All Forum Posts by: Joia B.

Hey everyone,

My post about looking for investors for a deal in FL got taken down yesterday because apparently I'm supposed to talk about me and not my "company", and it made me realize I've never done a proper introduction.

I've been on BP for almost 3 years now. Like most people I read Rich Dad, Poor Dad in 2019 and that did it for me. I was unemployed at the time with an engineering degree and knew that I didn't want to go back to working for another corporation. I moved from Rhode Island to West Virginia where my now-husband was stationed, then to North Carolina, and finally to New Hampshire where we currently live. We started house hacking a SFH with an in-law apartment in February 2020 because we were unable to find a multi that would meet VA requirements at the time.

Rather than re-entering corporate America, I got my real estate license mainly to help pay for additional investment properties and to be able to help out other investors as an agent. We bought our second house hack (single family with an ADU) in September 2021 where we currently live and rented out our previous home. Once our tenant moves out of the ADU I want to try AirBnBing it because we live in a vacation destination and could make way more money doing that vs LTR.

Although we have 2 properties now I can't help but feel like we're not as far along as we could be. We have some major expenses this year including a new roof and repaving the driveway so we probably won't be able to buy another investment property until next year, unless we hit the lottery before then. I think this will be our last house hack and our next investment will most likely be a multifamily, so we'll need much more for a down payment. I'm not opposed to partnering on a deal if I find the right one, and I can use my agent commission towards the closing costs since we don't really have any capital on-hand at the moment.

I still need to sit down and figure out exactly how many doors we'll need to be reach financial independence, but my personal goal is to have the ability to retire in 10 years with our investments and my husband's military pension.

That's all I have to say about that!

Hi Noah, welcome to BP! That is an amazing goal to have. I wish I thought like that at your age! House hacking is definitely a great option, unless you're investing in a different area than you live. If you can't find any good multifamily properties I would definitely look at single family properties and rent out rooms while you live there. If you'd like some help I can get you connected with an agent in Memphis.

Hi Ty! I'm curious if you interviewed different potential partners yet? If not I would check out a local meet up to find local investors looking to do something similar or even local investor groups on Facebook. Try to find someone who has different strengths than you, because if you're both good at the same things and not as strong in other areas, it's a recipe for disaster. It shouldn't take too long to look into financials so if you think this person is dragging their feet I would move on without completely writing them off. But if their communication sucks right now, don't assume it's going to improve once you have a property. If you need any help finding deals feel free to reach out, best of luck!

Congratulations!

Hi Joshua, welcome to BP and thank you for your service! My husband is a vet as well and we used his VA loan to buy our first house hack. I'm not sure how it is in your area but if you have the option to buy a single family home with an accessory/in-law apartment, that could be a good way to start. Seller financing could also be a good option for you if you don't have a lot of money. If I were you I would also look into wholesaling to generate some more savings prior to buying because you want to have some cash reserves. There are plenty of great YouTube videos on wholesaling. Best of luck!

Hi Peter, I'm sorry you haven't had any luck with buying a multi family thus far! It is extremely tough in this market, but not impossible. I think you need to do an audit of the offers you've been submitting and see commonalities that could be leading to you losing out on a deal. Like the others said, appraisal gap can be a huge one. Consider offering more earnest money, shorten your inspection periods, give the seller a 24-hr time frame to accept your offer with an additional incentive, offer to pay some of their closing costs & transfer tax. As an agent I will always talk to the listing agent to get a pulse on what the seller is looking for. You could also start with a single family if all else fails and rent by the room. Hope this helps!

Hi Tim! I'm not terribly well versed in wholesaling but I know that it is legal in New Hampshire and you do not need a real estate license to do it. I see you're in Worcester so driving for dollars might not make sense for you, but definitely check out meetups as well as local Facebook groups. Feel free to reach out when you're ready to buy rental properties- I help investors with both long and short term rentals in NH :-)

Congrats on finishing the course and good luck on your test! We definitely wear many hats in this career (don't forget therapist), but always advise that clients speak with qualified professionals on anything outside your scope (legal, tax, etc) to avoid any trouble! It's definitely a rewarding career but it can be grueling at times and very tedious like you said. If you need a referral partner in New Hampshire feel free to reach out!

Congratulations!!

@Dmitriy Fomichenko thank you!