All Forum Posts by: Jacob Wazydrag

@Michael Facchini, 

Hey, Michael! I could come up with down payment money for sure, not only do I work and have strict saving practices, my mom and brother will potentially invest in every deal with me. 

I do not owner occupy the 3 unit, it is all rented out. Also, my name is not on the title we each put in around 50,000 for the down payment to put down 25% on the building (purchase price 490,000) and it was bought under my mom. My brother and I both have not utilized FHA, could that be an option? If so is a bank the only way to go with FHA?

Also I am having a hard time wrapping my head around Hard Money Lenders and what bridge financing is. 

-Jake

Hello, Bigger Pockets Community!

My Name is Jacob, and I am 26 years old living in Chicago IL, (Portage Park Area) and one of those "Get's up at 4:00 am and Just Never Quits" kind of guy. Haha. and I did my first real-estate deal this past 6 months. The purpose of me posting is to ask advice for how to keep the ball rolling.

To give you all a little information about me, I am currently a carpenter (framing single-family homes), working on my bachelor's in business management, making 32,000 a year. My first real estate deal was a 3 flat or 3 unit apartment building in Jefferson Park. My long term goal is to have my rentals to cover my living expenses and provide a retirement for me and my family.  My short term goal is to double my units every year in the next five years.

I used what money I had to fund this deal which I did with my brother and mom, I am in need some advice on what direction to go in to acquire the next rental. Should I BRRR?, Build a rental from the ground up?, Where do I get the financing? I am very curious to hear what advice is out there in this community of people that are into real estate as much as I am!

Respectfully Always,

Jacob Wazydrag

Hello my name is Jacob Wazydrag I joined the community a week or so ago, and have been making some moves to GET IN THE GAME!

I recently have been contacting agents in the areas that I am looking into 43201, 43202, and 43015. Getting some listings from them is nice.

There is no doubt that I am going to make my first deal soon, my only problem I am trying to figure out now is what is the best thing to do in the state of Ohio....should I start the process of creating an LLC., or any other Entity type, or just own it myself with liability insurance.

What kind of programs are out there as far as lending for owner occupant properties. Where can I start calling?

All in all so excited about just talking real estate like this and being able to work on these goals of mine!

@Joshua Dawson I agree with you 100% Joshua, I spent a good portion of Saturday driving around a 1-2 mile radius around OWU's campus and there are some potential houses to turn into rentals I just don't know a whole lot about if the students there are prone to look for rentals and what the market is like. Do you have any insight on this?

-Jacob

Thank You @James Lockhart @Mark Nolan  @Robert Ellis @Dave Visaya for the warm welcome! @Douglas Landendorf I look forward to learning with you man!

@Robert Ellis That is exactly where I narrowed my Niche. I am going to start investing in properties I can pick up in the 43201 and 43202 area. Although right now I am not in Columbus often I plan to buy and live in my first property there this year. I do visit from time to time and really enjoy coffee! I would like to meet with you and talk real estate.

-Jacob

Hey BiggerPockets Community!!! My name is Jacob and ready for some BiggerPockets!

I am 25 years old, wake up at 4 to workout, and don't go to bed until I'm done with work. I am now looking for something to take all this dedication, discipline, and drive to dive in and create wealth!!!!

I have been watching all the webcasts and reading a lot of material, and came to the conclusion that I will start with a House Hacking deal for my first, and will be in the area of Columbus Ohio (OSU Campus...Go Bucks), Delaware Ohio, or anywhere in the central Ohio area that is developing!

I love talking about this stuff and talk to my family about it to DEATH, and would love to network and meet new people that also love talking real estate!

So signing off from Delaware OH, 

-Jacob