All Forum Posts by: Caden Glenn

Hey @Caden Glenn one way I try to avoid closing costs for myself or my clients is to ask for 5k over their asking price and then include 5k of seller concessions in the offer. This essentially finances your closing costs into the 30 year mortgage. 

@Caden Glenn sounds like you need to find a great Realtor to talk to in your area! I'm not in Cincinnati, but these are all things I cover in my buyer consultations. 

1. You can do as little as 3% down as a first time homebuyer with a conventional loan, assuming you qualify. You can also do 0% down if you want to go the USDA or VA route, or perhaps could qualify for down payment assistance. Depends on your situation and what local options are available in OH.

2. Closing costs should be closer to the 3% than the 5%. If you were paying 5% closing costs on a $300k purchase price, I'd tell you to find a different lender. 

3. Inspections vary, and depends on what you want. In NC (no idea if it's different in OH), a standard mechanical inspection depends on the size of the property, if it's a crawl space, slab or basement foundation, etc. Typically they run $500-$1000 depending on those factors and any additional inspections your Realtor recommends. 

4. Appraisals are another item the lender may require to be paid prior to closing. In the CLT area, it's usually $500-$700. 

If you're gearing up to buy a home, especially since it's your first time, talk to a Realtor who can prepare you for these expenses, what to expect as far as deposits, as well as connect you with a fantastic lender who will be able to advise/guide on the lending side. 

Best of luck!

You can have your agent try and work a buyer credit in an addendum at closing. For example, offer $300k with a $5k buyer credit at closing as opposed to say $295k. Seller basically covers your closing costs, essentially transferring that $5k from an immediate closing to cost to one spread across a 30-year mortgage at 3.5%.

Hi Caden, it's fantastic to see your passion for real estate investing at such a young age! 

Real estate markets can fluctuate over time, so it's essential to regularly assess market conditions. Stay informed about trends in your local market and potential emerging markets. This knowledge will help you make informed decisions about your "next best strategy", whether it involves expanding your multifamily portfolio, exploring different investment avenues, or considering geographic diversification.

For now, it is wise to continue educating yourself and networking with experienced investors by attending seminars, conferences, and real estate meetups. Networking can provide valuable insights and potential partnership opportunities.

Wishing you the best of luck in achieving your real estate goals and feel free to reach out anytime!

Hey Caden, first off good on you on have a very clear short term goal when so young! Also hats off to you for your work ethic as well.

One thing I would recommend when starting off is just getting really good at the basics of not just real estate investing, but financial literacy as well. Make sure you have good credit, if not start building it now. If you become a project manager, focus on becoming a very good one if that is your career of choice so you can increase your income stream. If you want to be a real estate agent as well to supplement your income or for that to be your future career, get really good at that so you can earn a high income. A high income + good credit + low debt will put you in a great position to explore a lot of opportunities for your first several properties. Not to say that you need a high income and good credit, but it does make it a lot easier.

By 2024/2025, the market will have evolved a lot, and so will have you. Take it day by day, you don't need to commit to a strategy 2 years down the road now. Start networking, align yourself with experts in the space, or people you hope to emulate. That will not only help you avoid pitfalls, but at the same time give you true direction and indrect experience on what you really want to do in your REI journey.

Hope this helps!