All Forum Posts by: Brian Flack

@Christopher McClatchey I think that it is very diligent of you to keyword your own name. This gives you a good opportunity to monitor what is said about you. However, I think when someone is looking for advice from others about your programs, you should hold tight and let it happen. Bigger Pockets is a great place to seek this sort of consul. I dont think @Darmi Parikh. Just my two cents. 

@Brennen Cook That is so awesome! Control that bad boy and don't let it go! I am imagining myself in your shoes. I would let the cashflow build up a nice buffer. Then I would start to use the cashflow to take care of that deferred maintenance you mentioned. Rock it brother!

Nice to have you on Bigger Pockets @Bijish Raveendran. I am also a Newbie. I am hoping to attend an upcoming local meetup. Hopefully, we can both attend and meet some local investors. 

@Mark Douglas You have to decide what level of risk you are comfortable with. If it were me, I would go for it. I have wanted to "house hack" for a while now. Unfortunately, duplexes near me are $1M and up. I would need to move the kids to new schools. If you are in a situation where you can swing it financially, go for it! I wish I were in your shoes. Good luck and keep us updated on your path. 

@Marcus JohnsonI love moneychimp.com! I thought I was the only one who played around on that site. The stock market can be boring, especially "dollar cost averaging." My mutual funds make me feel like a total wussy!

@Peggy LiuI believe your intuition is serving you right. You mentioned a property that you bought in 2007 and haven't seen much appreciation. I like your idea of trying to plan for future changes in the market. Being prepared to take advantage of a market drop is a great idea. There are so many people retiring each day. More and more money being taken out of the stock market than ever before through retirement accounts... I wish you luck and think your wisdom is showing when you mention wanting to buy at the right time.

@Freddie Taylor that is awesome that you have an opportunity close by home and with a mentor. @Rob Donovan brought up a great point that you need to run the numbers and see what would be a good deal for your strategy. "Its all about the income this property will produce minus ALL expenses including vacancy, management, repair fund, cap ex fund, utilities paid by owner, taxes, insurance, grounds keeping etc." From your description, this property has a couple units. In this case, comparable sales could help determine a value for the property. The income from rents is useful for your own internal decision processes but doesn't necessarily determine the value. In larger properties, 5 units +, the income will directly determine the value. I wonder what a real estate agent would think about a reasonable asking price. Keep us updated on the value you are able to determine and the status of this deal. I wish you luck.

Thank you for sharing @Dawn Anastasi. It sounds like you have a good system for getting these properties ready to rent. I like your strategy and follow a similar plan for long term wealth development. Keep up the good work! 

Which methods do you use to find properties that will meet your criteria?

@Cliff Harrison

you are definitely on a roll. I love that you have your goals in writing and are taking consistent action. I look forward to reading about #8 in the near future. Congratulations.

I too wish there was a simple answer to this question. The San Jose area is a great place to live. I wish it was less expensive and easier to "house hack" here. I guess price comes with the territory. I have resorted to renting a small house for my family here in Los Gatos, CA for the schools. I recently checked out a duplex near my residence listed for 1.3M. http://www.trulia.com/property/3190709457-415-Pine... 

There are definitely challenges to finding a "nice" place to live that also make sense for house hacking. I would be interested to here from others in the Bay Area that have had success with this strategy. @J. Martin has some good advice. I wish I would have followed his path earlier in my life, pre-family.  I want to have my cake and eat it too...guilty. 

Wow! Impressed with the whole story. That showed amazing intuition in buying the home in the path of commercial development. That's not luck, that's desire driven achievement. Rock on man. Super inspiring.