Ambitious newbie in Dayton, Ohio

15 Replies

Hey! My name is Monique. 296years old currently working as a therapist for addicts who are mentally ill. (It's more fun than it sounds lol). I've been listening to Bigger Pockets for awhile and looking to finally make the leap into real estate. Right now I am in a wholesaling class to help build capital to finance my first property. I want to focus on multifamily rentals. Currently, I do not have much capital but I am willing to work and learn to get started. Looking to have 3-4 properties by the end of 2018 while going for more.

Looking for knowledge and guidance especially on financing.  I would love to connect with fellow real estate investors in the Dayton and Cincinnati area as well as nationally.

My goal is to get out of debt and achieve financial freedom through real estate. I want to own some properties in my hometown of Dayton. Eventually I would love to own homes around the world as travel is my favorite thing to do. 

Happy Thanksgiving. I hope your food is done on time 😊

Hey!

Welcome. The Dayton area is a great place for REI. You have great goals set, and sounds like you’re on the right track!

My advice as a investor is for you to get out of debt first then concentrate on investing. Real estate is high risk, you do not want your personal debt burden to pull you down.

If you can not manage your personal finances you are not ready to invest. Investing requires strict discipline.

Develop your money management skills first by clearing your debt.

Hi @Monique Williamson , welcome to the BP forums, and the never boring world of real estate investing. Your initial goals are spot on, build capital, then get cashflow, and wholesaling correctly is a great way to do that.

You can do a lot of online networking here. If you want to get to know more people in person, there are two places to go. In Dayton, you can do to the monthly networking event in Fairborn. It's on the 2nd Monday of each month. https://www.biggerpockets.com/forums/521/topics/511755-dayton-networking-dec-11-2017

In Cincinnati, you can go to the Cincinnati REIA. If you go to either, make sure to come by and say "Hi"

Thanks for the advice Thomas. I'm actually great at managing money but I have a grad degree and the dent I want to get out of is student loan debt. Perhaps should have been more specific. I have good credit and from what I've read most people have suggested not waiting until after student loans are paid off. 

Originally posted by @Monique Williamson :

Thanks for the advice Thomas. I'm actually great at managing money but I have a grad degree and the dent I want to get out of is student loan debt. Perhaps should have been more specific. I have good credit and from what I've read most people have suggested not waiting until after student loans are paid off. 

Welcome to BP. Dayton is great place to invest. One of the biggest advantages for an investor in the Dayton is the lot links and land bank program. These can be used to acquire properties for a very low cost. I would look at that for as a beginner to help with property acquisitions.

Paul

heyloww

I am jerryll but call me MSOOTKAUG!

That's it? Financial freedom? No world domination enslaving humankind and conquer the galaxy? Silly mortal!

Well whatever your goal, write it down on a piece of paper, and back track what you need to do to get there. You will end up with a series of milestones.

Write down in a timeline fashion what it takes to reach these milestones and suddenly you have a set of tasks you need to tackle.

Do those and before you know it you are crushing it. Really? No of course not...  but there is nothing else you can do. Set your mind to all or nothing, with "nothing" not being the option.

Success is about how bad you want it. How much are you willing to do for it, and how strong willed you are to keep your head up, and get back up after you fall down. Believe me.. it is NOT easy.

Everything went wrong with me. I gave up countless of times. Lucky for me. Every time I give up... 10 minutes later I pick it back up.

Look at me now.

People call me MSOOTKAUG. That is a clear indication how far I made it! damnit!

Originally posted by @Thomas S. :

My advice as a investor is for you to get out of debt first then concentrate on investing. Real estate is high risk, you do not want your personal debt burden to pull you down.

If you can not manage your personal finances you are not ready to invest. Investing requires strict discipline.

Develop your money management skills first by clearing your debt.

 Actually I respectfully disagree.

Real estate is really low risk!

Of course depending what sort of real estate you are doing.

If you do your numbers right, you are not a moron (no offence to all the morons on here), you do your due diligence, you make no emotional decisions and you THINK!! you should be fine. is there no  risk involved? Of course there is.

High risk? sure if you buy stuff with your eyes closed! Most risk comes into play from things you can't control.

Your contractor is a scam artist!, the market suddenly plunges because some dude named Jerryll took over the planet, your house catches fire because your contractor farted next to a blow torch...

But apart from that, if you only buy deals that ARE good deals (good deals defined by doing your due diligence), you should be OK. It it were high risk, there wouldn't be so many people being successful in real estate. Buying lotto is high risk. How many lotto winners are there vs. people that buy tickets?

yup yup

Originally posted by @Marcus Jean :
@Monique Williamson welcome! and Happy Thanksgiving! Im a newbie myself. recently purchased my first duplex, looking to get 2-3 more in 2018.

you said you want 4 properties in 2018, do you mean buy and holds or wholesaling deals?

 Hey man. Did I tell you..

I HATE wholesaling!!!

Originally posted by @Darrin Carey :

Hi @Monique Williamson, welcome to the BP forums, and the never boring world of real estate investing. Your initial goals are spot on, build capital, then get cashflow, and wholesaling correctly is a great way to do that.

You can do a lot of online networking here. If you want to get to know more people in person, there are two places to go. In Dayton, you can do to the monthly networking event in Fairborn. It's on the 2nd Monday of each month. https://www.biggerpockets.com/forums/521/topics/511755-dayton-networking-dec-11-2017

In Cincinnati, you can go to the Cincinnati REIA. If you go to either, make sure to come by and say "Hi"

 Thanks for the recommendation Darrin. I will definitely try to make it to one meeting next month. Hope to see you there! 

Originally posted by @Paul Amegatcher :
Originally posted by @Monique Williamson:

Thanks for the advice Thomas. I'm actually great at managing money but I have a grad degree and the dent I want to get out of is student loan debt. Perhaps should have been more specific. I have good credit and from what I've read most people have suggested not waiting until after student loans are paid off. 

Welcome to BP. Dayton is great place to invest. One of the biggest advantages for an investor in the Dayton is the lot links and land bank program. These can be used to acquire properties for a very low cost. I would look at that for as a beginner to help with property acquisitions.

Paul

 Hey Paul, I'm working on some lot links applications but I've never heard of the land bank program. I'll look into it, thanks for the tip! 

Originally posted by @Marcus Jean :
@Monique Williamson welcome! and Happy Thanksgiving! Im a newbie myself. recently purchased my first duplex, looking to get 2-3 more in 2018.

you said you want 4 properties in 2018, do you mean buy and holds or wholesaling deals?

Hi Marcus, I want 4 but and holds. I want to use wholesaling as a means to get the down payment. Congrats on your first property! 

Originally posted by @Jerryll Noorden :
Originally posted by @Thomas S.:

My advice as a investor is for you to get out of debt first then concentrate on investing. Real estate is high risk, you do not want your personal debt burden to pull you down.

If you can not manage your personal finances you are not ready to invest. Investing requires strict discipline.

Develop your money management skills first by clearing your debt.

 Actually I respectfully disagree.

Real estate is really low risk!

Of course depending what sort of real estate you are doing.

If you do your numbers right, you are not a moron (no offence to all the morons on here), you do your due diligence, you make no emotional decisions and you THINK!! you should be fine. is there no  risk involved? Of course there is.

High risk? sure if you buy stuff with your eyes closed! Most risk comes into play from things you can't control.

Your contractor is a scam artist!, the market suddenly plunges because some dude named Jerryll took over the planet, your house catches fire because your contractor farted next to a blow torch...

But apart from that, if you only buy deals that ARE good deals (good deals defined by doing your due diligence), you should be OK. It it were high risk, there wouldn't be so many people being successful in real estate. Buying lotto is high risk. How many lotto winners are there vs. people that buy tickets?

yup yup

 Thanks for the words of wisdom ☺️

Originally posted by @Monique Williamson :
Originally posted by @Marcus Jean:
@Monique Williamson welcome! and Happy Thanksgiving! Im a newbie myself. recently purchased my first duplex, looking to get 2-3 more in 2018.

you said you want 4 properties in 2018, do you mean buy and holds or wholesaling deals?

Hi Marcus, I want 4 but and holds. I want to use wholesaling as a means to get the down payment. Congrats on your first property! 

 Awesome! and Thank You! You got this

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