as possible. And make sure you do your Due Diligence. Taking the leap is scary and hard, but it must be done to move ahead. I promise it gets less scary and a lot more easy as you continue to do it.
@RobertWodogaza-
Thanks for the feedback- We are just getting started and have been speaking alot about the potential for this way of investing. We have just moved back from being overseas and on the east coast and really enjoying being back in the area. Thanks for the encouragement!
Welcome @Michelle Tucker. I'm from Cincinnati here. As to your question about getting hubby on board, perhaps the best way is to start with dreams and goals. Maybe your dream/goal is to take a trip to China for a month. Well most people don't have a month to take off for work. But if you can be financially independent, then we can work anytime we want rather than be tied to a company. Well how can we get there? Start talking about real estate and the returns and the passive nature of rental property or notes or whatever.
Brian
Hi All-
So happy to have found this site. I am enjoying beginning to build my understanding of Real Estate investing and look forward to using the resources on this site. The podcasts have been so educational and inspiring- I am trying to take the advice of many and "take a deep breath and do your homework" before jumping into anything. I am just beginning to understand the possibilities but my initial interest is in buy and hold properties in the NE Ohio area.
Curious to hear how some of you have engaged your partners/spouses to share your excitement/interest in Real Estate-
Thanks in advance for the opportunities to learn!
Hello!
Welcome to BP! It's always great to see another Ohioan on here! As you know the market here is prime for investing! I hope you find all of the information you are looking for on here.
Please send me a message if you have any questions.
Thank you both for the input- @Brian- we are definitely thinking in those terms- We love our professions but have seen how fickle industry can be and we both ideally want more control to be able to help support our parents and children in the future. What type of investing do you do? Any words of advice for getting started?
@Tom- Thank you for your post- In your opinion what is making Ohio so interesting for investors? Is there a particular focus for you? ( have to figure out how to pm people :) )
@Michelle Tucker. Currently I do 3/1 to 4/2 SFHs that are in the ARV $100-140k range. I am looking for income generating properties and short term plan to build up to $10k/month in gross rents. After that, I'll shift into other areas(notes, multi-family, etc).
As for advice, first I'd make sure that you are out of debt except mortgage debts. Others here may disagree with that, but having a $35k car payment for example, when you can buy a house for $35k seems a waste of resources to me. Same thing about paying large amounts to credit card companies. So, get your house in order if it isn't already. There is nothing like mortgaging up to the max and having a bunch of other debts and then having your rental go vacant for 4 months because you have a troubled eviction and damage.
If that's not applicable, then I'd start looking for some team members to help out. Find a good contractor unless you can do the work yourself. If you plan on starting with one property at a time, doing some of the work yourself can help cut costs. But ultimately once you get it going, you'll want a team of people doing the work so you can focus on the deals.
Also, it might help to figure out what part of real estate investing you want to do. Are you wanting to flip houses? Buy/Hold/Rent them? Take a more passive approach by owning mortgage notes and not deal with the property itself and just cash checks?
And finally, read a lot. Read the forums and blogs for 50 hours before you think about making a deal. Listen to the podcasts while you go to and from work. Educate yourself. If you have time on Sundays, spend the next 4 weeks visiting a bunch of open houses in the areas you might consider buying. See what's marketed for sale without wasting a real estate agent's time showing you houses until you're serious. This will help you see what you can do to your properties as these will most likely be finished products. Unless you're going the turn key route, this isn't what you'd be buying, but envisioning what you can do to the mess you are considering buying can be helpful. And you might make a few contacts(agents doing the open houses) in the mean time.
Good Luck.
Brian
@Brian- thank you again- I am proud to say after much work my husband and I are debt free with the exception of our house- I really appreciate you taking the time to give your thoughts- I will take it on board and definitely move slowly- thanks again! All the best again!
Michelle
Welcome to Bigger Pockets.
Thanks @Mark Nolan
@Michelle Tucker listen to get rich education podcast #9 and learn how powerful your house is!!!!
I am from the east coast and just ran through Columbus, Dayton, Toledo, and Akron this past weekend. We own a property in each city. We acquired these through purchasing the mortgage notes. There are so many ways to get into the game. We are actually taking a hard look at one of the cities and have contractors and realtors there. Let me know how I can help?
@Michelle Tucker Welcome to BP.
In regards to estimating rents, don't make it more complicated than it is. Think like a person who is looking to rent the property that you are looking at, where would they look? You can use rentometer.com, which aggregates data, but I would just look on craigslist. Sometimes nicer properties are listed on the MLS, if the landlord is using a real estate agent to place a tenant.
See what examples are out there and adjust accordingly.
Welcome to the site @Michelle Tucker
welcome michelle. Which REIA are you looking into joining? I am dragging my feet but need to do it soon. Chagrin Falls is such a nice town! I drive by the area often; I volunteer at fieldstone farm in Bainbridge every Tuesday. My girlfriend grew up in Newbury so we are out there often as well. There is a really nice 3 unit that just popped up a few weeks ago in downtown CF but it is a little rich for the numbers I will be looking to hit when I buy a multi to move into. I will be licensed by the end of the year so keep in touch!
@Michelle Tucker Welcome to BP! Glad to hear you are hitting the ground running! I think you've already gotten some great responses here, especially from @Brian Pleshek. My advice for new RE investors is, of course, read read read. But also, take step back once you get an idea of the vast number of options and whittle them down by considering a few key factors: risk, time and control.
It's fantastic that you guys are out of debt, so you're ahead of a lot of people there. Now consider how much debt you are willing to take on for a first investment. While a successful RE investment pays for itself (either by tenants paying down your mortgage or by selling for a premium) taking on thousands of dollars of debt can be one of the biggest mental hurdles for new investors. Consider where your comfort level is at.
Same goes for time and energy - how much are you and your husband realistically able and willing to give to an investment after its made? If the answer is 'not a lot' either because you can't devote time due to work or just don't want to handle stuff on your own like construction, tenant vetting, maintenance issues, etc., then more hands-on options may not be for you. Flipping, wholesaling, or self-managing rentals is a huge amount of work, even if you hire people to do things for you, you have to manage that team. If weekly or daily interaction with your investment doesn't appeal to you, these options may not be a good fit.
On the flip side, if you guys won't feel comfortable without being to lay eyes on your investment regularly, manage construction, or choose who lives there, then passive options like turnkey or any out of state investment likely won't be a good fit, at least for now.
There are a million ways to do REI, and you don't have to pick just one, and you don't have to stick with what you choose now forever. So consider what your comfort level is at, what you can realistically handle and eliminate the REI options that do not meet those criteria. This will help you cut down the amount of research you need to do and help you avoid getting paralyzed by the limitless potential of REI. Once you get your feet wet and learn more, reassess and see if your goals and needs have shifted.
Best of luck in your new adventure. If you have any questions about turnkey or the Birmingham market, feel free to reach out any time.
Clayton
Hi All-
So happy to have found this site. I am enjoying beginning to build my understanding of Real Estate investing and look forward to using the resources on this site. The podcasts have been so educational and inspiring- I am trying to take the advice of many and "take a deep breath and do your homework" before jumping into anything. I am just beginning to understand the possibilities but my initial interest is in buy and hold properties in the NE Ohio area.
Curious to hear how some of you have engaged your partners/spouses to share your excitement/interest in Real Estate-
Thanks in advance for the opportunities to learn!
Hi Michelle, there really is a lot of resources on this site. I am glad you found it, and the podcasts are great too.
I am doing some flips and wholesales (I also have three rentals there) in NE Ohio area as well and would love to connect with you if you need anything (a buyer, properties, or whatever).
There are two schools of thought:
1) Just start
2) Do your homework first
although I think it's great to have some education prior to investing, I also believe that people can get to caught up in it and never do a deal. Find the balance you need so that you can get started soon, but you'll not get caught with your pants down, so to speak.
Good luck!
Adam Adams
Hi All-
So happy to have found this site. I am enjoying beginning to build my understanding of Real Estate investing and look forward to using the resources on this site. The podcasts have been so educational and inspiring- I am trying to take the advice of many and "take a deep breath and do your homework" before jumping into anything. I am just beginning to understand the possibilities but my initial interest is in buy and hold properties in the NE Ohio area.
Curious to hear how some of you have engaged your partners/spouses to share your excitement/interest in Real Estate-
Thanks in advance for the opportunities to learn!
Michelle I would simply start off with a property in a neighborhood you are familiar with. Stay close to Chagrin Falls and don't swing for the fences and try to buy a high risk/high reward property. Just pick up a small single or double in a suburb near Chagrin falls and work yourself through the process. If you have a small portfolio is a nice area you typically end up with good tenants and it's really not that difficult of a job. Just do proper screening and insure your tenants are on a lease. Set your ground rules and stick to them.
Good luck & feel free to reach out if you need any tips & tricks or best practices etc.
Hi Michelle,
Welcome!! I'm a newbie myself. I flipped some personal residences a few years back and enjoyed it. We moved to Chardon last winter and I decided to try RE investing as a business. I'm on my second flip and it's going well. There is a lot to learn, so read, listen, ask questions and see if you can find a seasoned investor who'll let you tag along, or take out for coffee. Networking is really important because every RE deal has LOTS of components and people involved. Join RE groups. And not that I'm any position to give advice, but in my short year I've watched some fellow investors get into trouble with some properties. The two biggest mistakes were not doing their due diligence on every aspect of the deal, and LOCATION. As the saying goes, you can put lipstick on a pig, but it's still a pig. If you ever want to chat or meet for coffee I'm here! Good luck to you!
Thanks to all- Had to focus quite a bit on the other job so apologies for the delay in response- I appreciate all the thoughts and am continuing to listen daily to the podcasts and getting my head around the foundation needed for that "first deal".
@Jeff Brower, I was thinking of joining the Great Lakes REIA but the meeting this month is on my 20th anniversary.. which would likely be a bad move- I will look into the timing for the November meet up- Curious where you found the multiunit in CF- Do you use the MLS? From the podcasts I am getting the sense that the MLS isnt where true deals are. Do you agree?
@Clayton Mobley- I absolutely agree- I appreciate all of the feedback- Right now we have alot going on but are really interested in the concept of buy and hold. Thats likely as deep as we can go right now with parents and two small children and full time jobs to manage.
@Adam Adams- I would love to hear about your experiences with NE Ohio- Has you found your deals mainly through wholesalers or through more traditional routes? This is what I find a bit confusing -
Thanks @James Wise- I appreciate the perspective. I have seen that you have properties in Lakewood as well. I have always loved that area and may be interested in looking in that direction as well.
@Susan Parker We are right around the corner from you in Chesterland. I would love to connect if you have time to hear more about your experiences- I am not familiar with the PM function but will try to figure it out to see if we can coordinate a time that is convenient.
Thanks again BP community- I have never participated in a forum before so this is quite a new experience- Thank you for helping me feel welcome
@Michelle Tucker I also researched a little and the great lakes reia seems like the closest. I will probably join soon, meetings are in independence which isn't too far. That multi is on the MLS. You can find it on Zillow, it is right downtown. A 3 story triplex for 419k. I somewhat agree with your statement on the mls and deals, but I keep my eye on it. I have an auto search set up by my current agent buddy that emails me all new listings that fit my criteria. Hopefully a good 3-4 unit local deal will hit soon so that I can pounce. Happy anniversary btw!