All Forum Posts by: Adelaide Wolcott

Hello BiggerPockets Community! Hope all is well. I am planning to purchase my first property to house hack via the BRRRR strategy with my boyfriend. I am trying to figure out the best strategy to protect myself but also set up an entity to use for buying houses as I acquire more. I know there are many first time home buyer incentives so I am not sure if an entity buying the house changes that or not. I also want to structure things in a way to protect myself and my boyfriend from any financial disputes or complications- keep everything 50/50 between us. The goal would be to follow the BRRRR strategy until we could begin investing in multi unit properties, rather than the single family homes we want to start with. We are looking in the Knoxville area and are hoping we can find a mortgage with 20k down, and both of us will be newly graduated (less than 2 years full time working) so we know there may be some challenges with mortgage companies but we both have great credit. The goal is also to be as tax and passive income efficient as possible from the beginning so we can retire from our full time jobs into the world of real estate and other passive investing!

Hello all, I have been looking around trying to connect with investors or wholesalers in Northern Virginia. I would connect with anyone who could give any advice on getting started in wholesaling in this area and am so excited to just get started in investing and begin to learn by actually jumping in! Does anyone suggest the best way to start, maybe by partnering with someone already experienced and offering all their time to help and learn? The reason for wholesaling is because I have little money at the moment to invest and understand that it would be a lot of hustling but that hustle will help me learn about analyzing properties but also doing what I love best and talking to people and working on my sales and communication skills.

Hello Joe! I am 21 and about to graduate college and I have had a passion for real estate investing since I was a freshman in high school because my dad showed me how amazing it can be to gain financial independence! My brother is a freshman in college and the two of us want to start something that doesn't require as much up front capital and can be a huge learning experience. We were thinking the wholesaling route would be best to start it and then when I graduate I will start doing other investing beginning with house hacking my future house. I had a lot of trouble knowing what to do with the little money I had in high school and college (especially with my student loans) but my biggest piece of advice is just to start by learning and researching and finding mentors so that you can prepare a plan the second you're ready to take action! There are of course ways to start investing in real estate with little money or leveraging debt but knowledge is also power and will save you time and money learning from what mistakes other people have already made. But don't be scared to take action as well! Feel free to reach out if you would like to keep talking.

My view as a student at Virginia Tech (speaking for Virginia State Schools) is that they will be opening in the fall and students were asked to answer a poll about if they will return or not if it was up to them to decide and im pretty sure over 90% said they would return regardless if it was online or not to not miss out on the college experience. My apartment complex didn't change any rules either, they still required rent and encouraged student loans if they could't afford rent. My roommates all choose to live at our apartment year round instead of their parents houses for many reasons. Of course this could be different in other states, especially like NYC but another thing to think about is if schools are losing money due to Covid refunds, they will most likely be accepting more students to make up for it and depending on what school, they may have a shortage of student housing like my school does, which would really help ensure your occupancy is high!

@Andy Osei Great to hear that! I was definitely thinking finding partners would be a great way to start learning through experience and gaining resources that partners can offer each other. Feel free to message me for contact info and we should connect.

@Benny Nahmani thank you so much for the advice! You couldn’t be more right we just gotta jump in

Hello BP!! My brother and I want to dive into real estate and he has friends who started their journeys with wholesaling because of their motivation to hustle and lack of funds right away. We have been doing research on the topic and started the learning process but we are looking for any tips on where to begin taking concrete steps like building a seller/investor list, where the most effective place to advertise is like direct mail or cold calling, and what market to be in. We are living in Northern Virginia (Ashburn) area but don't think it's the best place to try this strategy because of the prices and house types here vs great investment deals. Any advice would be greatly appreciated!!! Also possibly considering the Knoxville tn area as I will be moving there in the future but I keep hearing about how competitive the fix n flip market is and lack of deals sitting around.... 

Hello Ruth! Great point and that is definitely a possibility I will look into. This is what is making me more curious about the types of tenants in the different areas and their job stability or maybe it’s more family’s or just singles who would want to rent by room. Thanks for the advice and I’d love to stay in contact to schedule a lunch! 

I would definitely be house hacking it at first, especially the first year or two but then I would move on to just investment properties separate from where I’d live.

Hello! I will be graduating college this upcoming year and moving to Knoxville in summer of 2021. I've been itching to begin my real estate investing to start learning through experience how to make stable passive income. Just a little bit about my financial situation- I have some college debt around 25k, a payed off car, around 10k saved, and a few investment vehicles started like some real estate crowdfunding (AHP) and MC Laubscher's(The Cash Flow Ninja)  whole life insurance policy used for infinite banking. Salary wise I will be graduating with a job from an area that pays a lot higher than average Knoxville salaries and working remotely from home. My boyfriend will also be moving with me and in the same financial situation except no investments yet and a second loan for a car. 

I have a plan started of which investments I want to start working on but don't know where to begin! I was thinking of buying a single family home and using BRRR as my strategy. I would think I should buy a home on the cheaper side of what I could afford to be conservative with money and lower my expenses and living below my means starting out. Maybe find a home in the 150-250k range then after living in it a year and renovating, rent it out and refinance to use for a downpayment for a second single family and start down that path. Not sure which areas to look in specifically based on schools or higher rent rates and occupancy rates. Maybe long term invest in some student housing or apartments right in downtown knox? Looking for advice or connections with anyone interested! Id love to take anyone in the area to lunch (my treat) to learn more so I can spend this next year preparing for my move!