I've recently been introduced to real estate investing and have become highly attracted to both short term and long term rentals (the idea in general.) I'm looking for ways to be savvy, smart and creative. I've been looking at multi family units, single family homes, condos, cabins you name it. I want to be very intentional on location and land properties/units in grade A neighborhoods (or pretty close) and where economies are booming. Ultimately, I want the numbers to make sense. I have nearly 180k saved up and I'm military and have access to the VA home loan ( if this could potentially aid in house hacking.) This may be a premature post but I'm putting my thoughts out there as I'm eager to begin real estate investing! For anybody that reads this post, I thank you for your time. Additionally, thanks in advance for any suggestions, advice and or value added!
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
3y
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
where are you finding stuff like this? i know in my area (outside Atlanta), you wont find anything under $275k for similar rent (on the top end)
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
Outstanding! Do you mind if I ask what market you’re investing in?
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
Outstanding! Do you mind if I ask what market you’re investing in?
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
where are you finding stuff like this? i know in my area (outside Atlanta), you wont find anything under $275k for similar rent (on the top end)
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
Real Estate Investor · La Verne, CA · Member since 2008 · 16 posts · 14 votes
3y
Hi Landen!
First off, thank you for your service.
Secondly, you have come to the right place, and your growth mindset will take you far. You will be swimming in information so being intentional is the right approach. First, define your "why" and think about what you really LOVE to do, that you would do for free because you enjoy it so much. That will dictate what asset class you may want to consider, and WHO you will need to rely on for their expertise. Someone who gets burned out because they did not align their natural compulsions with the right activity will never be able to compete with someone who sustainably loves what they do and would do it for free. Be that guy. That said, here are some ideas based on your post:
- VA Loan + House hacking...Yes. 100% YES. David Greene says "You should be house hacking 1 house every year."
- Short term rentals: Read Avrey Carl's "Short term rentals, long term wealth" - it got me started, but I will caveat that "mature vacation rental market" does not equal "no regulatory volitility"...so be prepared to deal with that. local governments of resort destinations are still trying to figure out how to deal with the onslaught of AirBnB demand & backlash from locals. I own 2 STRs...so far. One in City Of Big Bear Lake, CA, and one in Big Bear City, CA. Similar city names, totally different regulatory departments.
- Long term: I am looking into self storage myself...no toilets, no tenants, and if they don't pay, I keep their stuff. : ) Sounds easier than it probably is, but enticing.
- Read "Buy, Rehab, Rent, Refinance, Repeat" by David Greene.
- Read "Finding and Funding Great Deals" by Anson Young.
All three books are on apple books (and probably whatever Android uses) if you are into audiobooks. Hope this helps!
Secondly, you have come to the right place, and your growth mindset will take you far. You will be swimming in information so being intentional is the right approach. First, define your "why" and think about what you really LOVE to do, that you would do for free because you enjoy it so much. That will dictate what asset class you may want to consider, and WHO you will need to rely on for their expertise. Someone who gets burned out because they did not align their natural compulsions with the right activity will never be able to compete with someone who sustainably loves what they do and would do it for free. Be that guy. That said, here are some ideas based on your post:
- VA Loan + House hacking...Yes. 100% YES. David Greene says "You should be house hacking 1 house every year."
- Short term rentals: Read Avrey Carl's "Short term rentals, long term wealth" - it got me started, but I will caveat that "mature vacation rental market" does not equal "no regulatory volitility"...so be prepared to deal with that. local governments of resort destinations are still trying to figure out how to deal with the onslaught of AirBnB demand & backlash from locals. I own 2 STRs...so far. One in City Of Big Bear Lake, CA, and one in Big Bear City, CA. Similar city names, totally different regulatory departments.
- Long term: I am looking into self storage myself...no toilets, no tenants, and if they don't pay, I keep their stuff. : ) Sounds easier than it probably is, but enticing.
- Read "Buy, Rehab, Rent, Refinance, Repeat" by David Greene.
- Read "Finding and Funding Great Deals" by Anson Young.
All three books are on apple books (and probably whatever Android uses) if you are into audiobooks. Hope this helps!
Craig
Craig,
I really appreciate your enthusiasm! Thank you for your response, lots of value added!
Great point referring to David Greene’s advice, securing a house hack annually. I heard him say that on one of the recent BP podcasts and that’s exactly what ignited the flame! I’m actually looking at a few multi family units in SoCal!
Love the self storage idea as well! Wouldn’t mind looking more into that as well!
Thank you for recommending those books! I will definitely be buying them!
Real Estate Agent · Philadelphia, PA · Member since 2022 · 58 posts · 40 votes
3y
Hey Landen,
Good for you for starting your journey into real estate investing. The fact that you are on BP is a huge step in the right direction, watch podcasts and study all the other available tools at your disposal. If you need anything specific never hesitate to reach out to me, I am an Army vet and an active agent in the Philly market.
Hey John! I recently joined the bigger pockets community (literally 2 hours before writing this) to see if there were any investors near me on here as I am also getting into real estate investing. I’ve done a couple months worth of saving and learning from as many avenues as I can while I save for my first purchase! I am currently in Pickens sc and also looking to invest in the Easley/Greenville area as well as Anderson and maybe even as far as Atlanta because I currently work in Anderson SC. I’m sure you are busy but would love the opportunity to talk to you a bit more about your journey as well as the plans I have for mine! Thank you for your time!
Hey John! I recently joined the bigger pockets community (literally 2 hours before writing this) to see if there were any investors near me on here as I am also getting into real estate investing. I’ve done a couple months worth of saving and learning from as many avenues as I can while I save for my first purchase! I am currently in Pickens sc and also looking to invest in the Easley/Greenville area as well as Anderson and maybe even as far as Atlanta because I currently work in Anderson SC. I’m sure you are busy but would love the opportunity to talk to you a bit more about your journey as well as the plans I have for mine! Thank you for your time!
Absolutely.
Also there is a great Real Estate Association in Greenville.
Real Estate Broker · Bellevue, WA · Member since 2015 · 415 posts · 1k+ votes
3y
Hey Landen,
If you've got access to a VA loan and you're looking to maximize your portfolio returns you're going to want to look at owner-occupying a 4-plex.
That will allow you the maximum leverage to keep your cash on hand for renovations or for the next project potentially.
You're going to want a value add property where you can renovate one unit at a time as tenants turn over. Rinse and repeat until you've done all the units and the refi to get access to your VA loan again.
$180k or less down could get an amazing Smoky Mountain cabin!
I am interested in learning more. First time and having a bit of FOBO and uncertain on a market.
Hi Charles, I am happy to talk all things Smoky Mountains. I own 10 STR personally with no partners and own a property management company and am a full time agent also. Feel free to message me directly
$180k or less down could get an amazing Smoky Mountain cabin!
Definitely would consider a cabin in the Smokey Mountains at some point!
Hi Landen (same thing I just typed above!), I am happy to talk all things Smoky Mountains. I own 10 STR personally with no partners and own a property management company and am a full time agent also. Feel free to message me directly
I have been buying up 30k to 50k houses for cash that rent for $1200 to $1500 a month.
I just bought another one this week for 50K which is more than I normally spend but it is in an up-and-coming area where ARV of houses is 250k or better.
Real Estate Agent · Nashville, TN · Member since 2022 · 54 posts · 36 votes
3y
@Landen Reed Welcome! I would defintely suggest consulting investor friendly agents and property management companies when starting out in a market you don't know. Def talk to a few! Then make the choice of where and with whom to buy! Happy Investing!
