All Forum Posts by: Anthony L Amos Jr

This would not be traditional house hacking, but maybe a cousin to it... I'm curious if many people have found success in moving to a new primary residence, but keeping their current house as a first rental property. Is it viable to take out a home equity loan on the original house to use as down payment for the new house? Of course, one wouldn't have the sale proceeds to use as down payment in this case.

I purchased my current home in 2017, and have quite a decent interest rate and a fair amount of equity. Maybe there are many specific details that would impact this, but would appreciate any insight into this strategy as whole. Additionally given current interest rates.

Thanks All

What @Drew Sygit said!

I have purchased multiple primary residences and fixed them up while living in it. However instead of keeping them (which I should of done) I sold them after two years, to avoid cap gain tax. It's a slow roll but luckily for me the market was hot and I profited 6 figures on each one.

Buy value add properties, fix them up while living there, and get another after 12 months. It's like BRRRRing primary residences.

You should also consider buying a 2-4 unit next and using this strategy. You could scale a lot faster if rentals (doors) is your goal.

1 Vote

Detroit, Michigan

Quote from @Paul Farley:

I am looking at investing into real estate. If you had financing for $250k, what would you invest into for your first purchase?

You can begin by househacking or purchasing affordable cashflowing rentals right there in Cleveland.

1 Vote

Akron, Ohio

Quote from @Zachary Schimenz:

Anyone know of a good property manager in Toledo Ohio? I own a duplex there, looking for someone to manage it.

Thanks!

I can send over a list of contacts in Toledo if you would like

0 Votes

Toledo, Ohio

Quote from @Krysta Taylor:

Hi everyone! My name is Krysta and I am a new investor. I live with my boyfriend, two sons age 12 and 17, and three dogs in a beautiful rural area of norther Harford County MD ( about 40 minutes north of Baltimore).

I do have one long term rental and one Airbnb, but I actually owned these prior to knowing about REI. I am currently in a mentorship and am committed to growing this business quickly!

I am a Registered Nurse and have cut back my hours to focus on real estate with the goal of being able to quit my current job and have a full time REI business!

I hope everyone has a blessed day!

Welcome and Wishing you the best!

0 Votes

Baltimore, Maryland

Quote from @Zihan Huang:

Hello,

I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)

If you are looking for affordability, appreciation, and cash flow Ohio has some great markets. Columbus, Toledo, & Cleveland have been some of the hottest markets for investors for one or more of the reasons I mentioned.

4 Votes

Quote from @Daniel Lambert:

I am new and have only just begun my research and looking for deals. My issue is that the average SFH is $650000+ and duplexes can be $700000+. If we typically want to shoot to have rent be 1% of the mortgage, how am I supposed to be able to rent something out for $6500 minimum (whether for a single family home, or split between units in a duplex)? My rental market averages $2500 for a basic but nice house, 2+ bedroom apartment or townhome. What are my options in this ridiculous market?

A lot of investors from your area are investing in Ohio for this reason.

2 Votes

Seattle, Washington

Quote from @Sam Bhattacharya:

Let's say you're looking for the following:

Purchase price = $75,000

Rehab cost = $25,000

ARV = $150,000

In what market is this kind of a deal likely to happen today?

Toledo, OH

0 Votes

Germantown, Maryland

Quote from @Michael Figueroa:

500K should give me about 2.5 Million in real estate. Where should I be looking? I live in California, and 2.5 Million doesn't go very far here. Also any general advice from experience you can lend me so I don't make your mistakes. Wish me luck!

I work with multiple California buyers in Columbus, OH. It's home to The Ohio State University with nearly 60,000 students, 5 fortune 500 companies, over +25% population change since 2000, 2016 smart city challenge award winner gaining 50 million dollars in funding from the government, Intel is spending 20 Billion dollars to build two semiconductor plants, and many many more great things presently and coming in the future. Needless to say Columbus will remain a strong real estate market for the foreseeable future.

1 Vote

Quote from @Jeff G.:

What are your tips for starting out with the BRRRR strategy remotely? I'm likely going to BRRRR out-of-state. Yes, I'm aware the 1970's called and their interest rates are back — I'm factoring this into my numbers. Yes, I have David Greene's book on Out-of-State investing. I'm re-reading it now. But the book can't possibly cover everything, so I want to get a discussion going.

Assuming you're hundreds of miles away:

* How do you know what areas to avoid in a city? (Walk the area virtually with Google maps?)
* What is the line between "poor area" that will cash-flow vs. hellhole that will see your property destroyed? (No Flint, Michigan-like areas!)
* How do you know a *real* rock star agent from a pretender?
* How do you vet your PM?

* In general, how do you not get screwed?
* What are red flags to look for?

* How do you know what areas to avoid in a city? (Walk the area virtually with Google maps?)
Building your core 4 as mentioned in David's book will help alleviate any fear you have about remotely investing. Building rapport and feeling comfortable with your core 4 is important

* What is the line between "poor area" that will cash-flow vs. hellhole that will see your property destroyed? (No Flint, Michigan-like areas!)
Study the local housing voucher requirements and guidelines, the median income, renters vs owners, nearby places to work, how are they getting to work, affordability of homes compared to rents and so on.

* How do you know a *real* rock star agent from a pretender?
Connect with them, ask questions, and get referrals.

* How do you vet your PM?
What is their reputation in the area, how well do they communicate with you and tenants, and how transparent are they about their business are a few good questions to ask yourself

* In general, how do you not get screwed?
Be omnipresent. But if that doesn't work you need to hire slowly and fire quickly. Deal with licensed and/or experienced professionals that are held to a higher standard.

* What are red flags to look for?
Work the numbers and listen to yourself. Get referrals and have a wide range of questions to ask. Make sure everything is documented.

Good Luck!

0 Votes

All Forum Posts by: Anthony L Amos Jr

Anthony L Amos Jr has started 6 posts and replied 481 times.

Post: Looking for sellers agent in Detroit

Post: Potential Alternative to House Hacking?

Post: What is the best way to invest 250k?

Post: Property Managers in Toledo Ohio?

Post: New member on a new journey

Post: Finding my intro to real estate investing

Post: High Value home but lower rental market

Post: Are there currently any markets for BRRRR properties < $100,000?

Post: I have 500k to invest in Multi Family....

Post: What are your tips for starting out BRRRRing remotely?