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.

[Sharon Seiter]

Welcome Jacob!  I'm also learning the Columbus market and hoping to begin investing later this year.  What type of properties are you hoping to get into?  Single Family, small multifamily?

@Ed W.'s post is great advice, and the meeting at Tommy's is extremely helpful.  There's a great mix of new and experienced landlords, and plenty of people to answer questions / help newbies get started. 

Good luck as you get started!

[Account Closed]

Hi Jacob. Start by reading a few books. I.e. Some from the list mentioned on bp. Also you get a lot of out of watching podcast and the webinars. And don't be in a hurry. Make sure that the deals you you do are the right deals. Team up with someone. I.e find someone who is interested in mentoring you and bring him deals and learn from him/her.

[Ryan Mainwaring]

@Jacob Wazydrag advice.  I have not met ED yet but he has given me great advice on biggerpockets, I even formed a partnership with an experienced real estate investor to accomplish exactly what Ed says.  The first deal is the hardest and the numbers don't lie.  

[Jay Raught]

@Jacob Wazydrag great advice here, as you venture along the path make sure you form a business entity. I use an LLC for what I do. I can only suggest that you form some type depending on what style of investing you hope to accomplish. Good luck and remember, in most cases slow and steady wins the race. It is your money......

[Justin Taber]

@Jacob Wazydrag Great advice on here so far. I've been investing in Columbus for 2 years and am enjoying it a lot. Don't feel like you need to rush in but when you find a deal be ready to act quickly because they are going fast. I'd be happy to share whats worked and what hasn't for us so far if you'd like to grab a coffee or beer sometime.

[Darrell D.]

I have a small house there which is paid for by section 8.  It's been a blessing for 3 years now.  Columbus metropolitan housing authority  (CMHA) has a good program and many people were calling me with section 8 vouchers.  It's a good area to get started.  Welcome.

[Robert Ellis]

Originally posted by @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!

I'd wait on creating an LLC. If you want residential financing then some terms can be less flexible with that. 43201 and 43202 are both great areas to invest in. We created several videos about the university district on youtube if you want to learn more about those areas.

Do you know your price point yet in these ares that you are looking? While some people have mixed opinions about the University district, their is still a lot of great upside in this area. It might be less cash flow than linden or other c or d areas in columbus, but almost every deal is better than the 1% rule and if you purchase right there is a lot of opportunity to buy low and sell high. Would love to grab coffee with you if you are interested in these areas to discuss further.