All Forum Posts by: Stephen Schoon

Welcome randy! Great to see your "turbo take-off," it's encouraging. I've lived in Columbus for 10 years, but before that I lived in Cedarville for 10 years and an very familiar with Xenia. Hope your next few months go smoothly!  

Hi, @Jessica Hood

My wife and I are in a very similar situation.  Though we do have good credit and can qualify for a loan (which we are doing), we still very much want to take advantage of the ~50k equity we have in our house, but don't want to refi or heloc.  So here is what we're doing... or at least looking/trying to do: simply selling the house and getting another property with the idea of a long-term flip-->buy and hold. 

Basically we want to buy a house that needs moderate rehabbing in an area we would want to have a buy and hold property.  We'd rehab the necessities (bathroom(s) and kitchen) while selling our current house (the one with all the equity) then move in and finish the rest over the next year or two... no rush. When it's all done, ideally, we keep it as a buy and hold and find another house to move into more suited as a long-term "home." 

Just wanted to throw that idea out there. I know you've just finished a bunch of rehab and often if you've invested so much of yourself into a project/house it's hard to let go... heck, I really do love my house... but I want a secure retirement and financial freedom more! :D

hey donovan,

While i don't really have a solid answer for you, i do have a recommendation : listen to the Biggerpockets podcast #55. It has tons of great info regarding getting loans and will probably answer questions you didn't even know you had :)

@Adam Rose, I think it's great that you're even having this question/dilemma at your age.  If I had it at your age (and I wish I had), I'd be in a LOT different place now.  Allow me to give you a few bits of advice (about which I speak from experience):

• you don't want to be 'stuck' in career
• if your going to do REI, start as early as possible (but don't rush!)
• don't exclude the possibility of doing both simultaneously (rather than alternately or either/or)

there are some really good points made thus far in this thread:  i especially like the 'good neighbor' thing and I'm a huge fan of house hacking.

Imo, @Melroy D'Souza has the same short answer/advice that I do.  

My short answer is:  become a cop and house hack. See how both those situations work out for you and go from there.

My long answer would also include: enroll in the academy when you can and buy a duplex when you can.  look into the HUD Good Neighbor Next Door thing and determine if you'd rather wait to find a property that fits that (and wait till you're qualified) or just jump on a good deal you find.   

I have a friend who went from mechanic to cop, then to cop/landlord, and now is house hacking, has a 4plex, and works for the state law enforcement. he says he'll never quit his W2 because he loves his job, but he also says he'll never quit buy and hold either. his REI really is a part-time thing (even though at times landlording can be full-time-ish).

However you decide to play this out, I wish you the best of luck!

Thats a great tip, robert. Thanks! Have you noticed any trends or consistencies in the ones you do hire? Or dont hire? Like, are there any you would definitely not hire or definitely would hire again?

@mike watkins do you know if the revisited book is just an updated version of the original? I don't have a lot of reading time available these days (full time job, 2 yr old, 6 month old), so as I begin my book education in REI, im tryimg to be as selective and efficient as possible by choosing helpful relevant books now and in creating good habits and systems for the future.

thanks so much for the warm welcome!  After i plow through thesenew member  downloads, i cant wait to get to know yall. 

Steve

good day everyone! 

I'm a total real estate newb who has been trying to get out of the automotive repair industry for almost 8 years, but unable to take the income loss of a career change.  I'm looking to primarily establish a future/retirement and ideally that lead to a way out, 

I've lived in the Columbus area for 8 years and have been in ohio 20.  I hope to learn and glean from this forum until I have enough wisdom to return the favor.

I hope the rest of your day is fortuitous, 

Steve Schoon