All Forum Posts by: Billie Miller

We started investing in a house hack and I think it's a great strategy for some one to start out. You can kill 2 birds with 1 stone: live for free or at least very cheaply and learn how to landlord. It definitely comes with some pros and cons, but it's been great for us.

House hacking is a great way to start out. We are moving out of our first house hack shortly. It is a lot of work at times, but when you're ready to move out, it's great to be able to count on some additional cash flow!

Best of luck!

Welcome to BP! Sounds like you have a lot of motivation, keep that going and you will go far!

This is the best place to get a free real estate education. We started with the Ultimate Beginners Guide and then went from there. Your local library probably also has a lot of free books on RE investing as well. That is on of my favorite parts about real estate: the wealth of free information.

Your first deal will be your biggest mountain to climb, but learn from it and the next will be so much easier.

We have found that continuing to listen to the podcasts has kept us motivated. It's a slow and steady slog in the beginning (we are still there as well!) but worth it!

As to your real estate agent question, it can be expensive to get licensed. Your money right now might be better spent on a down payment on a house.

Your house hacking idea was great - we are house hacking right now and I highly recommend it to anyone with limited funds and who is in a situation to do.

Best of luck!

I saw a duplex East of Broadway and North of Hampden for $450,000, maybe on Sherman? It looks clean but a little dated. We own a duplex here and it's been good to us. The area is slowly but surely getting better. 

We always check a variety of internet sources. Here's our go-to list:

Zillow

Hotpads

Craigslist

Rentometer

We have found that each site has a little different information and accuracy depending on your market or neighborhood. So we always check a few and aggregate the results.

If I were you, I would look at their reserve study and what they have levied assessments for in the past. If the complex isn't managed well, you could end up having to pay for cap ex items that need replaced, if the HOA doesn't have the money for it.

I would also make sure their by laws allow for renting. Some will only allow a certain percentage of the units to be rented and may be at that number already.

We just flipped a condo and would definitely do it again. We vetted the HOA thoroughly first (professionally managed, which was a plus), which was very tedious, but absolutely necessary. Read through past meeting minutes, look at their reserve fund reports, and talk to the HOA board members.

I've heard of investors running for board spots as well, so they can have some influence over the decision making.

If your comfortable with the decisions the HOA is making, go for it!

Your tenants might like the amenities that come with condos as well, such as a pool, gym, outdoor spaces, etc.

My husband and I are looking for a new primary residence for ourselves. We are going today to look at a house that was built in 1904. It has a new water heater, furnace, roof, and electrical wiring. 

For those of you that have bought and/or looked at older homes, what are some things we should look out for? 

Thanks!

We have noticed the same thing. There isn't usually a budget for CapEx in their pro formas. We have been asking for references and actually calling their numbers. Obviously, they handpick who they give us for references, but if you can find someone you trust who will recommend a turn-key provider, that's a huge plus.

We're looking at turn-key as well with the same approach. We went to college in Kansas City and know that area fairly well. It's a short flight/reasonable drive from Denver and we have friends we like to visit there. We figured we can leverage that knowledge so that we won't be buying completely sight unseen. 

@Bill S. Baha! Well you never know!!! JK, it definitely won't. Something to keep in the back of your mind tho!