All Forum Posts by: Benjamin Sulka

My girlfriend and I want to do a house hack in the Cleveland area after we graduate. Currently, interest rates are high and it has been challenging to find an affordable property in an "A" or "B" neighborhood like Shaker Heights, University Heights, Cleveland Heights, etc. Plus these areas have high taxes and point-of-sale inspections that may require a decent amount of $$$ out of pocket.

I have close to about $17k saved up from working during college but I also have some outstanding student loan debt to contend with. We will be making over $100k combined post-graduation but our current lease ends in July of 2023 so we would have to quickly find a new place before we really have a chance to save any money or pay down any debt.

Do you think it would make sense to wait a year, pay down some of my debt, wait for interest rates to ease a bit, and then get into the game? I hate to have to stay in an apartment for a year and throw money down a rat hole but it doesn't seem affordable at the moment to invest in a property that may require a large sum out of pocket.

We want to get started on the right foot but I am pretty stuck at the moment.

Any help would be greatly appreciated.

Ben Sulka, aspiring real estate investor

Time in the market beats all. Figure out a way for it to work and reduce your cost. You have enough for a down payment and can probably find something where you can househack and pay less than your rent. While you wont be making cash day one, you will be paying less than your current rent while building equity. You can't forget about loan paydown. You can also refi at a later day. but if rates go down prices will go back up. There is a lot of pent up demand. Also you first property doesn't have to be in a A neighborhood. There are starter homes for a reason. Finally it might make sense to break a lease and get the deal you want vs waiting till July and having to compete with a bunch of other buyers during peak season.

Best of luck!

Thanks for the reply! I'm still in college and I lease an apartment in downtown CLE right on my school's campus so I have to stay in my particular living arrangement until at least May. I definitely agree with you about not having to be in an "A" neighborhood. Trying to get my foot in the door in whatever way is possible for me.

While you may have to pay for the lease or dorm doesn't mean you have to live there. Keep an open mind and opportunities will come in.

In my particular situation, it does. I don't have a car at the moment so I wouldn't be able to commute to school.

0 Votes

Cleveland, Ohio

Quote from @Chris Davidson:

Quote from @Benjamin Sulka:

Hey BP!

I am currently a college student set to graduate in May of 2023 and I really need some advice.

We want to get started on the right foot but I am pretty stuck at the moment.

Any help would be greatly appreciated.

Ben Sulka, aspiring real estate investor

Best of luck!

0 Votes

Cleveland, Ohio

Quote from @James Wise:

Quote from @Benjamin Sulka:

Hey BP!

I am currently a college student set to graduate in May of 2023 and I really need some advice.

We want to get started on the right foot but I am pretty stuck at the moment.

Any help would be greatly appreciated.

Ben Sulka, aspiring real estate investor

Rates drop and price goes up.....Always gonna be an excuse not to buy. Currently you are paying the landlord's mortgage instead of your own, that's always bad. You are overthinking this, especially because it's going to be owner occupied. Own the roof over your head ASAP and you will come out ahead in the long run almost every single time.

Thanks for the reply, James. I agree with you whole-heartedly. Happy New Year!

0 Votes

Cleveland, Ohio

Welcome to BP, Lauren! I am new to real estate as well and I live in Cleveland. Looking to purchase my first property in the summer of 2023.

0 Votes

Orlando, Florida

Quote from @Michelle Fenn:

Multi-family deals go fast. I would look at Old Brooklyn/South Hills 44109, the Westpark/Kamm's Corners 44111 and 44135 North of Puritas. I would also look at northern summit county Northfield, Sagamore and Macedonia for SFH. Great schools, lower taxes and close to Cleveland and Akron.

What about for MFH?

0 Votes

Cleveland, Ohio

Quote from @Michelle Fenn:

Thank you for the reply, Michelle! I will certainly look at these areas

0 Votes

Cleveland, Ohio

@Bob Stevens What about non-cash buyers?

0 Votes

Cleveland, Ohio

Quote from @Eliott Elias:

Right now is the biggest opportunity in 20 years to buy. It is a buyers market and whatever you say goes, wait till rates go back down you will see a lot more competition

Thank you for the response, Eliott!!

0 Votes

Cleveland, Ohio

@Chris Davidson I appreciate the clarification. I will absolutely

0 Votes

Cleveland, Ohio

Quote from @Garrett Christensen:

I don't think many people would suggest waiting on interest rates because no one really knows what will happen. I would suggest starting to look at and analyze deals more seriously over the next few months to get a realistic idea of whether you can make the payments each month. Everyone has a different risk tolerance, especially when you have some other debt obligations. I always tell people to buy when you can buy and don't try to time anything. It's never really a perfect time to buy real estate until a few years after to bought it, haha. Good luck man, I'm sure you'll make a great decision.

Absolutely, and I agree. I have been analyzing deals but I am just unsure of what my exact financial situation is going to be when I graduate. I want to get into this ASAP but I want to start off on the right foot without wiping my entire savings out on a bad deal.

I really appreciate the response.

0 Votes

Cleveland, Ohio

All Forum Posts by: Benjamin Sulka

Benjamin Sulka has started 53 posts and replied 809 times.

Post: Advice on Getting Started in the Cleveland Area

Post: Advice on Getting Started in the Cleveland Area

Post: Advice on Getting Started in the Cleveland Area

Post: Real Estate Newbie!

Post: Best Cleveland Markets for Cash Flow?

Post: Best Cleveland Markets for Cash Flow?

Post: Best Cleveland Markets for Cash Flow?

Post: Advice on Getting Started

Post: Advice on Getting Started

Post: Advice on Getting Started