All Forum Posts by: Devan Wilson

@Will Gaston

Thanks for the insights! I am looking to get into student rentals right now. An excellent outline of pros and cons

@Kevin Gasper

I am also in the process of getting my first househack. You are doing all the right things by educating yourself and networking with other investors. If you haven't already I would talk with someone locally and get a free consultation on what loans you may qualify for. Make sure you have some money set aside for repairs or unexpected expenses as well.

That being said househacking is a great way to start and you will be building momentum. I'm excited for you to get started!

@Kade T. Brunson

I am in the a very similar situation pursuing an engineering degree. Like some other comments suggested I am working to by my first househack this year. Househacking is an excellent way to start, but if you don't have enough money for a down payment the best thing in my opinion is education and networking. Setting aside a small amount of time within your week to network and self educate will put you in a position to have success when you have more time or money.

Partnerships are always a great way to get started as well. You can work out terms where take a smaller percentage of the deal and provide another investor with doing something they may need. You can make a partnership work with not a lot of cash or time if you find the right partner and a way to bring value to them.

@Jake Jaenicke

Great questions! In my opinion, the best places to connect with local investors is at local meetups or ask right here on the forums. If you don't have any luck with finding local meetups, I would recommend calling real estate agents you are interested in working worth. If you find a realtor that is an investor himself or works with investors he can help you connect with those investing in your area.

As far as analyzing properties I would look at population growth, job growth, crime, and those things when deciding on which market to invest in. That will also help you narrow down which neighborhoods in a specific city you want to pursue. Then when you are analyzing individual properties in those smaller areas you can run the numbers with good idea of what the neighborhood looks like.

Focusing on smaller areas will help you be more confident and accurate in your analysis. You can always expand as you get more experience, or change your strategy later.

@Kirbi Campbell

I am going to buy my first househack in Southern Utah where I'm attending college!

Both flipping and rentals are good models for starting out. I would recommend looking at the markets you want to invest in and try to estimate what return each model would make. Try to analyse a bunch of properties and reach out to investors in those areas  Then see which model best serves your personal goals. If you don't have clear goals now is also a perfect time to make them. You can typically also get free consultations for what types of loans you may qualify for over the phone. Hope that helps!