Newbie from NE Ohio (Cleveland/Youngstown)

Newbie from NE Ohio (Cleveland/Youngstown)

Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes

Hello! My name is Nicole. I currently live in Cleveland, Ohio where I rent out bedrooms in my primary residence. I've also worked as a property accountant for a REIT for the past two year.

My main goal is financial independence. When I told people I was going to open my home to strangers, they thought I was crazy. I love telling people that I don't pay my mortgage--who's crazy now?? I love being a landlord and would like to do it full-time. I've been renting for over a year now, and it's been smooth sailing. 

When I tell people I want to be a full-time landlord, I'm still constantly told what a terrible idea it is. I found BP when doing research on Reddit regarding renting out my spare bedrooms, and I am so glad I did, because I know my goals are not crazy, and now I have proof! 

I'm still working on a strategy and am building my savings for a down payment. I'm aiming to obtain my first property within the next 6-9 months. I'm undecided on location (Youngstown or Cleveland) and type of property (single-family unit or multi-family). In the meantime, I've been really getting into the podcasts (just finished episode 11). I am loving BP and can't wait to start mingling with you all in the forums. Happy Wednesday!

-N

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Real Estate Broker · Cleveland, OH · Member since 2015 · 255 posts · 248 votes
9y

Welcome to the site @Nicole Heasley Beitenman . I would recommend Cleveland to anyone looking cash flow, but I'm biased of course. Good luck!

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  • Real Estate Broker · Cleveland, OH · Member since 2015 · 255 posts · 248 votes
    9y

    Welcome to the site @Nicole Heasley Beitenman . I would recommend Cleveland to anyone looking cash flow, but I'm biased of course. Good luck!

  • Flipper/Rehabber · Cleveland, OH · Member since 2016 · 33 posts · 17 votes
    9y

    Hey @Nicole Heasley Beitenman, welcome to BP! It's nice to hear that others are starting out in RE by house-hacking (aka living for free by renting out your rooms). I actually did the same thing, and like you...everyone thought buying a house was insane (I'm only 23 so my parents went nuts) but once again like you, it worked out in my benefit because now I actually earn a little bit after all my housing expenses by renting out two of the rooms.

    I'm a newbie like you learning all I can, BP is an amazing resource and I highly recommend it to anyone. I'm also looking for properties to invest into in the CLE market as it is awesome for cash-flowing rentals. I would love to chat further and hear more about what you are looking to do!

  • Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y
    Nicole Heasley looking at Cleveland from an out of state investor perspective, I think it has a lot to offer as long as you do your due diligence
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Nicole Heasley Beitenman, welcome to the site! It's great to have you here.

    BiggerPockets
  • Investor · Boerne, TX · Member since 2015 · 139 posts · 71 votes
    9y

    Welcome Nicole! I wish I had done what you are doing way back when I bought my first house. Sounds like you have a great plan and I would encourage you to keep saving for that DP. If it were me, I might try buying a tri or quad, move into one unit, rent out the rest and then rent the entire current primary home. That way, you can get in with more favorable terms since it will now be your primary residence.

    Good luck and I look forward to seeing more of your success stories on BP in the future

  • Real Estate Investor · Oshawa, Ontario · Member since 2016 · 36 posts · 22 votes
    9y

    Hi @Nicole Heasley Beitenman welcome to BP from sunny Youngstown Ohio!

  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    @Jad Boudiab I do love Cleveland. I don't think I'd ever have vacancies if I invested here. When my first roommate moved out, I had a replacement ready to move in the next day. 

    On the other hand, real estate is cheaper in Youngstown, so I'd be able to buy something quicker (and I'm so impatient to get started!). It's my hometown, and most of my dad's friends are contractors, handymen, plumbers, etc., so I have more resources there.

  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    @Caleb Heimsoth There's a true renaissance happening here. It's awesome to be a part of it. 

  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    @Steven Gillmer It's an option I'm considering. If I manage to find the right deal, I'll be on it!

  • Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    9y
    Originally posted by @Nicole Heasley Beitenman:

    Hello! My name is Nicole. I currently live in Cleveland, Ohio where I rent out bedrooms in my primary residence. I've also worked as a property accountant for a REIT for the past two year.

    My main goal is financial independence. When I told people I was going to open my home to strangers, they thought I was crazy. I love telling people that I don't pay my mortgage--who's crazy now?? I love being a landlord and would like to do it full-time. I've been renting for over a year now, and it's been smooth sailing. 

    When I tell people I want to be a full-time landlord, I'm still constantly told what a terrible idea it is. I found BP when doing research on Reddit regarding renting out my spare bedrooms, and I am so glad I did, because I know my goals are not crazy, and now I have proof! 

    I'm still working on a strategy and am building my savings for a down payment. I'm aiming to obtain my first property within the next 6-9 months. I'm undecided on location (Youngstown or Cleveland) and type of property (single-family unit or multi-family). In the meantime, I've been really getting into the podcasts (just finished episode 11). I am loving BP and can't wait to start mingling with you all in the forums. Happy Wednesday!

    -N

    Hello and welcome! Always nice to have another Ohioan here! I am based in Cleveland, but I am very familiar with Youngstown.

    Good luck!

  • Real Estate Broker · Cleveland, OH · Member since 2012 · 771 posts · 252 votes
    9y
  • Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
    9y

    Welcome to BP! I wish I could spend more time on the ground in Cleveland to see the renaissance happen live. That's awesome you've got a team already forming with your contractors. Just make sure you don't get too eager and buy on the wrong block! the right deal will come along :)

  • Rental Property Investor · Orlando, FL · Member since 2016 · 463 posts · 220 votes
    9y

    @Nicole Heasley Beitenman @Caleb Heimsoth

    Nice to see Youngstown-area investors on here! When I fist joined BP last year there was no one.... I'd love to get together to chat real estate sometime. I invest in Cleveland and don't know much about the market in and around Youngstown, although I am close. Shoot me a PM if you are interested!

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    9y
  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    @Ryan Evans I'm still a good 6-9 months, at the very least, away from being able to afford my first true investment property, so I won't be jumping into anything too soon!

  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    @Account Closed PM'ing you now!

  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    9y

    Hey @Nicole Heasley Beitenman welcome to BP...always open to strategize about Central Ohio if that's where your research guides you!

    Realize Multifamily Group11 Review
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  • Real Estate Investor · Lakewood, OH · Member since 2017 · 39 posts · 9 votes
    9y
    Welcome to Cleveland. I too am a newbie to investing and am looking at the Cleveland market. Good luck. Colleen
  • Vendor · Cleveland, OH · Member since 2016 · 24 posts · 9 votes
    9y

    Welcome to BP! Ohio is a great market, although the prices are too high at moment for my opinion,  and should go down by the end of the summer. i will recommend to wait a little longer. 

    Tons of luck!

  • Rental Property Investor · Orlando, FL · Member since 2016 · 463 posts · 220 votes
    9y
    Originally posted by @Nicole Heasley Beitenman:

    @Account Closed PM'ing you now!

     Hey Nicole.... Didn't get a PM, but am still interested in connecting!

  • Investor · Cleveland, OH · Member since 2017 · 3 posts · 1 vote
    9y
    Hi Nicole, I am also a newbie to BiggerPockets. I also love the Podcasts. Great information that classes don't teach.
  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    @Account Closed I tried PM'ing you, but I believe I cannot do so unless we are colleagues, so I sent you a request. My apologies--I am still figuring out the mechanics of the site. 

  • Co-Owner · New Berlin, WI · Member since 2017 · 224 posts · 71 votes
    9y

    @Nicole Heasley Beitenman Do you know how much you are trying to save for a down payment? The amount needed will be dictated by the type of purchase and how many units. Purchase types can be one of the following...primary residence, investment, second home. From there you have 1 unit, 2 unit, 3 unit, 4 unit. Required minimum $ down is all over the board. As low as 0% and as high as 25% for the minimum. If it is a primary residence you will be subjecting yourself to lower down payments. Even on an investment purchase, SFR only requires 15%. SFR primary residence can be 0%.

  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    9y

    My goal was $20k assuming the purchase price will be around $60k. That would leave some over for incidentals like closing costs, repairs, and a small emergency fund. Unfortunately, you can't find a well-maintained 4-plex for $60k even in northeast Ohio, so if I do go the multifamily route, I'll have to take the extra time to save up more. 

    I love learning about RE. I can read these forum threads and listen to BP podcasts all day. The problem is that the more I learn about real estate, the more opportunities I learn about. The more opportunities I learn about, the more confused I become about how I want to pursue RE investment. 

  • Rental Property Investor · Westlake Village, CA · Member since 2015 · 35 posts · 11 votes
    9y

    Hello Nicole,

    We should talk! I have been investing in the greater Youngstown area since 2009 and have had great success doing so! My rental income allowed me to quit my full time job in June 2015! I highly recommend that you make it out to The San Francisco/Oakland RE Summit and educate yourself and start networking!!! Thats what I plan on doing as well...I'll be there!

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