All Forum Posts by: Jackson Harris

I think some of your exit strategies could be to reposition and add some unique features to your rental to attract more renters and potentially drive a higher price, 1031 exchange and move it to a different area or even market. Diversifying your portfolio can protect you in the event that 1 or 2 markets you invest in are losing cashflow or even worse - failing.

My theory is to keep your money invested as long as you can and don't take that cash flow for profit. This way you're building equity as fast as you can in order to utilize on your next investment. Obviously that stance is different for everyone, maybe just take some of that cash flow as profit and put another portion back into the property. 

I have some agent friends I grew up with in Washington. They said it's been status quo for years, there was a small hiccup when it was introduced but quickly went to normal.

Can't say I can predict the future but I agree with @Russell Brazils

Thank you all for your responses! It's really helpful to get some insight into this market and what others have done. 

Hi Greg,

Congratulations to you both! I am looking to get a 2-4 unit this next year as well.

How did you go about funding for this deal? Any hurdles you came across? I'm trying to learn from others on this topic.

Thanks

Hello BP Community!

Been doing a ton of research on REI over the past few months and am ready to pull the trigger next year. I wanted to cover my why and what first to give a good picture of where I'm at current state, with a background and what I'm looking for below.

My why: I recently got married and moved from San Diego to Scottsdale this year. I've realized how much I'd like to spend time with my wife and have time for our kids one day. I've always looked to the stock market or starting my own business to one day reach financial freedom but love what I've seen in real estate more! My goal with REI is to gain financial freedom, spend more time with family here and that are out of town (and therefore cost more to go see), and to be able to buy the things I want ( I love cars and live very close to some luxury auto dealers lol)!

**Disclaimer**: Being young, I don't have a lot of responsibility so I am fine with being more hands on now to be able to have more time to spend with family later on.

My what: I'm looking to buy small multi-family property to house hack and gain equity quickly over the next few years. From there I'd look to refi and use the cash to then acquire STR's or potentially bigger multi-family/apartments. I'm also open to flipping once I have some more funds on hand as I have some friends here I know that could help me with the right contractors to work with and start to make some money that way to get more properties. Overall, my plan is to get as much equity as I can in this market to then invest in more real estate, then optimize in the end for cash flow.

Some background info on me: My wife and I are both 24 years old, each of us make a good living for this area and are fine saving money and living in an apartment with cheap rent at the moment. We've saved about $40k so far but with bonuses at the end of this year from our jobs we should be over $50k very soon. We also save around $3k-$4k a month and are good with our money. We have credit scores over 730 and have been "soft approved" for around $750k. 

Alright, so now you know all about me let's get into where I could use some guidance. I'd love to hear any thoughts on my strategy if you'd stay away from Multi-family or if that's the right call. I'd also like to connect with someone who is in the local market that can offer me some guidance, I'm happy to pay for lunch/coffee/drinks!

Thank you to this community for offering so much help already, I wouldn't have a what or why at all if I hadn't found BP!!

-Jackson