All Forum Posts by: Brandon Rush

Date, Time & Location: January 19, 2023 | 6:00pm-9:00pm
Back Nine Tavern at Stanley Golf Course 245 Hartford Rd, New Britain, CT 06053
**Registration Required:

https://www.eventbrite.com/e/4...

Topic of Discussion:

Want to acquire your next property with little to no money? Special Guest Pitor Salanowski joins us and discusses the various techniques you can utilize to creatively finance your next deal

Interested or currently involved in real estate and looking to surround yourself with like minded individuals? We welcome you to join us for our monthly real estate investor meetups in New Britain CT. This meetup is open to all who have some form of a connection to real estate or just looking to learn more.

Our meetups take place every third Thursday of the month from 6pm-9pm at Back Nine Tavern at Stanley Golf Course, 245 Hartford Rd, New Britain CT 06053. There is plenty of parking. Generally we socialize & network for the first 45 minutes, followed by announcements, then we get to our guest speaker(s) and/or discussion.

Pre-registration is required and there is a small fee of $5 to attend the meetup. Also, we encourage attendees to order food and/or drinks during the event to support the venue.

We look forward to seeing you!

www.NEIMeetup.com

Hey Keaton,

I am a strong advocate for house hacking your first property as well. So many benefits, to name a few:

* Land lording on training wheels - You will learn all aspects of managing rental property management without a ton of risk. The lessons you learn will give you guidance on what you do and do not like about rental property. 
* Low down payment - You have so many options out there to buy a property for little to no down payment when you owner occupy them. Some examples are FHA, USDA and other loans. You may want to reach out to a few local credit unions to see if they have any low down payment options for owner occupants.
* Save on living expenses - Since you will be living the property, you will most likely be paying less than you would if you were renting. Now with these new found savings, you can roll that money into future property.
* It's repeatable - You can house hack every year if you planned it out. Imagine if all you did was house hack for 10 years and ended up with 10 properties. Not bad right?

As for the other strategies you are thinking about, I would recommend you educate yourself and choose the ONE that speaks to you to the most. I would highly recommend not pursing more than one strategy when starting out. Much of the reason I have not moved faster when my owner personal investments is spending too much time chasing shiny objects vs just focusing on one niche and going after if. 

I hope that was helpful in answering your question(s). Good luck on your journey!

Hey Carson,

You are right on track! Take your time and do not rush it. One of the best benefits of house hacking is the lowered risks compared to a non owner occupied property. By living in the property, you can almost ride out anything. I would definitely recommend you build up your cash reserves prior to jumping in. You do not want some kind of major repair to bankrupt you on day one. Also, you mentioned 203k loans being tricky. While they may be, they will most likely yield the higher overall returns. If you have the opportunity to leverage a 203k loan to acquire an asset, I would HIGHLY recommend it. If I could have done it again, I probably would have leveraged a 203k loan instead of going turnkey. 

Lastly, as you mentioned if the property makes sense for when you leave in a few years, that will probably be one of the most important factors when considering a house hack. 

Good luck on your journey, you are on your way!

 The best appreciating market in CT is Fairfield County (Aka the stuff closest to NYC). They are also the most expensive in CT as well. Many investors who invest for cashflow tend to move closer to the middle of the state (Hartford County). 

Hey Christine!

Definitely wait until you have a good amount of money in the bank before taking on any kind of real estate purchase. Being in your position, the last thing you want to do is take on a massive miscalculated risk and have to start over again. I recommend going one step at a time. If you are interested in real estate, start with surrounding yourself with other real estate investors. See what others are doing and see how you can provide value to them. Maybe start attending REI meetups in your market (Such as mines!) and make that one of your first steps.

I would highly recommend you add a financial advisor to your arsenal and making this one of your first steps as well. An advisor is like a doctor, many don't want to go to them because they will need to face the truth.

Keep your head up and good luck on your journey!

Hey @Andrzej Lipski,

Would love to have a conversation with you to see how I can help. I am a full time agent based out of Central CT. My primary focus is working with multifamily investors/owners throughout the state. I will message you privately.

Hey Edwin,

I am from NYC but live in CT currently. A lot of this will come down to how much money you have and your long term goals. If you are flush with cash and can buy homes outright or with large down payments, NYC may be a better option for you. Generally speaking, homes in NYC will appreciate more than homes in CT. The reason why many NYC people invest in CT is because of the cashflow properties here can produce with your typical 25-30% down payment. I personally do not know much about the PA market, so I cannot speak on that.

I know that does not fully answer your question, but just wanted to jump in where I could.

Good luck!

 Thank you Sam! Nicole, would love to assist.

 Thanks for the shout out sir!

Tremon,

Congrats on becoming an agent! As a newbie, I feel you should be looking for a broker that has a strong support system for newer agents. This support system could include business planning, coaching, training and more. Being an agent is so much more than what most people believe, and if you are not set up for success from the beginning, your chances of failing are very high.

Another option to consider is joining a team within a brokerage. This option provides you a more intimate experience and I would highly encourage it for newer agents. The ability to have access to the knowledge of other team members, leaders and etc  will move you so much faster than trying to figure everything out on your own. 

Lastly, one aspect of a brokerage and/or a team that I found most important (for me) is the culture. When interviewing for these teams, be honest with yourself and think about how you operate. What is most important to you? Start to frame you interview questions around those thoughts. Working with a broker who aligns with your values and beliefs will ultimately feel more natural than working with one who does not. 

I hope that was helpful and good luck on your journey!