Cleveland Real Estate Newbie With A Fire Inside Him!

Cleveland Real Estate Newbie With A Fire Inside Him!

Cleveland · Member since 2018 · 9 posts · 3 votes

Hello everyone out there in the BiggerPockets community!

My name is James, i'm 33 years old living in Cleveland and I have developed a real fire inside myself! Over the last few years i've really developed an ambition to push myself in life to become better and better. I haven't even realized it until the last year. 

5 years ago I was having a very difficult time post graduation. I'd graduated but was just unable to find work for over a year.  An opportunity to live in Hawaii presented itself and I decided to make a go of it instead of playing it safe and comfortable, if one can call where I was safe and comfortable.  While Hawaii didn't work out, i've since lost 90lbs, converted to Catholicism, found somewhat enjoyable full time employment that lets me put in a generous amount of overtime (Last week I worked 65 hours and on average 55+ hours a week, I haven't had a day off in months), started to tackle overwhelming student loan debt, volunteer, well...you get the idea. 

Like many on here, I've read Rich Dad Poor Dad when I was in my early 20s and have rediscovered the original inspiration it gave me for real estate. I am voraciously listening to as many financial podcasts as possible which is how I discovered BiggerPockets. My plan is to start house hacking with smaller multifamily and transition into apartment complexes. I'm a buy and hold type of guy or rather I plan to be. 

I'm hungry for real estate investing. Hungry for a deal. I hope to see you around and maybe we can help one another in the future. I'd love to hear your story.

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  • Real Estate Broker · Cleveland, OH · Member since 2017 · 719 posts · 658 votes
    8y

    What part of Cleveland are you now?

    Where do you want to househack? 

    Do you have current income to qualify for a mortgage or savings to buy for cash?

  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    8y

    Welcome @James Seed !  You're in the right place to learn about real estate !!  I have several friends who're thinking about getting started in real estate also and I always suggest buying a multi-family and living in one unit and renting the rest.  You'll have less of a down payment and build equity faster that way.  Cleveland is an awesome place to do this in.

    Story House Real Estate529 Reviews
  • Cleveland · Member since 2018 · 9 posts · 3 votes
    8y

    @Irina Belkofer I am currently living on the west side in Edgewater. I'd like to find something preferably in Lakewood, Kamm's Corner, West Park or Ohio City, potentially Rocky River. Since I work downtown I want to keep the commute as short as possible as I was commuting 3 hours a day for 2 and half years at my previous employer.

    I don't have much capital so i'm hard pressed to pay cash. I'm sure my income would be enough to qualify for a mortgage. I have no debt other than student loans but unfortunately they have damaged my credit which I am trying to repair. I fell on hard times after graduating and am only recently in a position to recover and it's why i'm hungry for a future. Conventional financing is unlikely for the time being. Currently I am looking at seller/owner financing.

    @Aaron Howell Thank you for the warm welcome! That's exactly my plan! Live in one unit and rent out whatever I can. I definitely love Cleveland!

  • Real Estate Broker · Cleveland, OH · Member since 2017 · 719 posts · 658 votes
    8y

    First of all, you need a good credit - it helps with everything.

    Student debt needs to be paid down for the financing.

    I wouldn't hold my breath about owner financing: in this market everyone can sell at its highest and best unless they are trying to rip you off: pricing it too high or financing it with outrageous interest on the note....especially be afraid these "no credit required" "deals" - they plan on you failing to refinance later.

    If you don't know where to start - read about wholeselling - at least you'll learn couple things about marketing.

    When market will go down - then it will be good time to find a decent seller financing.

    Buying right now will make you regret later, when the same house you'd bought twice cheaper.

    Good luck!

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    8y
    Originally posted by @James Seed:

    Hello everyone out there in the BiggerPockets community!

    My name is James, i'm 33 years old living in Cleveland and I have developed a real fire inside myself! Over the last few years i've really developed an ambition to push myself in life to become better and better. I haven't even realized it until the last year. 

    5 years ago I was having a very difficult time post graduation. I'd graduated but was just unable to find work for over a year.  An opportunity to live in Hawaii presented itself and I decided to make a go of it instead of playing it safe and comfortable, if one can call where I was safe and comfortable.  While Hawaii didn't work out, i've since lost 90lbs, converted to Catholicism, found somewhat enjoyable full time employment that lets me put in a generous amount of overtime (Last week I worked 65 hours and on average 55+ hours a week, I haven't had a day off in months), started to tackle overwhelming student loan debt, volunteer, well...you get the idea. 

    Like many on here, I've read Rich Dad Poor Dad when I was in my early 20s and have rediscovered the original inspiration it gave me for real estate. I am voraciously listening to as many financial podcasts as possible which is how I discovered BiggerPockets. My plan is to start house hacking with smaller multifamily and transition into apartment complexes. I'm a buy and hold type of guy or rather I plan to be. 

    I'm hungry for real estate investing. Hungry for a deal. I hope to see you around and maybe we can help one another in the future. I'd love to hear your story.

     Welcome aboard.

  • Investor · Lakewood, OH · Member since 2016 · 158 posts · 49 votes
    8y

    @James Seed Welcome to BP my dude. I am house hacking in Lakewood right now and its awesome. Trying to get a couple more deals done.

    If you are good with your hands you can renovate most yourself. Standard Lakewood 2 br 1 bath is going for about $1000 right now. Make sure to use the BP calculators when you can to make sure you get a good deal.

    Lets kill it!

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