Hello! My name is Geoff and I am in research mode on real estate investing. I live outside of Akron, OH and I have been reading and wanting to get into rentals for some time but due to life I never was able to pull the trigger. I’m in a better place now financially and just starting to save to buy my first property. Any good advice for a newbie without a lot of cash yet in Ohio?
Welcome from Akron - it is one of the right places to be when you don't have a lot of money to invest. Before you pull the trigger on anything, make sure you do your due diligence in researching the area. I remember when I first moved here and was looking for a place to rent, I went to this apartment building where the property manager ditched the appointment. We found a maintenance guy who was then instructed by the manager to give a tour... Low and behold, he started showing rooms that had cockroaches and bugs all over. Not just one apartment - several apartments (I didn't think it was possible for someone to think it was okay to show a property like that, especially when they knew there were bugs in it). So, be mindful of the area you are even looking at in the first place. I'd get a printout map and start doing drives to see which areas/neighborhoods are worth your attention. If you find an area you like, make sure to take a second look - the neighbors can be a nuisance or detrimental to your investment.
I'd suggest signing up for the Holton-Wise mailing list. They primarily show properties in the Cleveland area, but that is only like 40 minutes away from Akron, so it is worth checking out, especially when the listings they show are budget friendly. (just to clarify - I've never done business with them or have any relation to them, I just like the mailing list because it keeps me informed) http://www.holtonwisepropertygroup.com/ I think being on the mailing list keeps you in a searching mode, where you are always going to be looking at properties, so that is helpful to stay involved.
I think I'd also keep an eye out for Community Legal Aid Services, Inc. They are a nonprofit law firm geared towards assisting lower income people, but they also do presentations for landlords on how to avoid fair housing claims and other topics. These are the kinds of presentations you want to attend.
Sign up for ACREIA (Akron-Canton Real Estate Investors Association) - they also have a facebook group so you can be notified about events.
Lastly, you should check out the Biggerpockets podcast as well as the guides they have on getting started. I don't have a dishwasher or anything, so when I do dishes by hand, I'd pop on a Biggerpockets podcast episode. I think I must've listened to over a hundred of them. I think they provide a great foundation to anyone starting out.
Edit: Oh, you should also put on an alert for the keyword "akron," "cleveland," etc. You'll start becoming familiar with Biggerpockets members in those areas.
Welcome to BP. If I could do it all over again I'd house hack a multifamily (live in one unit while renting out the others). This could get you into a property with minimal cash and allow you to repair as you go. Or get a loan that allows for repairs rolled in (FHA 203K). Good luck!
Geoff Heintzinger Welcome. The advice for any newbie would be to educate yourself on the mechanics of investing, and then on the local market. Then go to local meet ups and REIA meetings to talk to locals who are doing the same thing. That and BP for finding advice will be helpful.
It isn't complicated, it is just new to you. Stay abreast of the industry, the market and the lending environment and good luck with your investments.
Hello! My name is Geoff and I am in research mode on real estate investing. I live outside of Akron, OH and I have been reading and wanting to get into rentals for some time but due to life I never was able to pull the trigger. I’m in a better place now financially and just starting to save to buy my first property. Any good advice for a newbie without a lot of cash yet in Ohio?
Hello and welcome! Always nice to have another Ohioan on here! Best of luck to you!
Hello! My name is Geoff and I am in research mode on real estate investing. I live outside of Akron, OH and I have been reading and wanting to get into rentals for some time but due to life I never was able to pull the trigger. I’m in a better place now financially and just starting to save to buy my first property. Any good advice for a newbie without a lot of cash yet in Ohio?
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Hello! My name is Geoff and I am in research mode on real estate investing. I live outside of Akron, OH and I have been reading and wanting to get into rentals for some time but due to life I never was able to pull the trigger. I’m in a better place now financially and just starting to save to buy my first property. Any good advice for a newbie without a lot of cash yet in Ohio?
Welcome to BP Geoff! Im an agent who works with investors in the Akron area. If you have any questions or want any sort of information don't hesitate to ask.
Welcome from Akron - it is one of the right places to be when you don't have a lot of money to invest. Before you pull the trigger on anything, make sure you do your due diligence in researching the area. I remember when I first moved here and was looking for a place to rent, I went to this apartment building where the property manager ditched the appointment. We found a maintenance guy who was then instructed by the manager to give a tour... Low and behold, he started showing rooms that had cockroaches and bugs all over. Not just one apartment - several apartments (I didn't think it was possible for someone to think it was okay to show a property like that, especially when they knew there were bugs in it). So, be mindful of the area you are even looking at in the first place. I'd get a printout map and start doing drives to see which areas/neighborhoods are worth your attention. If you find an area you like, make sure to take a second look - the neighbors can be a nuisance or detrimental to your investment.
I'd suggest signing up for the Holton-Wise mailing list. They primarily show properties in the Cleveland area, but that is only like 40 minutes away from Akron, so it is worth checking out, especially when the listings they show are budget friendly. (just to clarify - I've never done business with them or have any relation to them, I just like the mailing list because it keeps me informed) http://www.holtonwisepropertygroup.com/ I think being on the mailing list keeps you in a searching mode, where you are always going to be looking at properties, so that is helpful to stay involved.
I think I'd also keep an eye out for Community Legal Aid Services, Inc. They are a nonprofit law firm geared towards assisting lower income people, but they also do presentations for landlords on how to avoid fair housing claims and other topics. These are the kinds of presentations you want to attend.
Sign up for ACREIA (Akron-Canton Real Estate Investors Association) - they also have a facebook group so you can be notified about events.
Lastly, you should check out the Biggerpockets podcast as well as the guides they have on getting started. I don't have a dishwasher or anything, so when I do dishes by hand, I'd pop on a Biggerpockets podcast episode. I think I must've listened to over a hundred of them. I think they provide a great foundation to anyone starting out.
Edit: Oh, you should also put on an alert for the keyword "akron," "cleveland," etc. You'll start becoming familiar with Biggerpockets members in those areas.
I second what @James Galla said above about the local REIA. I am not in any way affiliated with them, but I think the A/CREIA is one of the best in the area- they usually have good attendance, bring interesting speakers in, have a solid group of vendors, and are just generally well-organized (unlike the REIA that I belong to, which is a big joke). You can attend the first meeting free, but beyond that you'll need to be a member to attend their monthly meetings beyond that. The couple of times I went to their meeting, a few investors got up and offered investment properties for good prices. It looked to me like a nice opportunity to network and maybe find a way to get into investing with little money down (e.g. find a landlord who'd be willing to seller finance).
Hello! My name is Geoff and I am in research mode on real estate investing. I live outside of Akron, OH and I have been reading and wanting to get into rentals for some time but due to life I never was able to pull the trigger. I’m in a better place now financially and just starting to save to buy my first property. Any good advice for a newbie without a lot of cash yet in Ohio?
Hello and welcome! Always nice to have another Ohioan on here! Best of luck