All Forum Posts by: Demario Scott

I have not posted in some time, and I must say I feel of the wagon. Life started moving fast as many probably can understand and I completely fell of track. If I had to leave a takeaway from this post before getting too far in it would be that whatever goals are had you have, we have these goals for a reason and typically it does not go exactly as planned but even if it doesn't go as planned, we can pick up where we left off and give it a fresh start. I purchased a single family to rent out the rooms and it sent my finical plan completely off course because I was not as ready as I previously thought. I bought a single family because I thought I could house hack in the same way as a duplex and in ways it certainly could have and did work but I didn't expect the relational aspects of having people living in a property I purchased. Well, a lot of life happened and now I am getting back to zero no debt and I'll be renting for now and I am considering a duplex to buy cash or maybe land and some sort of unconventional home but still purchasing cash. So back to the drawing board, but for myself the big takeaway is to continue on the course that I set out on and too continually learn and stay involved with goals that I set out on and to stay focused. Listening to one bigger pockets episode or a good book here and there really can be a good reminder, refresher on the financial journey.

@Spencer Cornelia I am new too RE and I feel like knowing myself is a very important concept I am taking note of. I study finances trying too come to a conclusion for financial problems. Information is allowing me too recognize that personality plays a huge role in RE. I want finacial indepence primarily and more money doesnt neccesarily equate too more happy for me. I know the name of the game is too win and make the most money, personally that does not align with me. 

Making a veryTrivial example but I suppose for me its possible too play monoply and not get all the hotels, not run around the board fastets and still enjoy the experince. I am young and starting my journey however having debt equates too a certain level of stress I recognize for myself. I recognize owning completly has streesors as well, but I think the name of the game is optimization how do I get what I truly want. I dont think there is a one size fits all, I believe trial and error is neccesary and personal growth is important too truly get into an enjoyable space. For some of us using leverage too the max will be the way and for others levraging will not be the way.

@Minh Nguyen I house hack in a single family and I think the townhome works. In some ways I wish I would have gotten a townhome the HOA and limitations pushed me away however not having to maintain the property cold make your investment the much more passive.

In my area multi families are telling the same story so I choose a four bedroom. If you do a four bedroom townhome I imagine that it will be very easy to find a cash flowing property.

Hello BP family,

I have been looking into RE for some time now. I came across the house hacking concept and it was a no brainer for me. I’m now looking to perhaps getting into flipping.

I am considering a flip however I don’t have a substantial pot of money to deploy towards a flip. So I am wondering what are some financing options to get it done. I have a single family I just closed on to house hack back in December and again I only have about 20k to put towards a flip.

A local investing group has meetups and with an investment of a few grad they say they will plug you in with wholesalers, and contractors and lend an ear to compete the flip does that sound like Something any of you would do for a first flip.

And if not a flip what options should

A 22 year old, house hacking, with 20k do to propel their finical situation.

I figured that would be the best way to go thank you. It essentially will require a good bit of due diligence is what I am picking up. 

I really see the value in house hacking and I would like to implement it with a multi family. I have a single family renting the rooms however on the next deal I would like to find a decent multi family to house hack. Im also trying to get my younger sister in a multifamily however most of the multifamily homes I find aren't well kept and appealing to owner occupy.

We are looking at a specific market in belleville Illinois and aren't finding any however I am seeing a similar story in my locations I look. In what ways Could I find a more appealing property in terms of it having good number and having potential aesthetically. Should I be looking to flip, find off market deals, go to RE events. How have you guys found good multi family properties. 

Thank you 

Hello,

I am in the military and I am currently house hacking a single family now in charleston. I am encouraging my sister to house hack a multi family and I am wanting a multi family as well within the 175-250k range in st clair county preferably belleville. I am not sure if you could help or have any deals but If you do run it by me.

@Eli Rollins I am doing a single family house hack now and I see many pros and cons.

Pros - would include it being perhaps a fun experience living with friends or really good tenants. The main reason why I think it’s good is because it make house hacking virtually possible for anyone. I live in an area without an abundance of duplex’s so a single family was the most feasible option.

Cons - in a single family you are sharing your living space with someone so if you can’t get along it may be a not so fun time. Also it can be difficult to turn of feelings so roommates not cleaning, dirtying up floors, walls it may get under the skin.

@Aiasia Powell hello, I have been study RE for some time now however not so much wholesaling. I just acquired my first SF to house hack and now I want to raise more capital for a multi family to do another house hack. How has your experience been and how long did it take you to get your feet off the ground from research to application.

awesome thank you for that I am going to look into the specific renovations your mentioning. And ideally yes I only do renovations that improve my ARV. I looked at some used appliances that are nice and about half the price what are your thoughts on that.