All Forum Posts by: Evan Carrico

Thanks for the explanation @Joe Villeneuve 

While my goal for financial freedom is 10 years down the road, I would obviously love to hit that goal as soon as possible. While it is possible for me to reach my goal with option number 1 (slowly collecting rentals), do you see any upside to attempting option 2 (flipping to collect capital to reinvest into rentals)? Or would you suggest I keep my eyes on the prize and stick to my 10-year goal? 

To clarify, I will be investing primarily in the mid-west (Louisville, KY & Cincinnati, OH) if your opinion is dependant on the market.

-Evan

I have a goal of reaching financial freedom within the next 10 years by accumulating rental properties for passive income. While it seems logical to start gathering those rental properties to work towards my goal, I have heard that the best thing I can do as a young investor is to grow capital as fast as possible. So, I must ask, which would you suggest a young investor focus on:

-To start growing a collection of rental properties over the next 10 years to achieve financial freedom (Most likely through house hacking) or

-To master the art of flipping/wholesaling to accrue capital and then later invest the capital into rental properties

Your input is appreciated and thanks in advance!

-Evan

Tri, your grind on the MISSION project is impeccable, keep up the hard work and I'm very excited to see your nearby success. I will be moving to Cincinnati this summer to start a full-time position where I hope to begin investing in rental properties. Your past success is inspiring and I'm eager to start a similar project one day!

Thanks for sharing!

-Evan

Hey Nick,

I also believe owner occupancy is a great way to start with a small down payment. I may also suggest speaking to local banks and credit unions about your plans and potential deals. They might be able to work with you to adjust a mortgage to your needs.

I would recommend you take a listen to the BiggerPockets Podcast Ep. 440 with Daniel Iles. To summarize, he was able to get loans based on the appraisal of the property, and not the purchase price, allowing him to purchase a property with no down payment. 

Best of luck!

@Lee Yoder That's funny you suggest Bryce's book, I was just looking at it earlier today! It's now officially on my "to-read" list.

@Jaron Walling

Thanks for your reply and I really appreciate your feedback! I can see why the FHA loans can be difficult to deal with for investing purposes. Is there a different pathway you'd recommend taking for financing my first deal?

The way I understand it, the more personalized a deal becomes the better it is.

Hi everyone,

My name is Evan Carrico and I am new to REI. I am currently in my last semester at the University of Kentucky and will be graduating into a full-time position in Cincinnati this summer. I am from Louisville, so I am interested in focusing on the Louisville and/or Cincinnati markets for my long-term outlook. My current plan for starting my portfolio includes a Cincinnati house hack in early 2022 through an FHA 203(k) loan.

I am currently educating myself through books, podcasts, and networking along with practicing "running the numbers" for deals off Zillow. While I am excited about my plans to start my portfolio next year, I am interested to see if you all have any suggestions of how I can better prepare myself for then and/or get involved in REI now. Are there any specific books or contacts you would suggest?

I am excited to hear from you all and appreciate the feedback. Feel free to message me as well!

-Evan