All Forum Posts by: Ian Holtson

 I used a conventional mortgage w/ a 20% down payment. I'm currently working w/ my local RE meetup to try and get something off-market for our next deal. I'm happy with our result, and am not sure I would have done anything differently for this first property. Again though, something off-market that I could add equity to would have probably made it a better deal. As for the time management, that was the hardest part. I've got a lot of balls in the air this year (1) my IT job (2) first year as a Realtor (3) and this project -- I'd say just lowering my expectations on how quickly I'd finish would have been a good start. My family and friends helped a lot as well, and I met a good contractor who was really flexible w/ helping me out when I needed it.

Do you have any properties; what are your RE goals?

 Thanks Benjamin. Good luck on your future acquisitions as well!

BP Community,

Firstly, thank you all for continuing to engage on BP, and provide an educational platform for those of us just getting our feet on the ground in the realm of RE. To quote one of the most overused, but accurate phrases, thanks for adding a ton value to the site.

The Project:

I got my RE license, and was able to find a town home listed for 80k on the MLS. I chose to get my license so I could learn more about the buying/selling process, plus I want commission when I do either of those things. My dad is my cash partner (70/30). I realize I am blessed to have that option, and it's made our relationship stronger working side by side on the project. Anyway, enough sap. We are 35k all in (including down payment).

We bought the property in July, and I moved into it with my girlfriend and brother. I initially thought we could finish the rehab in November, but we just finished this month (lol a little ambitious on my part). Our PITI is $530, and rents in the area are $1,000-$1,400 depending on the level of finish; we are shooting for $1,200 when we rent it out. My friend just moved in this month, and the four of us pay $250 each/mo. This is my favorite part! We all cut our living expenses by more than half, and our account for the property accumulates $470/mo. after PITI. We plan on using a chunk of this to help pay for our next property, while keeping some for reserves. I have a full-time job at Indiana University (Bloomington, IN), but this project has made me a better real estate agent hands down. I can confidently talk about renovating, have a much more intimate insight into the buying process, and am a homeowner myself. I'm now looking for the next one!

My purpose of this post was to help anyone along who is looking into their first deal. Please feel free to message me if you want to connect, and talk about the buying process, renovating, or just talk about what you've got going on!

Special thank you to @Brandon Turner @Joshua Dorkin @Mindy Jensen @Scott Trench @David Greene. Your conversations have really opened up my mind, and given me some necessary coaching and encouragement during this journey. You made the days where I would wake up and know I have to sand/paint all day way better (I hate sanding).

-Ian

House Hack!

Multi-Unit would be great, but don't let it stop you from getting started. I'm living in my first property now (3BR/2.5BA), and I have been renovating it since I bought it in July. I have learned so much man. The renovation process is overwhelming at first, but you get into a groove and start knocking rooms out 1 by 1. My brother, girlfriend, and buddy are living with me, and we all pay the mortgage down each month. I plan on renting it out come August, and doing it again. Feel free to message me if you need help with buying, renovating, or game planning the project. 

Take care and good luck!

https://www.biggerpockets.com/blog/2013/11/02/hack-housing-get-paid-live-free/

Hey Alex,

Which state?

Unless your being slammed with debt (subjective), get the degree -- 

I got my RE license a few years after I graduated college. Looking back, I wish I would have sooner. Get your RE license while in school, and get involved in a few transactions. You'll meet a ton of people in the industry, and have a great foundation by the time you graduate. 

Statistically, you won't be a very good real estate agent until around the time you are projected to graduate anyway, so I would just get the degree while you have the momentum. When you graduate, you will have the option of pursuing a career through your degree, or diving into RE full-time. 

 I vote curtain. Quick, easy, and won't break.

Cameron,

I would advise that while many folks make a lot of money quickly in this industry, my experience has shown me that it is a marathon and not a sprint. Your early start will reward you. I would read, Set For Life, by Scott Trench. Focus on building a solid foundation, and getting your personal finances in order. Your friends are going to start buying cool stuff like cars and unreasonable houses; do not follow this path - save and invest. 

Also, focus on your relationships. Your family and friends are your biggest motivators, and your success is shared with them. They will start to look up to you, and seek your guidance. This will translate directly into invaluable leadership skills that will last a lifetime. Remember, whether it is a hobby or a job, real estate is just something you do, it is not who you are. Focus on your mental/physical/spiritual self - read/stretch/learn to calm yourself. Don't forget to stop and smell the roses. You're a boss brotha keep pluggin' away, and by the time you are 30 you will be light years ahead of your peers.

Michael,

I just got my RE license with the intent to help grow my own investment portfolio, and help other investors looking for properties. I'm working at Weichert Realtors - The Owens Group, here in Bloomington. Feel free to get ahold of me to look at properties/discuss the Bloomington market.

-Ian