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Updated 8 months ago, 04/29/2024
I want time freedom.
Hi my name is Delaney and I reside in Portland, OR. I've been told that real estate investment was the way to go to gain time freedom. My why is my family. I want to be there for them without worrying about 9-5 JOB.
I am new to real estate investing and I have do have a deep desire to make it work. No current door properties my belt and I hope to have 1 property in 2024. Thank you and have a wonderful day!
Hi Delaney,
Yes we all want time freedom lol but unfortunately it wont happen over night. The key is to be patient when investing in real estate. Look at all your options and research what type of real estate investing is the best option for you. Many people tend to start with house hacking where you buy a single family property or 1-4 unit property and live in one unit and rent out the other units or rooms if buying a single family home. The benefits of starting your journey with house hacking is that you don't need much money down as you can start with as little as 3.5% -5% down. The goal with this strategy is to have low living expenses as your tenants are helping you pay down your mortgage. Once you move out the hope is that the unit you are leaving will rent for enough money that you will come out positive or break even. Then once you move out you rinse and repeat and acquire your next property. Until you build your real estate portfolio up to what you feel is enough cashflow to live off from your rentals. The goal is to make sure you have high income, good credit score and enough assests and reserves to keep moving towards the next deal and dont max out on your first deal meaning do not max out your debt to income ratio as it can affect your borrowing power to acquire the next one. To get your time back you have to run the numbers as see how much cashflow you will need in order to be able to live comfortable from just your rental cashflow. You may only need 5 properties or 20 properties depending on your lifestyle. Advise is to get in contact with a lender that has experience in structuring these mortgages where you can move on to the next one and plan ahead. Reminder this whole real estate investing is a marathon and not a race. Be patient and before you know it you will reach your goals.
This is great advise Carlos! I appreciate you taking time and share your knowledge. My plan is to learn and work with seasoned investors. I am fully aware of the time and efforts to get the freedom I want but I need to start somewhere and soon. Again thank you.
Best of luck on your new journey Delaney! Let's get that 1 door opened this year!
- Nadeem Alamgir
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- (216) 677-0585
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OP don’t answer any of these points. Your best first investment is around your living and family situation.
1. Married kids, kids ages.
2. Job situations, tied to town, state or near family. Can you move? How much pay do you have to replace with REI?
3. Equity in your house.
4. Accessible cash for downpayment and capex, your financing mechanism what percentage downpayment?
5. Free time why? Are your kids 5 or 15? Do you have sick parents? Or is this for you personally?
6. Are your personal debt and expenditures under control? Real estate investing won’t help.
Once you have the above laid out. Then start learning and looking for an RE investment that fits that model.
Hey Delaney! Welcome to BiggerPockets! It is a great place to learn about real estate investing. I understand your excitement about taking the plunge into real estate investing. It's a thrilling and rewarding world, but it can also be overwhelming for newcomers. My advice would be to start small and do your research. Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments. Good luck on your journey and feel free to reach out if you ever need any guidance or advice.
- Min Zhang
- [email protected]
- (614) 412-2912
Hi Delaney. Are you looking to actively be involved in the operation and management of the investment? I invest in the tristate area and I’m always looking for investors.
Quote from @Min Zhang:
Hey Delaney! Welcome to BiggerPockets! It is a great place to learn about real estate investing. I understand your excitement about taking the plunge into real estate investing. It's a thrilling and rewarding world, but it can also be overwhelming for newcomers. My advice would be to start small and do your research. Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments. Good luck on your journey and feel free to reach out if you ever need any guidance or advice.
Quote from @Johnathan Mone:
Hi Delaney. Are you looking to actively be involved in the operation and management of the investment? I invest in the tristate area and I’m always looking for investors.
Jonathan, yes I want to be more active finding and analyzing properties.
Quote from @Henry Clark:
OP don’t answer any of these points. Your best first investment is around your living and family situation.
1. Married kids, kids ages.
2. Job situations, tied to town, state or near family. Can you move? How much pay do you have to replace with REI?
3. Equity in your house.
4. Accessible cash for downpayment and capex, your financing mechanism what percentage downpayment?
5. Free time why? Are your kids 5 or 15? Do you have sick parents? Or is this for you personally?
6. Are your personal debt and expenditures under control? Real estate investing won’t help.
Once you have the above laid out. Then start learning and looking for an RE investment that fits that model.
Portland is one of the best places to invest in real estate because of its economic growth and need for housing. Before investing, get to know how investment works, what is happening in the market nowadays, where and how you can fund it from, and finally analyze properties available. These are the things you need to look into: your own parameters for choosing a profitable idea.
The best way to begin is by purchasing a small family house or an apartment building. Also, get in touch with some real estate representatives in your area and those who’ve been doing this for some time now so that you can learn from them. You must investigate so intensely regarding any houses that interest you before deciding to buy one. The other things needed for to succeed is perseverance as well as being able to learn new things all time long too.
Good luck!
- Wale Lawal
- [email protected]
- (832) 776-9582
- Podcast Guest on Show #469
Quote from @Wale Lawal:
Portland is one of the best places to invest in real estate because of its economic growth and need for housing. Before investing, get to know how investment works, what is happening in the market nowadays, where and how you can fund it from, and finally analyze properties available. These are the things you need to look into: your own parameters for choosing a profitable idea.
The best way to begin is by purchasing a small family house or an apartment building. Also, get in touch with some real estate representatives in your area and those who’ve been doing this for some time now so that you can learn from them. You must investigate so intensely regarding any houses that interest you before deciding to buy one. The other things needed for to succeed is perseverance as well as being able to learn new things all time long too.
Good luck!
Wale, thank you for the advice. I plan to start out in Portland area first.
Quote from @Delaney Bantol:
Quote from @Wale Lawal:
Portland is one of the best places to invest in real estate because of its economic growth and need for housing. Before investing, get to know how investment works, what is happening in the market nowadays, where and how you can fund it from, and finally analyze properties available. These are the things you need to look into: your own parameters for choosing a profitable idea.
The best way to begin is by purchasing a small family house or an apartment building. Also, get in touch with some real estate representatives in your area and those who’ve been doing this for some time now so that you can learn from them. You must investigate so intensely regarding any houses that interest you before deciding to buy one. The other things needed for to succeed is perseverance as well as being able to learn new things all time long too.
Good luck!
Wale, thank you for the advice. I plan to start out in Portland area first.
My pleasure!
All the best!
- Wale Lawal
- [email protected]
- (832) 776-9582
- Podcast Guest on Show #469
Welcome to BP. Freedom is certainly desirable lol.