All Forum Posts by: Devon Martin

Jason DiClemente it’s not really a matter of me not wanting to use a contractor. I’m just trying to think of what would put me in the most advantageous position for moving forward. It seems like the general concencous is that a contractor would be worth the expense, so I’ll most likely use one. Thank you for the words of advice!

Hello @Nathan. Thank you for the advice and the new perspective of how to view expenses. However, I just ask if you still find this should be true for someone such as myself, a first time investor with no way of making $30/hr currently? I believe there’s much value to what you said, but it seems like it would mostly apply down the road when I’m able to more actively involve myself in more deals than just one.

I apologize for the block of text. I had it spaced out in paragraphs but the app posted it like this

My plan is to house hack a MFH for my first investment. I’m 21 years old and have never lived away from mom and dad, so doing so will not only be my first experience with REI and being a LL, but also living on my own. My original plan was to use an FHA loan because I don’t have much to put down, but I’ve just found out about the 203K loan. I have a couple of questions about your opinion on adding a rehab into the equation. First of all, do you think that would be too big of a leap for me? I work full time so my spare time is limited, but I am willing to put in the work and research time if it could be worth it. I’m thinking this could be a great way to start with some equity to eventually use towards my second investment. Second of all, is a contractor worth it? I’m fairly handy, working with tools and making repairs for a living. I have multiple close family-friends who work on redoing interiors of houses for a living who I could ask questions. So, would doing the work myself be possible and worth the saved cost of a contractor? TiA for all the great advice you guys consistently give! -Devon

Congratulations at achieving your goal! As a newbie investor who seeks to house hack for his first investment, this is inspiring.

Thanks for the replies, guys. That makes sense.

I’m planning on starting my investment career by house hacking probably a duplex. With the 2% rule, if I’m going to be living in one half of the building, should I look to achieve only 1% of value of the entire building in rent from the other half?

Congratulations, Will! A very inspiring story to the newbie investor. How long did the renovation take you?

Hey guys! My name is Devon, I’m 21 years old, I live in central Florida, and I’m pretty much brand new to the concept of REI. About a year ago, I was on the verge of signing up for a class to get my real estate agent license. I loved the idea of getting to see so many different houses and working with such a variety of people. However, shortly before I made the jump, I was offered a job in my family’s business that I couldn’t resist. So I dropped everything and focused on this. However, now that I’m here and settled in, I’ve been putting a lot of thought towards how I can get ahead in life financially, and that’s how I stumbled across this forum. As I said, I have just started looking into this field, but I’ve already learned a lot. As of now, my plan is to buy and hold multifamily homes. Today I plan to start by reading the UBG to get my foot in the door. Over the next six months as I save my money for a down payment, I hope to learn as much as I can and make contacts to learn from and grow with. If anybody has any advice for me, I’d love to hear it! Other than that, I look forward to being apart of this community and getting to know you all! -Devon