Looking for newbie guidance!

[Andrew Sladek]

Hi all,

First post after a long time here, I am all over the place with ideas of how or what I should do. I think the reason is my lack of education and experience in this topic of investing. I do own a duplex, I started with a house hack and currently have that and my primary residence. I don't have any capital for future expansion. Based upon Akron Ohio market or just NE Ohio in general, what kinds of leverage am I able to obtain reasonably to pursue another deal? Also any additional tips for this area would be great! 

[Wale Lawal]

@Andrew Sladek

Even with limited funds, there are a number of ways to take use of assets that already exist and develop new ventures in Akron, Ohio. Leveraging current equity by refinancing the property and taking out a portion of it through a cash-out refinance is one such tactic. You might utilize these extra cash for a down payment on a different house.

Another good alternative is seller financing, which may be arranged directly with the seller and may entail a down payment and interest-bearing payments of the remaining amount over time. In exchange for their financial support, partnering with investors who have money to invest but do not have the time or experience to locate and manage properties might provide invaluable information.

One can purchase homes with little to no down payment by utilizing creative financing alternatives such as seller carryback financing, lease options, and subject-to transactions. It can also be advantageous to repeat the house hacking method, which lets you reside in one apartment and rent out the others to pay for housing costs.

Continuing education on real estate investment through conferences, books, podcasts, and classes can lead to new contacts and resources. It might be helpful to find communities with growth potential, high rental demand, and advantageous market circumstances for investment by keeping up with Akron and Northeast Ohio real estate news.

You may develop your portfolio and experience by starting small and working your way up. For appropriate financial advice, do extensive due investigation on prospective investments and speak with a real estate attorney, accountant, or financial expert.

Good luck!