Quote from @Matthew Becker:
Quote from @Josh Keena:
Quote from @Matthew Becker:
Good Morning Josh
Only fool rush in according to Elvis. So don't do that. In order to help you most people on this platform are going to need a lot more information.
You stated you are a new LLC owner? What exactly do you mean? Are you self employed or going to be or did you just start an LLC to put future real estate in? Are you a w2 employee? How much do you make? Do you have 2 jobs? Will you get a second job?
Your first house generally should be owner occupied and hopefull you can offset income with roommates or an additional dwelling unit. But if you are married with 7 daughters that is probably not going to work. Can you give us more info about your situation so people that might be an expert in Cincinnati can guide you a bit.
The best way to find deals it off market and there are a lot of ways to market. If you have a young family it is great to do fliers with a picture. Old people that have owner occupied a house and raised kids in it almost always want someone to move in with kids. They will sell it to you for way less money just because they want a family.
If you are single you a much more flexible and can live in a basement closet. I did for several years on my seconf house back in the early 90's. It was just big enough for a twin bed but I cash flowed $500 bucks which at that point was enough to buy food and gas for a month.
You stated you will do anything and I think that is a good attitude to have but the question is what is anything to you? Work 80 hours a week for 5 years?
So, when I say I will do anything what I mean is that I will work at gaining more knowledge from others with much more experience than I currently have. I am the owner/manager of my established LLC. This was done to separate my personal life assets from my business ones. For me it just keeps things easier in case something bad should arise from a tenant. I currently work 60-70 hours a week at my W2 job and have adequate time to run the business on the side. The goal is to get away from the idea that I absolutely need a W2 job when my rental properties will eventually cover my life expenses and give me my time freedom back.
I have 1 younger child and live with the mother. We are not married either. I really enjoy working out at the gym when I can and try my best to eat healthy. I have worked over 100 hours a week before so working long hours is not a concern to me at all. I am also pursuing a bachelor's in accounting online. My goal with this degree is to have a greater grasp and understanding of the accounting process and to be able to run my LLC with greater efficiency. Overall, I am seeking to gain knowledge and more information in this field.
You can for sure work; that is awesome. Some people don't have that gift. I have mentored many people in different businesses. The one thing I harp on at the beginning is that you have to understand the books. At first, you should do your own books so you understand it when you get so big you need a bookkeeper you can fire them if you need to. I think your choice to learn accounting is smart. It might be a bit much for running a small business, but it can also open up other opportunities. Sales guys are generally the presidents and figureheads of companies. But the accountants run the companies. Then some people are both. If you are both sweet. Lots of Type A can't do book work.
Your first goal should be to buy your own house. I don't like the term house hacking because it is vague and used too often. People will ask a question and the response that you should house hack. What the hell does that mean? How?
Buy a house you can add value to and get closer to living for free. I don't know your market, but things are the same everywhere, just more expensive in some places. The Midwest is cheap, so I think you can buy with the hours you work. Your first house does not have to be perfect. It just needs to move you in the right direction. Find something you can add value to.
One of the easiest things is to finish a basement or garage. There are a lot of ways to finish basements or garages. In your situation with a baby, I would try to add an ADU and either do MTR or STR. Let's say there is a 4BR 2BA house. You can cut a door in where a window is and make another entrance, renting out your master. That can be done in a day if you know what you are doing and 2 days if you don't. The header is always there.
I am helping eight young men right now to buy their first home, mostly where I live, but I am also helping a young dad in Texas in a very similar situation to you. If you send me a message, I will gladly advise you. I do not charge anything, and I don't get anything out of it except the joy of helping someone. I have bought 100 houses it is not complicated. The first one is the easiest.
Great advice, I would find a Bookkeeper or Accountant who can get your organized or a premade excel sheet for you in the beginning and then you know who you to pass your books to once you get to that step.
I tell all clients I meet with, my job is to take what you have off your plate, organize it, and keep it organized so you can focus on Revenue Generating Items.
