Newbie investing in Cleveland, OH

Newbie investing in Cleveland, OH

Rental Property Investor · Seal Beach, CA · Member since 2018 · 9 posts · 25 votes

Hello everyone! I started out in March 2018 looking to buy 1 property in Cleveland after doing some research. Eventually I set a lofty goal for myself to try and obtain 3 cash flowing properties by the end of 2018. I currently have 4 properties and I am under contract for a 5th. I currently own a 4-plex, SFH, duplex and a BRRRR duplex that is mid-rehab currently. I am under contract for a SFH now. All properties are cash flowing (except the rehab duplex). I decided I was going to go for it and not look back. I am am trying to get out of my W2 job and live on passive income from my rentals. I love my W2 job, but after 13 years I am tired and I will have a pension after 20 years. I can only retire if I am able to supplement my pension income. Now I want to replace it and exceed it before I can even receive a pension check.

My new goal is to double my properties and own 10 by the end of 2019.  I used BP to feel out the Real Estate investing crowd and it motivated me hearing success story after success story.  But after being burned in 2008 after I bought my first rental property I was done with real estate investing after that crash.  I did everything wrong.  What got me back in the game was 2 things...1) Mark Ferguson's book "Build a Rental Property Empire" and 2) listening to 2 different podcasts where I heard 2 people who were in my current profession resign because they were making so much money in Real Estate.

I attended my first meet up this week and it was nice to speak with people with the same goals and interest in Real Estate.   I share my story so the person reading this, who is where I was at in March, will know your goals can be attainable in Real Estate with hard work and dedicating the time to do the research.  I still have a long way to go myself, but I cannot wait for what the future will bring me with Real Estate.           

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  • Rental Property Investor · Chattanooga, TN · Member since 2015 · 208 posts · 94 votes
    8y

    Wow, Ed - what an inspiring story. Maybe you should cross-post this in the Success Stories forum - most newbie introductions don't include 5 deals / 9 doors ;) Already a rock star! 

    Well done on your journey to date - certainly so many people here on BP share your goal of passive income (or at least multiple streams of income) to minimize the risk of leaving their day job. You've found your tribe, for sure. 

    Congrats on the success you've already seen and look forward to following your journey!

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

    Hello everyone! I started out in March 2018 looking to buy 1 property in Cleveland after doing some research. Eventually I set a lofty goal for myself to try and obtain 3 cash flowing properties by the end of 2018. I currently have 4 properties and I am under contract for a 5th. I currently own a 4-plex, SFH, duplex and a BRRRR duplex that is mid-rehab currently. I am under contract for a SFH now. All properties are cash flowing (except the rehab duplex). I decided I was going to go for it and not look back. I am am trying to get out of my W2 job and live on passive income from my rentals. I love my W2 job, but after 13 years I am tired and I will have a pension after 20 years. I can only retire if I am able to supplement my pension income. Now I want to replace it and exceed it before I can even receive a pension check.

    My new goal is to double my properties and own 10 by the end of 2019.  I used BP to feel out the Real Estate investing crowd and it motivated me hearing success story after success story.  But after being burned in 2008 after I bought my first rental property I was done with real estate investing after that crash.  I did everything wrong.  What got me back in the game was 2 things...1) Mark Ferguson's book "Build a Rental Property Empire" and 2) listening to 2 different podcasts where I heard 2 people who were in my current profession resign because they were making so much money in Real Estate.

    I attended my first meet up this week and it was nice to speak with people with the same goals and interest in Real Estate.   I share my story so the person reading this, who is where I was at in March, will know your goals can be attainable in Real Estate with hard work and dedicating the time to do the research.  I still have a long way to go myself, but I cannot wait for what the future will bring me with Real Estate.           

     Welcome to the site Ed.

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