All Forum Posts by: Account Closed

 Hey Jaron! Thank you for taking the time to reach out, as well as the awesome advice! I totally agree that more knowledge is key, but I've heard a lot of people say they wish they hadn't gotten stuck in the "learning phase" for as long as they did. Maybe I'm being overly cautious/eager, but I just want to make sure I don't end up with the same regret. As far as rehab skills, I've been doing property construction/renovations for a long time with my father as a side gig, and we have a good bit of knowledge, skills, and tools to get the jobs done as nicely and cheaper than hiring a team of workers (until it becomes less cost effective to be doing the work ourselves).

On the other hand, I am lacking in the connections and market research side of things. I need to dig deeper and truly understand my market before I make any big decisions. I'm hoping to make good connections with other investors through BP and local Facebook groups, but it has been extremely difficult to make steady connections with other investors in the area for the year and a half I have been putting myself out there. Whether that be because of my experience level, age, or something else, I'm not sure, but it'd be helpful to have other people I could bounce ideas on for sure!

Thanks again for your thoughtful advice, feel free to reach out anytime! I'll be sure to update you if I make any big decisions!

Hey everyone!

I posted a while back about my hopes of house hacking soon in order to get started in real estate and I received a lot of great advice. 

Just a little recap: I am located in Kansas City and work full time as a classic car mechanic. I work as much as I can and learn about real estate on the side. I saved up over 15k at the time (now over 20k), and I'm looking for what I should do next.

I took all of that advice deeply into consideration and have been looking for properties to house hack, or even cheap SFHs to possibly flip in the meantime. Unfortunately, I haven't found anything yet, but that may be a blessing in disguise, because my parents have since told me that I can continue staying with them for the next few years rent free.

So, with my housing being covered, it almost makes it feel like I'd be taking a step backwards if I were to get an FHA to buy a property to house hack. So, my question to you more seasoned investors, if you were in my position, what would you do? Get a conventional 30 year fixed loan on a small MFH and rent it out? Keep saving my money until I'm 23-24 and then purchase my first real estate? Should I invest in small fix & flips? Or lastly, invest in a small shop that would allow me to own my own car flipping/repair business on the side? 

Thank you all so much for your help, I love learning from all the amazing people in the BP community! Like always, feel free to get in contact with me if you are from the KC area and are looking for new REI friends!

@Zachary Ray Hey! Thanks for reaching out!

I agree. I'm very fortunate to have come across these REI strategies at my age. Although I come from a average/low middle class family, I am working super hard and saving everything I have while I learn these things so I can change my family's lives in the future!

That's sweet! How's that working out for you? How'd you choose to fund it, and how'd you find the property? 

Thanks again Zachary, feel free to reach out if you ever feel the need!

Hey @Kyle Curtin! Thanks for taking the time to reach out! It's greatly appreciated.

Me too! I love talking to others my age who have similar interests! Although it seems we are few and far between lol!

Most definitely! I'm afraid of analysis paralysis because I don't know if i'm still waiting for the right property or if I have fallen ill to it already and just don't know it haha! 

Of course! I don't have crazy expectations but I do want my investment to perform well enough for the Househacking strategy to work. 

I'll be in touch soon! Feel free to reach out to me if you ever need anything as well!

@Jonathan Balascsak Thank you for reaching out!!

Thank you for the reassurance, it's good to hear that from someone who is currently going through their first Househack! :) I'm happy to hear it's doing well! Right, not every deal is going to be a slam dunk, especially when it comes to the limited inventory of multifamily homes, so luckily I've learned to not get my hopes up until the numbers are right. If you don't mind me asking, did you just do a FHA loan for yours as well? How much money did you put down yourself?

I can't wait until my opportunities inevitably grow once I get some skin in the game. One of the more frustrating/difficult things about real estate for me as a newbie is the lack of confidence,opportunities, and network with other local real estate investors! But once I get the ball rolling, i'm determined to make those weaknesses into strengths:)

@Alex Olson Thank you for your great input!

That sounds like an awesome plan, and that's what I have really been wanting to pursue. I'm going to continue saving everything I can until I find the right property for me, so hopefully I can figure out a way to build up capital on the side by then. Sorry for the newbie question (and also jumping the gun), but typically I want to keep my original FHA loan on the 1st Househack instead of refinancing (or anything similar) to fund the 2nd Househack, correct? I read someone did a few Househacks by refinancing their loans each time to pay for their next Househack, but I wasn't sure if that's the best option out there.

@Daniel Haberkost

1) That's all great advice! I will definitely start looking around for lenders and other investors and see what/who they recommend :) 

2) I am starting to get more hours at work, but I still feel like it isn't enough. I only spend about 600 bucks a month (bills, food, gas, activities), and I make 1600-2000 a month. Not bad, but I'm also trying to focus on a another strategy to build up capital (like wholesaling etc).

3) That's definitely an option that i'm looking into as well. There have been quite a few homes in my market that are SFHs that were renovated and setup to accommodate a tenant on a different floor. 

Since I still currently live with my parents (rent free), should I look into buying a SFH to fix up and rent out instead? The only two concerns I have with that is I don't qualify for a FHA, and will it set me back more than if I househacked a multiplex?

Hey @Daniel Haberkost! Thank you for reaching out!

I haven't talked to any lenders just yet. I currently have no credit, but I've recently found a good credit card to start building my credit score. I figured talking to different lenders would be a good option just to see what options are available, but I feel like I'm not ready yet for some reason. 

Yes! That's exactly what i'd love to go after. I agree, SFH can be found for decent prices in areas around me, but the market is super competitive right now, which has pushed me out of my original idea of wholesaling to build capital for a down payment. Multiplexes are pretty hard to come by around here, and if you do find them they're usually way over market value and the numbers don't make sense. Do you suggest finding properties on or off market to househack?

Hi! @Jon Morgan

Thank you for your advice and for taking the time to reach out, it means a lot to us newer investors who are trying to soak up as much wisdom as we can :)  I agree, i'm trying to figure out what to focus on, and find my niche/best way to generate more income for a down payment.

I really like that idea! The only concern I have is that once I move into the SFH, I wouldn't be able to get any return from it until I moved out, unless I rent the other rooms out, which i'd rather not do just for privacy reasons. That's why I was looking into multiplexes, because it's the next best thing, but way capital is required unfortunately. Also, if I did a FHA, I wouldn't be able to move out for a year, correct?

My girlfriend goes to college in Lawrence, KS, and I live with my parents in Kansas City, KS, so i'm looking for an investment property halfway between the both of us that we can both live in for the next 4 years until she finishes school.

Feel free to message me and grab my email, facebook, or phone # if you'd rather talk that way.
I'm looking to make some friends in the real estate world! BP is fine too if not! 

I'm 19 years old (born and raised in KCK) and have been wanting to get into real estate/entrepreneurship since I was elementary school! I've finally reached a point in my life where I am able to start, and I've been trying to hit wholesaling/real estate investing hard. I have about $15k saved up and a motivation to make more. Background on me: I restore classic cars / hot rods full time and do real estate in my off time. I have been networking my butt off (attending meet ups, Facebook, contacting other investors from their bandit signs, BP, podcasts etc) and reaching out to entrepreneurs/investors to get an input and see if I could provide any value in exchange for knowledge and experience.

I've been researching a bunch more on House-hacking and different ways to get into real estate. I'm looking in the Bonner springs/De Soto in Kansas for a duplex or triplex. Just trying to figure out the best way to fund my House-hack, then I'll look for a property. While I'm doing that, I'd really like to start wholesaling or even buying/flipping cheap commercial/residential properties as well. Or I might look into starting my own short term rental management business (Air BnB etc) until I get enough capital for fix and flips. Anyone have any suggestions?

I've been attempting to wholesale, but its been pretty inconsistent, and I've been doing it for 10 months with no return, although I've gotten close on multiple occasions. Does anyone have any tips on what I should focus on, or how I can restructure myself in order to fulfill my dream of becoming a successful entrepreneur? 

10-20+ years from now I'd like to own and rent 30+ Single family, commercial, and multi family properties. I also want to have a fix and flip business targeting $100,000-$250,000 properties, and high end properties 600k+. Then for my less income producing business, I want to start a performance car shop for my dad and I to work at together. I know its going to take a lot of hard work and planning, but I'm really dedicated to making it happen. Just trying to figure out where to start. 

Thanks everyone!