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Updated about 9 years ago on . Most recent reply

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Anthony Craiu
  • Akron, OH
2
Votes |
7
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Knowledge hungry investor from OH

Anthony Craiu
  • Akron, OH
Posted

I am looking to kick off my real estate journey soon and I need all the help and support I can get! I hope to connect with experienced people who can help me avoid the pitfalls that new investors might run into. I am already charting forward towards realizing my goals and I have joined the biggerpockets to glean from the experts and one day give back to the community.

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3,451
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Jerry Padilla
Lender
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
1,419
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3,451
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Jerry Padilla
Lender
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
Replied

@Anthony Craiu

Welcome to the site! You have some great idea's. Investors are coming to Cleveland due to the cashflow in the area so I am sure you can cash flow in Cleveland without even trying. House hacking is the way I recommend starting for many reasons, some of which you already mentioned. You get the experience of becoming a landlord, along with a mortgage history, allowing you to utilize rental income in the future. FHA is the only way you can use rental income when starting out without a mortgage history or experience. Even though there is is MIP, you will get a great cash on cash return. 3-4 unit properties with an FHA mortgage require the rental income to be equal to or greater than the mortgage payment, considering a 25% vacancy factor. This typically becomes more of an issue in higher cost areas. I am always glad to answer financing questions.

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