First Post - Looking for Advice!

[Mike Litano]

Hi BP community!

My name is Mike and I currently live in the suburbs of Columbus, Ohio. I have been interested in pursuing real estate investing as a way to generate wealth and - over time - replace my W2 income. I am renting out a condo I own in Arlington, Virginia and own the home I currently live in. 

I'd love to dive in a bit more seriously with a 2-4 unit multi-family home purchase, BUT my fiance is in medical school and we will be relocating to ??? for her residency program in about 1.5 years. As a beginner, I'm hesitant to invest in a property in the Columbus, Ohio area that I likely won't be local to (the DC condo is easy because it's walls-in and I have a close realtor friend who shows the property to prospective tenants for me). Instead, I am strongly considering doubling down on further building up my cash reserves for a purchase wherever we land next. We'd find out where she "matches" in late-March 2025 (16 months) and I'd be able to start deep researching the market at that point. 

I have two questions for this knowledgable group!

1. Assuming this is the strategy I stick with, could you recommend a resource (e.g., worksheets, spreadsheets) for real estate investing goal-setting and planning? I'd love to leverage a trusted resource rather than build my own!

2. Anyone disagree with my thinking and/or approach? Very open to feedback. Columbus is a great area to invest in given the home prices and numerous universities, hospitals, top school districts, and legacy (Nationwide, JP Morgan Chase, etc) and emerging (Amazon, Intel) employers in the area. But likely being distant, I'd have to heavily rely on a property management company for just a single property (unless I also rent my current home).

Thanks in advance. Looking forward to networking with and learning from you all!

-Mike

[Anthony L Amos Jr]

Quote from @Mike Litano:

Hi BP community!

My name is Mike and I currently live in the suburbs of Columbus, Ohio. I have been interested in pursuing real estate investing as a way to generate wealth and - over time - replace my W2 income. I am renting out a condo I own in Arlington, Virginia and own the home I currently live in. 

I'd love to dive in a bit more seriously with a 2-4 unit multi-family home purchase, BUT my fiance is in medical school and we will be relocating to ??? for her residency program in about 1.5 years. As a beginner, I'm hesitant to invest in a property in the Columbus, Ohio area that I likely won't be local to (the DC condo is easy because it's walls-in and I have a close realtor friend who shows the property to prospective tenants for me). Instead, I am strongly considering doubling down on further building up my cash reserves for a purchase wherever we land next. We'd find out where she "matches" in late-March 2025 (16 months) and I'd be able to start deep researching the market at that point. 

I have two questions for this knowledgable group!

1. Assuming this is the strategy I stick with, could you recommend a resource (e.g., worksheets, spreadsheets) for real estate investing goal-setting and planning? I'd love to leverage a trusted resource rather than build my own!

2. Anyone disagree with my thinking and/or approach? Very open to feedback. Columbus is a great area to invest in given the home prices and numerous universities, hospitals, top school districts, and legacy (Nationwide, JP Morgan Chase, etc) and emerging (Amazon, Intel) employers in the area. But likely being distant, I'd have to heavily rely on a property management company for just a single property (unless I also rent my current home).

Thanks in advance. Looking forward to networking with and learning from you all!

-Mike

 You could also purchase a condo for long term rental cashflow here in Columbus and have a local realtor / property manager show it, just like the setup you have in D.C. 

This is a great market and I would consider buying and stabilizing something here before moving. Is there any chance your fiancé could have options here in Columbus? If so, I would heavily consider starting here