New investor getting to know the BP community

12 Replies

Hey! My name is Dametrius Clark and I am a recent college grad from Columbus Ohio. I recently moved to Cleveland and wanted to get better aquatinted with real estate investors. I have been listening to the BP podcast for a few months and really want to get started with a multi family property. Any advice?

Hi Dametrius, Welcome to Cleveland! I'm a realtor here in Cleveland as well as an investor. My advice would be to read, research, and continue listening to those podcasts as well as network! Its a nice start that you already have your license so you are able to access the MLS and take a look at the type of properties on the market right now. Are you planning to house hack a multifamily or invest/completely rent out and where are you looking?

Originally posted by @Dametrius Clark:

Hey! My name is Dametrius Clark and I am a recent college grad from Columbus Ohio. I recently moved to Cleveland and wanted to get better aquatinted with real estate investors. I have been listening to the BP podcast for a few months and really want to get started with a multi family property. Any advice?

 Hello and welcome! Best of luck to you! 

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@Suny Capezzuto I do not have my license yet I still have to pass the state exam. Right now I am staying in Lakewood which seems like a pretty nice area with younger people. What I want to do is house hack a duplex or triplex and I have friends who want to join in.

Originally posted by @Dametrius Clark:

@Suny Capezzuto I do not have my license yet I still have to pass the state exam. Right now I am staying in Lakewood which seems like a pretty nice area with younger people. What I want to do is house hack a duplex or triplex and I have friends who want to join in.

 Good luck to you on the state exam! I love Lakewood, I hope you're enjoying it! Let me know if you need any recommendations/referrals.

@Dametrius Clark

Welcome to the Bigger Pockets community! Its great that you made the choice to join the site. It's a great crowd here, and dont feel shy to ask questions on the forums.

House hacking is a great way to get started. I'm looking to get it done in Sacrameto, CA.

Not sure how your market is, but for my situation, the numbers are difficult to even break even on just a duplex. I'm really looking for something with at least three units here in Sac. Something to think about, especially if you have friends. Maybe a triplex would be a good place to start for you? Whatever you decide is fine, and just keep educating yourself and getting connected to lenders, realtors, etc., both in person and here.

@Dametrius Clark My house hack was in Cleveland Heights and it worked out fantastically, some of my friends also house hack in Cleveland Hts but I would totally do Lakewood too, it just didnt work distance wise to my job.

@Suny Capezzuto that’s awesome. I really appreciate you taking the time to answer my questions. Would you mind if I ask more questions in the future? I figured since you are a realtor and investor and live in Cleveland which are three things that I want to be doing, that you would be a great person to connect with.

@Dametrius Clark

Honestly, I'm living in Sacramento, so I'm wanting to invest in my own backyard. I havent tried looking elsewhere for my needs, but two things that I've noticed about the Sacramento market is that we are seeing a lot of Bay Area transplants trying to get away from the high cost of housing, and Sacramento's housing market seems to be going up exponentially, so it seems lik e a great long term buy-and-hold situation, based on location and market values of homes and rents.

I'm just going off of what people tell me, along with my own experiences. I've been analyzing properties with BP's four square method to get my numbers.

I figure I'll be in this market for the next 5+ years for personal growth, and maybe college, but yeah. I live here, I might as well start here. Market is strong, but the one snag is the dollar amounts on a property. If I want to go with a first-time purchase for a multi-unit, I still need between $15,000 and $20,000 for the down payment. High dollar amounts for the house, but also strong numbers all around. One other thing I'm considering is homes do not seem to stay on the market long here, which means a strong market to me.

High dollar amounts isnt necessarily a "barrier," just an obstacle to overcome for me, and I have no interest in long distance investing right now.

Originally posted by @Dametrius Clark:

Hey! My name is Dametrius Clark and I am a recent college grad from Columbus Ohio. I recently moved to Cleveland and wanted to get better aquatinted with real estate investors. I have been listening to the BP podcast for a few months and really want to get started with a multi family property. Any advice?

 Welcome aboard Dametrius.

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