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Updated over 5 years ago, 05/14/2019
Beginner in Columbus Ohio
Hello, I am someone who is starting to scratch the surface of the idea of real estate investing. Through a recommendation of a work colleague, I came across this website and have been browsing for a while but feel like sooner rather than later is a good time to start interacting with others here on the BP forums.
A brief introduction of myself - I am a recent college grad who has been working in the public accounting industry for the past few years. While I don't particularly mind what I do, I certainly don't see myself doing it forever and view REI has a solid, long-term option to create other income streams for myself and a option I can start out in while maintaining my current job. Since moving out of my parents house for college I have only rented for housing purposes. While I know it is not 'throwing away money' because I am paying for shelter, it kind of has always felt that way and I have committed to the idea of putting my money to work by purchasing my first property when my current lease is up in the summer of 2020. Though in saying that, I am getting ahead of my goal timeline that I have been mapping out in my head.
First, my goal is to continue to browse BP, listen to podcasts, read books, and take in as much useful knowledge as I can about the in's and out's of the real estate world. Secondly, once I have a good bearing, my goal is to get myself out there and attend some local events, meetups, or whatever else I can find relating to the world of real estate to again further my knowledge and start networking with local individuals. In setting these two objectives, I hope to help set myself up for the major milestone of owning my first property.
In regards to the first property, I am currently heavily set on a multi-family which I plan on using as a primary residence, a cash-flow stream, and a tool to continue learning about managing properties and tenants. Although this will be way down the line, assuming all goes well, I would eventually like to expand into additional multi-families and eventually get into commercial real estate or looking into expanding my reach outside of the surrounding Columbus area.
With all of this being said, I welcome all advice and help pointing me in the right direction. Thanks.
Welcome to BP! You have a solid plan. I think this is a fantastic way to start. One of the best things about your situation is that you are forced to wait one year before purchasing. In the mean time I recommenced diving into the podcast, the books mentioned in the "Fammoouuussss Foooouuuurrrrrr" and to start getting out and meeting people. I will shoot you a message with some of my favorite local meetups and a few folks that may be worth reaching out to. Feel free to reach out anytime to chat!
Pleasure meeting on Bigger Pockets Jacob. Columbus Ohio is a wonderful market for cash flowing small multi-family. I'd recommend listening to BP podcast #328 it get's the mind set right!
@Jacob Edwards right on! As long as you stay true to learning: reading, listening, and investing in yourself. You’ll be fine. Of course there will be a time when you need to take action but you’ll be better prepared. And of course take this time to hustle hard and save up that money.
@Joshua Hively Thanks for the warm welcome and the tips. I’ll be sure to start looking into those ‘big four’ books that I see mentioned here a lot. Looking forward to connecting.
@Trent Ecklar Thank you for the recommendation, I’ll be sure to check that one out ASAP
@Steven Ko yea, saving up money for a down payment is certainly a focus of mine right now as with my other objectives
Been doing this for over 20 years here in Columbus and I still educate myself every week. My job now is to teach everyone I speak to what NOT to do. You need to buy me coffee!
Welcome to BP!
It seems like you already planned well on your own.
You will get lots of insights and advices from other BP users for sure but one thing I like to tell you is to look for technological solutions a lot. You had to hire a property manager or accountant before.
We have many cheap softwares are available nowadays (Not enough tho...) and if not many properties, you can manage them by yourself. From deal source, actual purchase, property management, bookkeeping, tax filing. You can do all of this online. Deal wise, maybe you having good connections with brokers may be good tho.
But property management, bookkeeping and tax filing, you can totally do it by your self.
Once your investment becomes big, you will have to hire people anyways. I highly suggest you to learn how to manage properties by yourself first so that you will have good eyes to choose the right professionals for you later.
Exciting!! Good luck on your REI journey!!!
@Hideyuki Gojima For sure, if I am able to get into multi-families, or I guess any other type for that matter, I plan on managing them myself since I think it will be a great way to get some hands on learning rapidly.
@Mitch Deminski I'll be sure to connect once I get back in town, currently busy traveling for work.