All Forum Posts by: Cole Ruoff
Cole Ruoff has started 1 posts and replied 4 times.
Post: Hey, I'm new, but ready to hit the ground running
- Columbus, OH
- Posts 5
- Votes 4
Hi Sam, welcome! July sounds like a great goal to set for your business. I'm excited to follow your path and learn from you.
Post: Veteran from Columbus, Ohio Getting Started
- Columbus, OH
- Posts 5
- Votes 4
Originally posted by @Ronda R.:
@Cole Ruoff do you have equity in your home that you could pull out for a down payment on your barn home? Do vet loans have an occupancy requirement? That could be a problem if that kind of loan. You could refi and get out more than you owe and use the difference for down payment. If you built a huge 2 story barn, you could use the down stairs for events and the upstairs be your residence. People love barn weddings. Just a thought.
Ronda, we do have some equity--that's a good thought to research. Yes, I believe vet loans require it to be for your primary home and not a new build either. The barn wedding idea is actually similar with what we want to do on another future investment; would likely be a separate unit though. Thanks for your insight.
Post: Veteran from Columbus, Ohio Getting Started
- Columbus, OH
- Posts 5
- Votes 4
Originally posted by @Adam Fansler:
Hi @Cole Ruoff
Thank you for your service and welcome to BP. There is a wealth of knowledge on here. Just curious, have you talked to any banks about barn style homes? I think they are interesting designs, but I would think getting an as completed appraisal from a bank may be challenging.
Columbus is a hot market, but a great market to be in.
Good luck!
Thank you, Adam. Yes we've briefly talked to some banks but you are correct in they are harder to get financed. I think our next step would be to talk to builders and their finance experience.
Post: Veteran from Columbus, Ohio Getting Started
- Columbus, OH
- Posts 5
- Votes 4
Veteran from Columbus, Ohio Getting Started
Hi everyone, my name is Cole Ruoff and I have zero experience with real estate. I’m from rural, Ohio and reside in central, Ohio. I am a graphic designer for a large company but would like to slowly start some real estate opportunities on the side (long-term goal). I heard about Bigger Pockets from my future brother-in-law, and have just begun listening to the podcast.
My short-term goal, however is leveraging my situation to build (or buy) a new primary barn-style home in rural, Ohio. My current situation is as follows:
I own our primary home and my fiancee owns a secondary rental. I have a VA loan, as well. We want to be in a new home within 20 months and realize we have many options.
We have no budget for a down payment (but will later on), but have some nice profits on our homes, if we were to sell. Good credit scores as well.
From my short experience with the podcast, I know there are many options and ways this scenario could play out. Looking forward to being involved with this community, and growing to be successful with my long term goals as well. It would also be nice to pass my experience onto others.