All Forum Posts by: Zach Jacob

My first investment property, a refi, first tenants, a new primary residence, and my first child... figure it’s best to avoid the free version of TurboTax this year. Anyone have CPA suggestions in Cincinnati??

Great information, I appreciate everyone's feedback! 

It's easy to understand the math when comparing APR's and return rates, I suppose it all comes down to commitment to a strategy and risk tolerance. My guy was obviously over leveraged at the WRONG time, and got burnt. Ramsey's strategy will surely work for those with zero risk tolerance, but it's certainly not the only way to financial freedom. I've decided to focus on the learning as much as I can about lending/financing options so I'm well equipped when opportunities come. Then of course focus on the long term strategy, don't scale too quickly through leverage, budget, pay down debt quickly, then eventually see the cash flow snowball once these properties are paid off.

Thanks again, everyone!

Also to add - I understand the math side of it, the returns on a buy and hold will (should) be much better than 3.75%. His theory is obviously more of a long term, snowball effect of cash. It appears to make sense...?

Hello Everyone! I'm relatively new to real estate investing, currently renovating my residence in the Cincinnati (Oakley) area. I had my plan and strategy all worked out - complete a few value add projects on my home by end of May, refinance, ARV opens up about $90k in equity. My wife and I then move; the current house (SFR) rents easily, $400 monthly cash flow. The equity along with my $100k in personal cash provide means to get stared on my path to financial freedom. I was actively shopping for a 'fixer upper' multi family in one of our local emerging neighborhoods, when out of nowhere, a Dave Ramsey fanatic walks into my life. By the way, I have a full time sales job that consumes most of my time... therefore, I was looking for a place that would require basic lipstick and makeup value adds as opposed to major renovation. As you'd expect, the Dave Ramsey guy is telling me to pay off the remaining $110k on my 3.75% FHA loan with my cash ASAP. Then sell the house. Use the cash, maybe $215k to by me and my wife's new home, then save fanatically for my first rental. All cash, no debt... A little background on him - he's been in real estate his whole life, has owned over a hundred properties, got hit hard in 2008 (due to his debts), but still a millionaire, financially free, and of course, debt free. His resume makes it difficult to question his advice!! I'm 29 yrs old, have a decent nest egg growing in a 401k..... what do I do?? Any advice would be much appreciated!

Sean Cole Thanks, looking forward to it!

Thanks Joseph Cornwell , I'm going to be at the October 25th meet up in Deer Park. Looking forward to it!

Jered Sturm thanks for the introduction, I actually listened to your podcast yesterday, congrats on the success! We have some similarity in the sense of how you started out, on the contractor side. I've never worked directly for or with a contracting company, but have been involved in multiple reconstruction/rehab projects. I probably don't have the level of rehab/fix-up experience as you, but I've definitely dabbled. That being said, I've seen successful renovations first hand, so why not do it myself! I should disclose I've spent the last five years in a technology sales role, and have grown to be the highest producer in our southern region. I plan on continuing to work here while I build a portfolio. As for my strategy, I'm still in the information gathering phase. When I decide to set a goal, I am a big proponent of learning as much as possible before diving in. I've listened to a bunch of the podcasts and read various material at lunch/night. The next step for me is to network; I figure I'll learn best from real stories, situations, and maybe most importantly, local market experience. So, not quite sure of a strategy just yet. I have some capital and other potential value add to contribute to a deal. I think I'd like to explore a fix/flip opportunity with a partner who could in a sense, be a mentor. I'm not opposed to buying/holding, just don't know if that's the best first move. I guess it depends on the area and opportunity...

Hello!

I couldn't be more excited to join the BiggerPockets community and begin building a successful real estate investing career!

All fellow Cincinnatians: Please feel free to reach out, I'd love to connect.