Brand new and I have so many questions! Columbus, Ohio

[Jacob Wazydrag]

Hello my name is Jacob Wazydrag I joined the community a week or so ago, and have been making some moves to GET IN THE GAME!

I recently have been contacting agents in the areas that I am looking into 43201, 43202, and 43015. Getting some listings from them is nice.

There is no doubt that I am going to make my first deal soon, my only problem I am trying to figure out now is what is the best thing to do in the state of Ohio....should I start the process of creating an LLC., or any other Entity type, or just own it myself with liability insurance.

What kind of programs are out there as far as lending for owner occupant properties. Where can I start calling?

All in all so excited about just talking real estate like this and being able to work on these goals of mine!

[Ed W.]

@Jacob Wazydrag   Welcome to BP and investing.  This site has a wealth of knowledge.

"There is no doubt that I am going to make my first deal soon..."  Real estate investing is a marathon, not a sprint.  Don't be in a hurry to do a deal unless you have independent corroboration that it is truly an exceptional investment (if you had life throw you a terrible curve after you purchased the property - serious accident, illness, etc. - you could put it on the market and very quickly - within a month or less - after all expenses related to the purchase, holding costs, and costs of sale you'd do no worse than break even).  

I have mentored many newbies and they are all overly anxious to get that first deal under their belt.  The problem is that almost every newbie has no concept of what a good deal is and - agents of the world forgive me for saying this - many agents don't either and even if they do, they either keep those deals for themselves or don't encourage their clients to pay the lower prices and/or get the exceptional terms you need to be successful.  

Until you become independently knowledgeable and competent, I strongly urge you to get a second opinion about the deals you are considering from a knowledgeable investor familiar with the general location of the property you are interested in.  For all the help agents can provide and all the good agents can do, at the end of the day they have a conflict of interest - their commission.  Yes, there are exceptional agents who know what a good investment is and who don't let their commission color their advice but it's unlikely you have the ability at this point to properly "read" the agents and figure out which is which.

There are 2 meetings you should attend.  Next Tuesday at Crosswoods (look up COREE on google) and on Thursday, Feb. 16th at Tommy's Pizza on 161 in Dublin (information about that meeting is right here on BP in the Networking Events forum).  You should attend both meetings before making any offers unless you have some valuable real estate knowledge you haven't mentioned or have independent confirmation that it is an exceptional investment.  There is an hour set aside at the Dublin meeting for Q & A (as well as people to talk to during the networking) and if you have looked at a promising property that you are considering you can give general details (you shouldn't give out addresses anywhere, including BP) and get some opinions from some very experienced investors.

Wishing you much success.