All Forum Posts by: Brandon Rush

Hey Fran,

You have a good start by posting here. Some wholesalers may have keyword searches turned on so you may want to create a post or even comment on this post with the area(s) you are looking to get on wholesalers' lists. 

Also, you can search terms like "We buy houses (your town/city)" via Google and you will most likely find a few wholesalers that way. You could also join your local investor facebook groups and announce that you would like to be put on wholesaler lists.

Hope that helps and good luck!

Hey Nicholas,

I would recommend the ABCs of Real Estate Investing by Ken McElroy. Great book which covers all vocabulary you are looking for. 

Enjoy!

Hey Victor,

It is kind of that easy and kind of not. 

I say its easy because:
* You can find a multifamily or even a single family on the MLS that would allow for a house hack
* Once you find a property you like, its pretty straight forward to make the purchase. There are many steps, but nothing challenging
* Its relatively easy to figure out the numbers on potential properties to see if you will live for free or not

I say its not that easy because:
* Depending on your area properties may be priced very high not allowing you to live for free
* House hacking also requires you to become a landlord and property manager. Some may be fine with this but many do not handle it well
* Buying a duplex right off the MLS may not result in you living for free unless its a really good deal. You may either need to buy a larger multifamily (ex. 3-4 units) or purchase a value add duplex. You could also purchase a single family and rent by the room.

Hope that helps and I would definitely recommend house hacking. Its such an easy and smart way to enter real estate investing.

Good luck and let me know if you have any questions.

Jamila,

I am sure you living there with two others in the first year would be a smart move by lowering your housing expenses. The bigger question is how will it cashflow once you leave after a year? Are you planning to rent it to one tenant or rent by the room at that point?

Hey Michael,

I am in my first house hack and feel your pain. This is something you will need to put into their lease. Stuff like this is why landlords end up with 20 page leases. I would give it a little bit of time to figure out all of the items like this you want to add to the lease, especially if the tenants seem like they will be giving you a hard time. Once its in the lease, you can then enforce it as they signed and agreed to it. 

As I have learned, living with tenants can be difficult, especially those who were inherited. 

I can't wait for the day I am financially independent! While house hacking is the wise decision, I would prefer being in a single family away from these knuckleheads. Its all good though, we will all look back on these days years from now and laugh at it.

Congrats on the 4-family and good luck on your journey!

Hey Rachel,

For what its worth, I have a "Tenant Lease Security Account" with Chase for each tenant which is intended for holding tenant security deposits. They do require that your tenant complete a  W9 in order to open an account. There is no monthly minimum balance either. I would recommend going this route, just set it and forget it. 

Bryan,

Starting with the house hack is a great way to get into the REI game. You gain a wealth of knowledge which will make future investing easier. I would encourage you to keep house hacking as an on going strategy as its an easy way to acquire multiple properties over the course of a few years.

Good luck and wishing you the best on your REI journey!

Hey Hannah, I know you asked for one but here is two. 

1) House Hack! Do not waste your money jumping into a single family home chasing the American dream. Unless your intent is to house hack that single family by renting out rooms, I would recommend jumping right into a multi family property. Doing it so young will get you accustomed to house hacking and it will not be a huge deal for you to repeat the process. Easy way to acquire properties over a few years.

2) Surround Yourself With Like Minded Individuals - You are the average of the 5 people you talk with the most. Constantly surrounding yourself with the REI crowd will advance you way faster than surrounding yourself with those who are not on the same page as you.

Good luck on your journey and enjoy the ride!

Congrats Julio! Keep the momentum going. You are on you way.

Good luck!

Good Stuff Nathan!!!