All Forum Posts by: Andrew Neal

@Jack Medford ah yes, she's the best! Oddly enough she's from the Dallas TX area so that is a place we often talk about. I personally love Montana and have a lot of family friends who have moved up to the Kalispell/ Flathead Lake area but I don't think she would like how long, cold and grey the winters are haha.

Also, I have to consider schools and access to sports etc for my boys since playing sports on top competitive teams was something I thoroughly enjoyed growing up. 

I have friends in Lakeland Florida so I have considered that however I like seasons so I'm not sure that would be great for me. Those are the 3 markets I have researched the most.

@Joan Pla yeah, factor the cost of the 5% vs. the FHA. I know at the time of buying our first house the rate for the FHA loan was almost a full percentage lower than the rate on the 5% and when discussing California prices that extra 1.5% cash down can be a lot! haha. Best of luck!

Wow, thanks for sharing @Jack Medford and @Tyler Kaye you have echoed some of my own thoughts.

My wife has stayed home since our son (almost 2 yrs old) was born and it has been tight for us for sure but we wouldn't trade it for the world. We are now expecting our second boy in April and while we have adjusted our lifestyle in many ways to make it work financially we could definitely ramp up investing if we lived somewhere with a lower cost of living.

Luckily my wife is the most supportive person ever and trusts me to make the best decision for our family. If we were to move I would see it as adding a new job with a certain investing goal in mind and put my head down until achieving said goal.

@Joshua Cruz right on, I have worked in marketing for about 10 years myself. And yes, Facebook groups can be great as well. Make sure you don't go in spamming people as most groups have guidelines to follow and want folks to contribute. I am a part of some local entrepreneur groups and they're great but have very strict guidelines on how to promote your own endeavors. So like with anything, build genuine connections, be helpful and provide value.

For my favorite inbound guy check out Neil Patel, has great content including an awesome podcast called Marketing School.

I'm wondering if anyone has sacrificed by moving out of a high cost of living area to a more affordable market to help boost their investing? 

My wife and I constant kick around this idea the hardest part of course is living family. I was born into the hottest real estate market in the country and would be lying if I said I dont envy the home prices elsewhere. And I am talking about your primary home, I understand you can invest anywhere with the right teams but you still need a roof over your head while doing it and paying half the mortgage I pay now would be fantastic! 

If anyone did make the leap out of an expensive market, where did you move and why?

@Michal Dewer with no budget your best bet would be to produce content that is SEO optimized so that it shows up in google searches on relevant topics. So perhaps a series of article around lease programs or whatever type of service you're offering. Without content it is highly unlikely someone will naturally stumble onto your website.

@Michal Dewer what’s your budget? Will you be running ads on social? Google?

What’s considered a qualified lead in your eyes?

@Amanda Louise Sanchez if you will be house hacking do you think your current income would cover the whole mortgage if you had to? If so then do long as you stay employed a recession or slow down won’t matter. But as others have mentioned reserves are great.

Also no one knows if there will be any recession, may just be some slowing down and stabilizing in the crazy hot markets. No two recessions are the same and I definitely don’t believe we will see anything like 08 again. Just my two cents.

@Joan Pla congrats and starting your journey. Trying to invest while also living in California definitely presents some unique challenges primarily because the cost of living here is so high.

Something that has worked for my wife and I being in the Bay Area was initially using an FHA loan to jump into the market and start earning equity. Because our homes here appreciate like few other places in the world were we able to about 3.5x our initial cash investment in 2 years. We took the cash and now put 10% down on a home that needed a bit more work but we're able to force appreciation on and allow us equity to start brrrr'ing with.

We have a toddler and another on the way so despite what some may say you definitely need to find a way to make it work for you and your family as well.

Hey Preston, check out this thread I started a few weeks ago. It details a bit of how you can do this and get your cash back out by essentially creating your own LLC and issuing a mortgage to yourself. Allowing you to refinance and have the traditional lender pay off your LLC's mortgage and thus yourself to repeat the process within a day or two and not months.

https://www.biggerpockets.com/forums/49/topics/649...