All Forum Posts by: Devan Wilson

In the most recent real estate podcast Brandon mentioned that BRRRR investors can often pay more than flippers or other investors. Why is that? In my mind BRRRR investors have to get it at a lower price in order to successfully pull out all their money when they refinance. Does he mean BRRRR investors can bet on appreciation because they hold it long term?

I appreciate any insight!

@Dillan Stoor

I love hearing local success stories. I am currently going to school here in Cedar City and looking to buy my first property.

Was the basement already finished when you bought the home, so you just converted it into a duplex? Or did you finish the basement and convert to a duplex at the same time?

@Logan Taylor

I am also in my first year of college and recently learned about real estate investing. I am buying my first househack this year to start building my investing portfolio. With limited funds and time because of college it can be a slow start on your own.

That's why I'd say start working towards getting your first property (easiest way is to househack) and along the way keep educating yourself and networking with others. The more people you know the more options you will have. You can get involved in deals without your own money and learn a ton along the way.

And just remember it's a long term game so don't stress just start building momentum!

Great Job! I love hearing these success stories. Way to put in the sweat equity and being intentional about the financing. I've always thought Brandon's method you are implementing to pay for your kid's college was genius.

You are starting at a great place! The others' advice is great I would also add, you should try to build relationships as soon as possible. Agents, banks, other investors, etc. The more relationships you have the more options you will have. You may have opportunities to partner or use other creative methods to build your portfolio. At the same time remember that real estate is a long-term play, so be patient while you build momentum. Just get that ball rolling!

Househacking is a great way to start out! If you are just beginning the process of looking to buy I would say the best thing you can do is keep learning. There are blogs, books, hundreds of pockets here on bigger pockets that can help. The education has helped me as much as anything and helped me stay motivated. I would also reach out to a real estate agent in your area and have him send you listings that match your criteria. Getting really good at analyzing properties you will feel way more comfortable to make offers and you will know a deal when you see one. 

Really the fundamentals make all the difference so just try to be consistent with them. Don't worry too much about it being perfect either. One of the biggest perks of the househack is that it is hard to lose when compared to simply renting.

Hope this helps! Education and analyzing deals in my market have proven to be the most impactful pieces in my real estate investing journey.

@Preston Roper

Thanks for sharing your story! Way to make a deal rather than just trying to find one. I am just getting started and these success stories help me stay motivated.

@Brian Adams

Great information and inspiring story!

@Grant Hasting

I am also a new investor looking for my first househack. One of the huge benefits of househacking is that you can get a significant return with achieving the 1% rule. My market is also extremely difficult to find a property that achieves that metric.

I would suggest that you run the numbers and decide if it would be better to buy the property rather than not buy the property. Because you are offsetting the expenses of renting househacking can have much more dramatic returns than other investment strategies. You can then save up quicker for your next property.

After you secure your first deal, you can decide to invest out of state or use another strategy.

Hope that helps!

@Ryan Copeland

Congratulations! I love the BRRRR strategy. It's a very powerful way to build a real estate portfolio. Great work and I wish you success in 2021!