All Forum Posts by: Benjamin Reemsnyder

Ciara, welcome to BP. There is a wealth of knowledge and so many successful people on here it's insane. Ask lots of questions and they will get answered. What city in Ohio are you looking at getting started in?

Mr. Rumora, I just wanted to say hello and introduce myself. My name is Benjamin Reemsnyder and am currently looking to break into real estate investing. I do not not currently have any investments but I am very eager to get my first deal within the next year. If you ever find yourself in Columbus, OH I'd love to have coffee and talk real estate.

I did try to get a HELOC on my primary residence but was turned down because of my debt to income ratio was about 1% too high and they said that the LTV was not less than 80%. I have also considered doing a cash out re-finance on the home, but am not sure yet. I owe 178k on the mortgage and the preliminary appraisal that Wells Fargo gave me when I applied for the HELOC was $230k based off what the comps are selling for in my market. The original loan about was 185k and I read online, don't believe everything you read online, that they base the LTV ratio on the original loan amount for the HELOC, not the appraisal value. Is this true? Any insight?

In my brain, I knew that paying off credit debts, student loans, etc. was the way to go because the amount of cash I have is not enough to really do anything in the investing world. I have that beginner desire to want to jump right in but want to be smart about it, so my thought process is to really focus on paying off the loans and in the meantime learn the most I can about real estate investing and find a mentor to work for on the side and learn from in the meantime.

Thanks for the reply. I will have to check that out.

Thanks for the replies! I kind of figured that paying off debt was the way I should go, but I want to get into investing so bad! I want to go about it intelligently however and know that real estate will still be here in a year or two that it would take to pay off these debts. I listen to the podcasts and it is nice to hear that for some of the most successful investors it took 5 years to purchase their first property, so it gives me time to get a firm understanding of the basics and get the h&#$ out of consumer debt once and for all.

Hello BPers! I have a question regarding debt payoff vs. investing. I currently make a good income with my W2 position, own my home(owe about $178k on the loan), owe about 18k in student loans, and have just recently consolidated all my credit debt to a lower interest Prosper loan. I currently have about $10k left over from that loan and will be getting about a 4k bonus in the next week or so. My question is should I put all that money back on the loan and get it paid off quicker or take that money and find a way to invest the money. I am really interested in getting into real estate investing, but obviously don't have a lot of money at this point. Any advice would be helpful! Thanks!

Hi all. I am currently in need of a new furnace and air conditioning unit on my primary residence and wondered if anyone had recommendations for a company to have this quoted and installed by in the Columbus OH area. I am looking for good quality and a reasonable price. Any help would be appreciated.

Is there a BP Columbus Meetup coming up soon? I am interested in attending and see what its all about as a newbie.

Congratulations on your first investment property! I am still a newbie myself without an investment property but do own a 40's cape cod in Columbus that I am working on slowly but surely. I totally understand how you feel about old homes. I am obsessed with 40's and 50's homes and would love to restore them to their former glory. Good luck on your new purchase and many many more! Welcome to the site!