All Forum Posts by: Jared Chenel

Im in the current process of saving for a down payment for my first home to house hack with by the end of the year. I was just sort of looking around my area and for kicks in others to see the going rate for homes in New Hampshire vs. Virginia. Obviously cost of living plays a part in the asking prices for homes, but my question is. What specifies a hot market? 

For example, is a hot market determined based on if homes are being snatched up quickly above asking or a growing area? How can you tell if a market in another city or county or even state is a hot market? Also, how can I tell what will be a good area to focus on for investing? (Basically "tells" of that market)

@Karl B.

Thanks for the suggestions and feedback!

I have a couple of questions about starting to look for tenants and general questions about them.

1. Do you have a lawyer draw up a solid lease agreement or do you do it yourself? 
   • Did you use a template for this?
   • Where do you find these templates if so?
2. Do you charge first and last months rent up front like most? 
   • Do you work with them are you more strict? (I guess can depend on the landlord, location, situation etc.)
3. Where have you found most success in finding quality tenants?
   • Craigslist, Trulia, Zillow, Facebook?

I had a couple others, but am drawing a blank so I will ask them later.

Thanks!

@Jessica Stevenson
@Lawrence L.
@Rhett Dean
@All

Thank you everyone for the encouragement!! I will save up for a few more months and stick with my plan of purchasing a multi-fam for the first one that will allow me to "house-hack" while saving all my income from my job. A year from now I want to be working on getting a second property under my belt by doing the BRRRR method.

Im only 22 so I feel like I have plenty of time!

@all Thanks for the input! I sort of revamped my goal from 30 in 5 years to about 25 in 7. I know I get capped at 10 but if I was to put any under an LLC, would that work around that? Im sure there are more moving parts to doing something like that, but thoughts?

Hi @Dion McNeeley,

Thanks for the insight! 

I don't have much to worry about for current expenses. I owe about $8500 on my car, $1k on my computer (needed for school at the time), and a credit card with a balance of $500. 

That's definitely a great idea and strategy, at some point do you think it would be worth opening an LLC to place some of the mortgages under as maybe a "property management company" to avoid the limit being exceeded under my name? Do you think this would work?

My goal is to be able to quit my job by the time Im 30 (7 and a half years away) and live comfortably with about a 6 figure passive income. I have a bachelors in CIT and am not even 6 months out of college yet. I just want to try and get a jump start on life by investing my time and energy now. Ya know?

Again thanks for the info!!

Hey guys,

My question is "how realistic is it to get to 30 properties in under 5 years?" I did the math and if I can get an average of $200 in cash flow per property, this will allow me to live more than comfortably. Im in New Hampshire so the houses aren't terrible and Im not opposed to going to surrounding states once I start to look for more properties, but I am wanting to real dive head first into rental properties.

Im looking at buying my first 2-4 unit in the next 6 months or so and using that to "house-hack." 

• If I only make about $40k now with 9% DTI and $6000 saved right now, how likely is it to reach say half of that?

I guess Im just getting into that analysis-paralysis mode and am just iffy on starting. I know this will definitely be a process and am not expecting over night results. I've just heard of people getting about 20+ properties in 4 years with no money starting and I just don't know where to start with that.

Any thoughts help! Thanks!

@Tim Herman Do you think I have enough saved to start? Do you recommend I save until about $10k?

Thanks for the input!

Hey everyone,

A little about me is that I am 22, I have recently graduated last fall with a bachelors degree in IT. Starting a new job in the next two weeks that will start me at roughly $40k (current job *2 jobs* combined makes about 34,500 py). I have about $6200 saved right now as a sort of down payment that will only increase over the next few months. I have a 9% DTI. I owe nothing on student loans because I worked my butt off during those 4 years and only owe about $8500 on my car with a few other small debts like a 0% interest computer loan and a credit card with a balance of $500 on it

I want to buy home rather than rent because there is no reason to pay a mortgage payment every month and not receive anything in return other than a roof over my head. My thought is to buy a multifamily house, rent it out to cover the mortgage and if the unit I stay in has extra rooms, then I would rent those out. I don't mind not having a huge cash flow seeing having everything from mortgage and utils covered with tenants would take care of my biggest expense. 

I would later refinance and try and take the equity to purchase another unit and another until I have enough cashflow to cover my bills. Then I can either work and save everything I earn or quit and go full time into real estate. I realized over the past couple years that I don't want to be stuck behind a desk for the rest of my life. Real Estate peaked my interest because of the flexibility I can have in the future as long as I stick to a plan and work hard. 

So I coming to everyone here for some advice or what you suggest I should look into or if I should stick to the path I am on for starting with a multifamily with the plan I have mentioned.

Thanks!