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If you could go back in time and give yourself advice, what would you say?
As a young investor still in college, I have looked into many different niches. Ultimately, I have decided it is in my best interest to house hack my first property. I am looking for someone to tell me about their experience house hacking, finding their first deal, and if you could go back, what would you do differently? When it comes to financing a property like a house hack I have been researching FHA and 203k loans as most people would. If you have any advice or would like to just share your story and converse with me, feel free to comment or DM me! I really enjoy meeting and talking with new people.
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Quote from @Jeffrey Hunter:Unfortunately not enough. My primary residence, I am in a 100 unit syndication, and while not a property, I do own my own business that I am working on growing and expanding which will have the opportunity if done right to have even better yields than RE. However, definitely more hands on. Last year I was working with my cousin in Indy to try to find a 20 - 30 unit multifamily, however, so was everyone else. We made several offers but none made it over the finish line. Now with the market being where it is I am waiting for the short term for the right opportunity to come up. Not the perfect one, but one that makes sense that has long term debt on it that cashflows so that regardless of the economy I am on the right side of things. I wish for you a successful future.
Quote from @Thomas McCarthy:
Friggin do something!! Don't wait until the "perfect" opportunity comes up. There is no such thing. Its going to be hard, there will be challenges, but where do you want to be in 10 years? Still working paycheck to paycheck, cool car, nice apartment, but still having to work every single day? Or do you want to start putting money that you have earned to work in assets that is giving you money back that you can in turn reinvest? 17 years ago I was trying (poorly I might ad) to be a realtor, the plan was to buy at least one condo a year for 5 years that in theory in 30 years would be paid off an bringing me a grand a month each or 60k a year. Had I followed the plan instead of living paycheck to paycheck, driving the cool BMW and living in the fancy house, I would be 13 years away from that 60k a year which had I just done that, in today's market would be more like 120 - 140k a year. Don't make excuses and find a way!Thomas, that was great advice. A good way of looking at things. I agree with you, I am not interested in working the paycheck to paycheck making someone else money. Thankfully, I am beginning to learn at a young age so I can afford to take some risk. With the right team - which I am currently trying to build - I am confident in myself! Everyone has their own path.
How many properties do you own now and what type?
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I would have started earlier.
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Start now, even if you feel nervous. The lessons learned via experience and the probability of financial gain are too high. Getting "base hits" is the most important thing early on.
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Quote from @Jeffrey Hunter:
Quote from @Bob Stevens:
Quote from @Jeffrey Hunter:HOLD about 500 of the 500 I flipped, HUGE mistake as my market has tripled or more over the last 10 years, on top of the 20% net cap
As a young investor still in college, I have looked into many different niches. Ultimately, I have decided it is in my best interest to house hack my first property. I am looking for someone to tell me about their experience house hacking, finding their first deal, and if you could go back, what would you do differently? When it comes to financing a property like a house hack I have been researching FHA and 203k loans as most people would. If you have any advice or would like to just share your story and converse with me, feel free to comment or DM me! I Really enjoy meeting and talking with new people.
Good advice, I am definitely interested in the long term cash flow rather than house flipping. All though profit is profit, still valuable information to look back at and take note.
Flipping is a job, a good one but still a job,
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Quote from @Jeffrey Hunter:Definitely! Happy to chat anytime.
Quote from @Dennis Nguyen:
Bought my first house-hack a year after landing my first job. Best decision I've made! House-hacking helped me become a landlord, learn how to analyze deals, and also was a stepping stone for me into real estate investing. It wasn't a home run when I bought it, but it significantly reduced my living expenses while owning my own property was a huge win for me. Definitely no regrets.
Thats awesome. If you don't mind me asking, where did you buy and what did the numbers look like? I'd love to connect and talk more about your experience!
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What I have learned so far in 48 years on this planet.
1. There is no such thing as balance. You can have equal hours into 4 parts and be miserable in life. Harmony is where happiness is at. This is where various aspects of your life come together and you feel good about the day to day living and where your life is heading. There can be an ebb and flow to various aspects of your life as you age and evolve to create this harmony.
2. Research by Harvard has shown money doesn't buy happiness, owning a business doesn't, religion doesn't ( has shown a sense of belonging ). Surprisingly the research over many decades shows that SOCIAL CONNECTION with others for life experiences leads to more direct happiness. Whether extrovert or introvert everyone at some point needs to get out and socialize and feel connected in person with the world and relationships they value around them.
3. One of the most valuable assets is not money but TIME. You could have 1 billion dollars but without time and health to enjoy the proceeds it's meaningless. So many people work their lives away at a job or business that they miss out on living life itself. Those moments in time only come around ONCE where you get to create those pictures and video memories to remember back on yourself and share with future generations about who you were and what you did.
4. In your 20's you want to rule the world. In your 30's you try out different careers and businesses. In your 40's you want to be ultra successful at the chosen profession or business. In your 50's and 60's you realize you aren't 20 anymore and really need to enjoy the fruits of your labor more and travel while you can. In your 70's time and statistics are no longer on your side and you know everyday is to be treasured even more. Having lost a lot of people early on in life I developed a unique filter that most do not see until their 60's in age and up. I value every second, minute, hour of everyday as special.
5. Track your time. If you track your life with time you live with intention. If you fly by the seat of your pants then the impact and quality of life with goals you want to achieve can pass you by. Everything is life is measurable and trackable. By tracking your time you will learn what you want and don't want in your life and will become more focused and efficient. My goal is to be a billionaire by the time I am 70 years of age. I am 48 now. The goal is to do it working no more than 30hrs a week. I have a vision board, goal tracker, and timeline to complete. I also have a vision board for my health and my family, relationships, etc. I want harmony in all aspects of my life through proper planning. Often people get success with business and pour unlimited hours into that because in other parts of their lives like marriage etc. it's tough and they run from that. Instead you have to work on all aspects of your life harder or not to be more well rounded.
6. Have perseverance and never quit. Constantly learn. People consider me an expert in the NNN commercial space but everyday I still open my mind to the max to take in all information I can to get better. It doesn't matter if people think I am awesome because I know personally I can be even better each day. Those small increments of gains once you know most of an industry might seem not a lot to some. But those small gains each day add up to huge distances over time between you and the competition. If you just accept being mediocre or good enough then people can get arrogant and close minded and stop learning. That is when they stagnate and regress as a person with potential. Our life DNA cells in our 20's for regeneration have reached their peak and then less cells are replicating new then are dying off. That is the visual aging process as we go through life. What's great is our mind, heart, and soul can constantly evolve and grow regardless of age.
I can keep going but will stop here.
Yes I am a multi-millionaire many times over and successful. I have been doing this about 20 years now. You will face lots of adversity. Expect life to get tough. Realize when success hopefully comes that you are doing what very few in the world accomplish. That feeling makes all the hard work worth it.
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Quote from @Jeffrey Hunter:
As a young investor still in college, I have looked into many different niches. Ultimately, I have decided it is in my best interest to house hack my first property. I am looking for someone to tell me about their experience house hacking, finding their first deal, and if you could go back, what would you do differently? When it comes to financing a property like a house hack I have been researching FHA and 203k loans as most people would. If you have any advice or would like to just share your story and converse with me, feel free to comment or DM me! I really enjoy meeting and talking with new people.
Go as fast as you can. Burn out is a friggin' myth. Act like you have only 10 years left to live, spend two years giving everything to spend the other 8 doing nothing.