Hello, my name is Craig.

Hello, my name is Craig.

Lawton, OK · Member since 2013 · 28 posts · 4 votes

Hello, my name is Craig. I am trying to take my interest to the next level by creating an account here on biggerpockets.com, and dedicating my free-time to learning as much as I possibly can about real estate investing.

Right now, I am north of Columbus Ohio, just recently separated from the armed forces, lived it and loved it and would do it again in a heart-beat.

I did a fair amount of reading my last several months in the service, as well as the short time I have been out of the service. And I am trying to learn more about an entry point, or starting level in real estate, rental properties and the like.

I did work briefly as a sales-man in El Paso Texas, long enough to learn the basics of salesmanship, and decided not to go all in on memorizing the specifications on the products I was supposed to be selling, and rehearsing the companies sales pitch for door-to-door sales, or telemarketing.

The problem I am having isn't so much a business plan/game plan, as it is initial financing to get the ball rolling. I've been out of the service for just shy of a year now, and have learned to survive on the minimal, and by minimal I mean even less than what most would consider the bear essentials. This having been said, I am beyond just confident that I can swing what it takes for being a real estate investor.

My first goal I am trying to achieve is to find a Duplex, Triplex, or Quadplex, and rent out the other area's. I am skilled, ready, willing, and able to maintain any appliances that would come with the property. I've also already written lease agreements as a guideline for the specifics of my goals, and already it's appearing to be a flawless plan! Listening to both cynic's and fanatics, I've found I am a healthy median somewhere between the two. Though I do believe there's more to be learned from a fanatic than a cynic.

Anyhow, this is my introduction, never done this before so I apologize if it's less than adequate.

I will be checking out alot of the forums here, and I am looking forward to hearing insight and feedback from everybody.

Thanks!
Craig.

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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Craig C. welcome to the site! I hear Ohio can be a great place to invest, so you are already doing great! :) How far is Galion from Lima, where my good buddy @Ben Leybovich lives?

    Anyways, glad to have you here! If you haven't seen it yet, be sure to check out How to Buy a Small Multifamily Property for some tips on getting that first multifamily! Also How to “Hack” Your Housing and Get Paid to Live for Free is a good one also for this strategy!

    Glad to have you here. Jump in anytime and stay connected! And oh - don't forget a photo!

  • Specialist · Las Vegas, NV · Member since 2013 · 639 posts · 176 votes
    12y

    Craig, welcome to BP and congrats on your service. There are some great people here on BP and they're more than willing to share their experience.

    There's a lot of info to take in here, so take your time with it. I would advise you that if you really want to do this, you need to find someone experienced you can work with on a few deals first.

    So maybe your first step is to find a home run deal that will make an experienced investor want to jump in with you. Not as easy as it sounds - but it gets easier as you go along, I promise you that.

    This is a business that takes hard work to succeed, but is very rewarding. Good luck with your deals!

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    12y

    Hello @Craig C.

    Feel free to reach out. I know Columbus pretty well.

    BTW Do you have a younger brother by chance?

  • Lawton, OK · Member since 2013 · 28 posts · 4 votes
    12y

    Hey Brandon, great to hear from you, reading your blog about "How to start investing in real estate at a young age" is actually what inspired me to join!

    Thanks David, I really appreciate it!

    Ben, I will most likely be in touch very soon, thanks!

  • Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
    12y

    Hey Craig! Thank you for your service.

    You said financing seems to be holding you up. Have you met with a couple lenders to see where you are at and what they can do for you? I would recommend sitting down with a couple mortgage lenders from national (big) banks and a couple from local or regional banks. We're self-employed and write off a lot of expenses, so it has been tough for us to get lending. But now we've found a local bank who has been excellent to work with and really opened up new possibilities.

    Also, if you're looking to move into your first purchase, you are in great shape. This usually allows lower down payments and lower interest rates.

    I hope you find that first property that works for your residence and as a rental.

    Mike

  • Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
    12y

    Have you thought about using your VA loan on your first property if you are looking at Duplex's?

  • Residential Landlord · Columbus, OH · Member since 2013 · 38 posts · 2 votes
    12y

    Welcome Craig,

    I'm just getting started in Columbus. Currently exploring two different properties and searching for the appropriate lender to get pre approved this week. If you ever want to connect or need a sounding board for ideas, let me know!

    You may want to consider a HomePath mortgage for a multi family. You can purchase a property with as little as 3% down and they will also provide additional financing if you need to do any rehab work. Check out the homes available for HomePath mortgages at http://www.homepath.com/.

    As mentioned above, also look into VA loans. I don't know much about them myself, but my dad purchased his home with one and got a great rate with a small downpayment.

    JVF

  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Craig C. welcome and thank you for your service. As I'm sure you know, you'll need money to invest so perhaps look at wholesaling or being a birddog for a local investor to make some extra cash. You can always do a syndicated deal with investors too.

  • Lawton, OK · Member since 2013 · 28 posts · 4 votes
    12y
    Originally posted by Andy Robison:
    Have you thought about using your VA loan on your first property if you are looking at Duplex's?

    I have thought about it. The problem is, my understanding of this particular loan is that it is only a 1 time thing, and I'm actually trying to hold onto that for something else further down the road. I could be mistaking, but one rule of thumb for me is if there is a question in the mind: Automatically assume the answer is not what you want it to be until you have concrete evidence otherwise. In this case I automatically assume this is a one time thing, and I need to keep that in my back pocket for right now.

  • Lawton, OK · Member since 2013 · 28 posts · 4 votes
    12y

    Thanks John!

    And also thanks Michael and Joe!

    Your inputs are greatly appreciated!

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