Starting my RE journey (again)

[Eldon S. Bailey]

Hello everyone.  My name is Eldon Bailey.  I'm actually a returning member.  I would like to tell you about myself.

I am retired from the U.S. Air Force (active duty) but currently work the DoD, as a civilian.  My wife and I have five children who are now adults and living on their own. 

I am 52 years old and will be able to retire from my current job in 8 -10 years. Because of the retirement structure, sticking around for that is not vitally important to me as I will basically be funding my own retirement with my Thrift Savings Plan (TSP).

My wife and I are in a GREAT financial position (zero debt, cash on-hand, disposable income) and are excited to start building passive income for us and generational wealth for our family.  Most of all, not needing to wait 8 - 10 more years to quit my job.

My initial goal was to purchase at least two properties by the end of the year, but the housing market we live in is extremely over-inflated and seems very difficult and risky to invest in right now. I have no idea where to start with long distance investing, so for now, I'm just trying to learn everything I can about "buy and hold", "BRRRR", private and hard money, and analyzing properties. Unfortunately, I don't work with or know anyone who invests in real estate (at least not anyone whom I would consider an expert or mentor).

I love to learn, so I will continue absorbing everything I can on biggerpockets and hopefully find other helpful resources/people along the way.  I am grateful for any advice or "words of wisdom" shared by others.  I look forward to networking with as many of you as possible. 

[Steven Foster Wilson]

Quote from @Eldon S. Bailey:

Hello everyone.  My name is Eldon Bailey.  I'm actually a returning member.  I would like to tell you about myself.

I am retired from the U.S. Air Force (active duty) but currently work the DoD, as a civilian.  My wife and I have five children who are now adults and living on their own. 

I am 52 years old and will be able to retire from my current job in 8 -10 years. Because of the retirement structure, sticking around for that is not vitally important to me as I will basically be funding my own retirement with my Thrift Savings Plan (TSP).

My wife and I are in a GREAT financial position (zero debt, cash on-hand, disposable income) and are excited to start building passive income for us and generational wealth for our family.  Most of all, not needing to wait 8 - 10 more years to quit my job.

My initial goal was to purchase at least two properties by the end of the year, but the housing market we live in is extremely over-inflated and seems very difficult and risky to invest in right now. I have no idea where to start with long distance investing, so for now, I'm just trying to learn everything I can about "buy and hold", "BRRRR", private and hard money, and analyzing properties. Unfortunately, I don't work with or know anyone who invests in real estate (at least not anyone whom I would consider an expert or mentor).

I love to learn, so I will continue absorbing everything I can on biggerpockets and hopefully find other helpful resources/people along the way.  I am grateful for any advice or "words of wisdom" shared by others.  I look forward to networking with as many of you as possible. 

 Welcome back Eldon,

That is great that you are getting started and seem to be ready to jump in. If your market is not one in which you want or can invest in then read this article on creating your core 4 https://www.biggerpockets.com/.... For out of state investors it is important to get this started. If you want to grow and keep growing which is what it sounds like you want to do. By creating this you would be able to scale much faster. I think it is important to start running numbers in the potential market you want to invest in. I like to use this calculator https://www.calculator.net/ren.... By doing this you will know when a good deal is in front of you and you will be able to act fast. Like in the BP podcast #635 one thing it talks about is getting over the initial fear and acting fast.  

Personally I recommend the major cities in Ohio:

-Columbus, great for appreciation, pp is a bit higher around $220k for multifamily

-Cincinnati, has a mix of cash flow and appreciation, average multifamily around $180k

-Cleveland, has alot of cashflow potential, average multiform around $140k

There are other smaller markets like Dayton, Akron, and and Newark, which we are starting to see these areas boom due to huge investors and corporations like Intel choosing to set up shop in these kind of areas.

Looking for cashflow? Look into Cleveland, its got good cashflow potential with appreciation happening as well.

Looking for appreciation come to Columbus, there are still 1% deals, but the more attractive part is the population growth and other economic drivers!