All Forum Posts by: Austin Steed

My name is Matt, from New Jersey. I am a rookie real estate investor looking to purchase a small multi-family home to house hack with an FHA Loan! I just finished reading The House Hacking Strategy by Caraig Curelop. I learned so much valuable information and I am ready to get the ball rolling for my first house-hack.

I am a 25 year old Marine Engineer in the US Merchant Marine and in the US Navy Reserve. I spend roughly 6 months a year living on ships when I am working. My job gives me the flexibility to pretty much live anywhere in the country. I plan on moving out of NJ to get my real estate investing journey started. I have been doing research on markets and it seems like Columbus OH, Forth Worth TX, Houston TX, Chicago IL are the best possible markets in my price range at the moment.

I am very motivated and excited to start my investing journey towards financial freedom with the great BP community. My next steps are to start building my team and networking. Please reach out with any help and advice! Much appreciated.

Respectfully,

Matt

Welcome to BP!

Are you able to use your VA loan?

I started by house hacking two duplexes with my VA home loans in Columbus OH. It's a better program than FHA and has less limiting factors.

0 Votes

Quote from @Belynda Wesley:

Hello,

I am looking for GC in the Columbus, Oh area.

Belynda, I can share some GC's with you that I have used in Columbus OH in the past! Will PM you now.

0 Votes

Columbus, Ohio

Big fan of lincoln village!

It's the perfect inbetween from Hilliard and Hilltop. With the right property, that's a good LTR location in Columbus.

1 Vote

Columbus, Ohio

Quote from @Kris Kempe:

Hey everyone,

I need some help on if this deal makes sense or should I reconsider.

So I’ve been talking with a seller of a 7 unit multi family property about selling property subto, he agreed although for his trouble he wants $75,000 judt for letting us take over the loan. Upon that after a year he wants us to refinance and then take out his investment into the property and remove his already existing equity. I brought in an equity partner to cover the downpayment however, I’m still unsure if this deal is worth the cash flow or should I try and renegotiate terms with him.

Thanks

75k for a one year loan, not worth it! If the deal makes sense just try and get in under contract and then find investors and a solid bank to take it down.

0 Votes

Why I love Real Estate compared to any other investment strategy is leverage!

For my own personal portfolio the closer I can get to no money in a deal there better. Assuming there is positive cashflow you can really see strong numbers with lower and cash in a deal. Also you get to make appreciation with the banks money.

On my first duplex I bought I've never made one extra payment towards principal and I'm excited to let it ride the long hall.

1 Vote

@Danny Yeap Welcome to BP!

2 Votes

San Jose, California

If you have seen any appreciation in the property I would probably just sell it.

You loose $800 a month when things are going well. In my mind I think of a problem tenant, 1 month turn and a 1-2 month vacancy.

You could be at a loss of over 10k in that scenario on your P/L.

Also if you have a solid interest rate then you may want to consider holding but if not that'd be a for sure sell for me!

Lastly, Ohio is a great state to invest. I've been investing in Columbus for 5 years now and with your investor mindset there surely will be other deals to tackle here

4 Votes

Nice numbers on this one!

Did you do this out of state?

1 Vote

Quote from @Ali Saad:

Hi there!

I live in SoCal and it is extremely difficult to find any cash flowing properties. I'm interested in investing out of state, my criteria is:

- $80-120k purchase price (will go up to $200k if needed, but would rather have a lower purchase price and acquire more properties)

- Cash flow rental

- Pro landlord state

I'm not extremely picky on the area itself - I've done some research myself yet I can't pinpoint which market to enter. From what I've seen, it looks like the mid-west/south best fits my criteria. Does anyone have any recommendations on markets or advice on how they picked their market?

Ohio seems like it would be a great fit for you. I personally like small multi family homes for my portfolio and might not work for the 200k in Columbus. You can for sure find single families for that here though!

2 Votes

All Forum Posts by: Austin Steed

Austin Steed has started 26 posts and replied 543 times.

Post: commercial Real Estate Market Analysis

Post: New Motivated Rookie Intro!

Post: Looking for contractors for a flip

Post: Thoughts on LTRs in Lincoln Village

Post: Am I overthinking this deal?

Post: minimum money down pay off slowly, or big down payment and pay off multifamily quickl

Post: Making Connections (Out-Of-State Investing) - Bay Area

Post: Should I pull out of this deal and lose escrow money?

Post: Lorain Ohio SFH Flip #1

Post: How to find cash flow markets?

Austin Steed has started 26 posts and replied 543 times.

Rounded Star Post: commercial Real Estate Market Analysis

Rounded Star Post: New Motivated Rookie Intro!

Rounded Star Post: Looking for contractors for a flip

Rounded Star Post: Thoughts on LTRs in Lincoln Village

Rounded Star Post: Am I overthinking this deal?

Rounded Star Post: minimum money down pay off slowly, or big down payment and pay off multifamily quickl

Rounded Star Post: Making Connections (Out-Of-State Investing) - Bay Area

Rounded Star Post: Should I pull out of this deal and lose escrow money?

Rounded Star Post: Lorain Ohio SFH Flip #1

Rounded Star Post: How to find cash flow markets?

Post: commercial Real Estate Market Analysis

Post: New Motivated Rookie Intro!

Post: Looking for contractors for a flip

Post: Thoughts on LTRs in Lincoln Village

Post: Am I overthinking this deal?

Post: minimum money down pay off slowly, or big down payment and pay off multifamily quickl

Post: Making Connections (Out-Of-State Investing) - Bay Area

Post: Should I pull out of this deal and lose escrow money?

Post: Lorain Ohio SFH Flip #1

Post: How to find cash flow markets?