All Forum Posts by: Marian Henares

Thank you to all who responded, this was helpful information! Exactly what I was looking for :)

Hello BP friends!

I graduated nursing school in May 2018 and was hired as an RN in July 2018. While in nursing school (3 year program), I worked as an admin assistant for my dad's consulting company. As an RN for the past year, my income has quadrupled compared to what I was making as an admin assistant. What income amount will they use when I go to apply for mortgages? Will they average my income over the last 2 years? Will they disregard the admin assistant income since I was in nursing school during that time?

Thank you in advance for your help.

Sincerely,

Thank you for the feedback, I appreciate the responses and it has given me a lot to consider.

In regards to further clarifying my thought process and that of the person who objected to my plan of the OOS BRRRR in Ohio, I will explain below.

My viewpoint:

• Why BRRR? My husband and I want to use the BRRR strategy so that we could potentially re-invest the same capital to begin building our portfolio of cash flowing properties.
• Why OOS? San Diego is too expensive for us to BRRR with the capital we have.
• Why Ohio?
  • My husband’s uncle is an electrician in Lancaster, OH, and my husband’s dad’s best friend is a developer in OH. We were hoping to use those connections to find referrals and create some sort of boots on the ground situation.
  • With the capital we have, SFHs below $100K is what we can afford. Also, for our first attempt at the OOS BRRR, we wanted to work with lower priced properties while we are gaining experience. The goal was to move on to higher priced markets with better appreciation.

The objector’s viewpoint:

• I need to own a home first before investing in real estate – build equity and experience in home ownership and then move on to investment properties.
• I need to invest somewhere closer, states such as Nevada, Arizona, or Texas, so that I can hop on a plane and be there in a few hours if need be. Also, those are the states that people are moving to; people aren’t moving to OH.
• I’ve never worked with contractors: I’ll get eaten alive.
• Since I have never been to OH, I need to go there for myself and drive the neighborhoods to get a feel for good locations to invest.
• Additionally, there was concern for my lack of experience in managing the challenges of the weather in OH and properties subject to snowfall.

At the time, I thought the objector was more opposed to the idea of investing in Ohio; however, in retrospect I see that she had several concerns: newbie investor + OOS + BRRR + Ohio. Similar to concerns that have been brought up in this forum. All valid points to take into consideration, and having heard multiple opinions from different angles it helps to put the objector's arguments into perspective now.

Thanks again for the feedback, my husband and I will use this information to figure out a plan for us moving forward. And if anyone has any additional feedback, or thoughts on where to invest, we would certainly love to hear it through this forum or private message.

Sincerely,

Shook Newbie Investor

Hello BP community!

I attended a real estate networking event this evening in my hometown of San Diego, CA, and during a segment where we each stood up and introduced ourselves to the group, I mentioned that I was interested in doing the BRRRR strategy and purchasing my first rental property in Ohio by the end of 2019 - someone in the crowd shouted out "Mistake!" I spoke with this person later in the evening and she informed me that Ohio would be a terrible place to invest. Any thoughts? Am I making a huge mistake by looking to invest in Ohio?

Thank you in advance for your insights.