25yr old looking to get into real estate/first buy. Suggestions

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25yr old looking to get into real estate/first buy. Suggestions

Shane Baldesari
Member since 2020 · 1 post · 2 votes

Hey! I am looking to get into real estate in the Toledo Ohio area. This will be my first buy ever and I’m thinking of getting a duplex. What is you best advice for someone young starting out in real estate? This can include research, who to work with, skills, where to learn from, what to do on your own/what not to do on your own, etc. Thanks for your help in advance!

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
Originally posted by @Shane Baldesari:

Hey! I am looking to get into real estate in the Toledo Ohio area. This will be my first buy ever and I’m thinking of getting a duplex. What is you best advice for someone young starting out in real estate? This can include research, who to work with, skills, where to learn from, what to do on your own/what not to do on your own, etc. Thanks for your help in advance!

Try to get hooked up with a depository institutes CRA (Community Reinvestment Act) loan program on a 2-4 unit. Typically this is a conventional mortgage with as low as 3% down. This is what I did for my first purchase (a double) here in Columbus, Ohio. Then do an FHA loan program after that

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  • Bryan Noth
    Realtor · Austin, TX · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Shane Baldesari if you are just starting be a sponge. Soak up everything you can regarding REI strategies and then study the particular niche that best fits your preferences. I would suggest looking into house hacking for a first one, it is a solid option to get started.

    1Reply
  • Dave PoeppelmeierBusiness Member
    Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
    6y

    @Shane Baldesari I completely agree with Bryan. Before you buy anything, spend your time educating yourself. Anything by Robert Kiyosaki is great, as well as all of the material on BP and the books by Brandon Turner and David Greene are great places to start. Find out what you want to do: Buy and Hold, flipping, notes, etc. Then find other books on those niches and drill down further. Then house hacking by renting extra rooms in a 3 or 4 bedroom single family home or a duplex/other multi-family is a great way to get your mortgage paid while learning how to manage a property. You're 25 so you have plenty of time to "do it right" and not get caught up in a hot market like we have right now. Not to say deals don't exist, they're just harder to find currently. PM me if you have any other questions. Hope this helps!

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  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    That's great @Shane Baldesari, best of luck! 

    1Reply
  • Brandon GoldsmithBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
    6y

    I recommend learning as much as possible about the process as possible. You will be able to meet a lot of different people on here that will be able to help. I also recommend figuring out what your specific goals both long and short term so that you can start to narrow down your path.

    Additionally, I strongly urge you to find a mentor. Someone who is already doing what you want to do. This will speed up the learning process greatly and help you learn more than you would from research. Figure out how you can provide value to someone and they will be more than willing to help. Good luck! @Shane Baldesari

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  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    Plenty of affordable duplexes in Toledo, if I was you I’d dive right in. Questions will come up as you go, and then just search bigger pockets for answers.

    1Reply
  • Jacob Repreza
    Real Estate Agent · Orange County, CA · Member since 2016 · 207 posts · 111 votes
    6y

    Team will be the biggest point of advice from me. Are you close to the area? If you are it'll be even easier. If not then I would suggest taking a trip out there and checking it out in person. Know your streets and neighborhoods and get a reliable contractor as a bad one can ruin even the best of deals. Good luck! 

    1Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    I always recommend reading real estate investing books, tuning in to podcasts, and partnering up with a mentor. 

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Shane Baldesari:

    Hey! I am looking to get into real estate in the Toledo Ohio area. This will be my first buy ever and I’m thinking of getting a duplex. What is you best advice for someone young starting out in real estate? This can include research, who to work with, skills, where to learn from, what to do on your own/what not to do on your own, etc. Thanks for your help in advance!

    Try to get hooked up with a depository institutes CRA (Community Reinvestment Act) loan program on a 2-4 unit. Typically this is a conventional mortgage with as low as 3% down. This is what I did for my first purchase (a double) here in Columbus, Ohio. Then do an FHA loan program after that

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    2Reply
  • Eric SwintPro Member
    Rental Property Investor · Toledo, OH · Member since 2017 · 19 posts · 10 votes
    6y

    When I started in Toledo a few years ago I house hacked a duplex with an FHA loan. Learning to be a landlord while you live in the property is a great way to ease into real estate and property management. Listen to the podcasts, read the books everyone recommends in real estate, and connect with other people who are navigating the same waters. Pay attention to what you like and don't like doing throughout the process. You can pick/create your niche based on what you learn about yourself. As you progress you can build your team of professionals around you. Talk about real estate with everyone you meet. It's amazing how many conversations lead to other investors and contractors.

    1Reply
  • Austin Steed
    Real Estate Agent · Columbus, OH · Member since 2016 · 593 posts · 664 votes
    6y

    @Shane Baldesari I bought my first property in CA when I was 21. My agent was a great residential agent. I really wish with my first one I would have worked with an investor friendly agent, however. Then I think he would have pointed me towards 2-4 units witha VA loan... Lay up! Now I own 6 units in columbus Oh. I would make sure your agent owns real property as well. Best of luck!

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Austin Steed:

    @Shane Baldesari I bought my first property in CA when I was 21. My agent was a great residential agent. I really wish with my first one I would have worked with an investor friendly agent, however. Then I think he would have pointed me towards 2-4 units witha VA loan... Lay up! Now I own 6 units in columbus Oh. I would make sure your agent owns real property as well. Best of luck!

     Congratulations on your growth here in Columbus, Ohio! I just purchased a 6 unit building in Southern Orchards. Happy to connect!

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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    6y
    Originally posted by @Remington Lyman:
    Originally posted by @Shane Baldesari:

    Hey! I am looking to get into real estate in the Toledo Ohio area. This will be my first buy ever and I’m thinking of getting a duplex. What is you best advice for someone young starting out in real estate? This can include research, who to work with, skills, where to learn from, what to do on your own/what not to do on your own, etc. Thanks for your help in advance!

    Try to get hooked up with a depository institutes CRA (Community Reinvestment Act) loan program on a 2-4 unit. Typically this is a conventional mortgage with as low as 3% down. This is what I did for my first purchase (a double) here in Columbus, Ohio. Then do an FHA loan program after that

    Hi Remington,

    What is the difference between doing conventional loan /w 3% down versus doing CRA loan /w 3% down? Are there additional perks to using CRA compared to conventional?

    [email protected]614-300-7535
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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Jimmy Lieu:
    Originally posted by @Remington Lyman:
    Originally posted by @Shane Baldesari:

    Hey! I am looking to get into real estate in the Toledo Ohio area. This will be my first buy ever and I’m thinking of getting a duplex. What is you best advice for someone young starting out in real estate? This can include research, who to work with, skills, where to learn from, what to do on your own/what not to do on your own, etc. Thanks for your help in advance!

    Try to get hooked up with a depository institutes CRA (Community Reinvestment Act) loan program on a 2-4 unit. Typically this is a conventional mortgage with as low as 3% down. This is what I did for my first purchase (a double) here in Columbus, Ohio. Then do an FHA loan program after that

    Hi Remington,

    What is the difference between doing conventional loan /w 3% down versus doing CRA loan /w 3% down? Are there additional perks to using CRA compared to conventional?

    You cannot do a conventional loan 3% on a multifamily unless it is a special program like a CRA program or FHA. CRA products are superior to FHA. They have a lower rate and they have fewer requirements.

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • Terry Harris
    Rental Property Investor · Wilmington, DE · Member since 2020 · 35 posts · 19 votes
    6y

    Learn as much as you can! Read all of the bigger pockets books, listen to podcasts, and speak with other investors. I believe networking is super important for a beginner investor. Being able to speak to other investors and hear the stories of how they failed and succeeded can be super beneficial. Take in as much as you can. 

    Although taking in information from others can be great, it can also be pretty harmful as well. Many close ones may tell you its not a good decision/investment and to save your money. Trust your gut. If you do the research, find out what best for YOU, and play it smart, I don't think you can go wrong. 

    Goodluck man. Feel free to connect, I'm here if you have any questions.

    0Reply
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