All Forum Posts by: Jake Andronico

@Kegan Scholl

Awesome strategy!! I've done this twice in Reno, NV and it's changed my life. 

Where would you like to live? It's a big decision, and I recommend spending some solid time in each area. Getting an Airbnb and going to different spots to check things out. 

Also, what's the nature of your business? Would there be a certain area that may impact the business positively or negatively? 

Having cash reserves AND income in case something comes up is incredibly important. 

@Pete Tarin

FHA and VA loans should be assumable. You'd need to come up with the seller's equity (the difference between the loan balance and the sales price).

Ex: $400K loan at 3% 

$500K sale price = $100K down payment

Can be an amazing strategy!!

PLEASE DO NOT DO THIS. Could be a downpayment on an actual property.... 

A ton of free information out there that's extremely valuable. There is no "secret", just nuance. 

Connect with people who have done it before and try to gather as much info as you can. 

I wish you the very best of luck!! 

@Daniel Reed

Curious if you've taken a look over the hill in Reno, NV. People still sleep on the area and it is very close to Nor CA but has a lot of different benefits with similar appreciation. 

It doesn't make sense for everyone, but is not on a lot of people's radars and is often overlooked. 

Putting that little down on a multifamily property will likely not work for most lenders (especially 5 units and up) with DSCR ratios being difficult with interest rates so high.

Putting more down will give you positive cash flow, with a clear plan to increase rents as well. 

@Nitesh Chand

I'm so sorry for your loss. That's extremely difficult :(

The good news is, it sounds like you have equity in your property. There is no shame in taking some time to hunker down and reassess everything, and potentially sell. 

Losing $1,300 per month at a minimum doesn't sound amazing, but it completely depends on your financial situation. 

Figure this property and your family situation first, then you can worry about buying properties (imo).

Best of luck to you and I'm so sorry again for your loss. 

@Jadan Williams

If your job is flexible enough to allow you to live anywhere, that's an amazing place to be. 

The downside to having almost unlimited options is narrowing your focus. 

House hacking has completely changed my life (I've done it twice in Reno, NV), and I highly recommend it as a strategy starting off. 

Staying between 1-4 units is optimal because of the financing. 5+ is a nightmare with financing right now. 

If you're willing to have roommates, your options open much more broadly, and you can potentially assume a loan with a low interest rate. 

Hope this helps! 

@David Rodriguez

MTR - $4K per month occupied for 9 months = $36,000

LTR - $3K per month occupied for 12 months = $36,000

Occupancy is everything. 

@Nedim Tokman

There is a plethora of free information out there. I recommend looking at that first. 

There is no "secret" that the big boys are doing necessarily, just incremental pieces of information, relationships, and knowledge that have been built up over time at scale. 

Also, the dirty little secret is they can make MUCH more educating than actually participating in deals.... 

Nailing down a buy box in the area, funding, and having a plan will come out of absorbing a ton of knowledge and narrowing down to what makes the most sense to you, what fits your life, and what fits your goals the best. 

Always a resource in the Reno area. Best of luck to you! 

@Greg P.

You're in a great position. However, 3-5 years is a very short timeline in real estate. 

There's this sentiment in the marketplace of fast, easy, and no money required. Simply not the case, even though post-COVID success posts would have some thinking so. 

Not saying it's impossible, but the faster you want/need it to happen, the more risk you'll expose yourself to to get there.

The massive elephant in the room is: What amount of income do you need to replace?