All Forum Posts by: Jonathan Escobar

@Jingru Sui

$1000 Brian Page's course on how to automate an Airbnb business HANDS OFF whether you use someone else's property or you use your OWN Property.

Or check out on YouTube "BNB automated". Sean runs hundreds of units on Airbnb and doesn't manage any of them. All he does is change prices once a week.

@Trevor Sharp yes, make sure that you can make the whole payment when there are no tenants occupying the other units. It is super important that if you were to leave the unit that it will cash flow enough to survive a market correction. Once you get to a higher level you will be worrying more about net worth then you will worry for cash flow, but cash flow is what allows your asset to survive a market crash for 5 to 15 years before it starts to build wealth and equity again. if I were you, I would learn everything that there is to know about house hacking like reading Craig Curelops book the house hacking strategy. read other peoples books on house hacking and learn everything there is to know about that strategy.

Another thing you might look into is renting a bigger unit and house hacking that so that you don’t have any of your own money into the deal and can leave whenever you want when your lease is up instead of risking your equity when a correction hits. This is called rent hacking and you can find out more about it on YouTube with Airbnb or long-term leases.

Having said that, if you do decide to buy a four Plex and 1031 exchange into that, make sure that your ROI is better in the 4 Plex deal than it would be in your current place right now if you were to rent it out and therefore not pay closing costs and fees on the sale of your home.

I'm renting 2 bedrooms individually in Orem Utah. It is fairly close to UVU. So I might have students coming and renting. 1 bedroom will be private and the other bedroom will be shared bedroom. Should I buy furniture so that they have a bed/bunkbed and dresser in their room ? Or should I let them bring their own bed/dressers? There is a possibility that I could attract professional adults, but most likely the shared room will be for students. 

What are the drawbacks to not furnishing the rooms?

Rents are estimated to be 

Private $450

Shared $350 x2

Shared bathroom

@Tristin Sellers if you want to increase your income, look into signing with a sales company like securities or pest control over the summer. You will learn how to sell (things and yourself) increase your confidence to talk to people and understand them (something you'll learn from how to win friends and influence people) and make serious if you're good to invest in a property. Robert Kiyosaki recommends getting a sales job. Good luck

@John Wijtenburg

Read posts from @Craig Curelop. Cheap is not equal to frugal. Frugal means to spend on what you VALUE and cheap is not spending at all or paying the lowest amount possible. If you value your health, pay for things that give you value. If you love traveling and taking vacations with your family to make memories then go and spend within reason, but don't go spending on coffee if you don't really need it, or TV channels that you don't even watch or living space that you don't really use. Instead, pay yourself first and invest so that you slowly start replacing your income so that one day you can buy whatever your heart desires.

@Derek Herbst

I'm doing the same thing. I would recommend having as much money as you can so that when you have a property that you also have the reserves in case something happens or to be able to make improvements to the home so you can increase rents (like the BRRRR Method). The best way to have 10s of thousands ready for this would be to do summer sales. I'm currently interviewing with a couple companies to see who can teach me the most about real estate (mentor) as well as help me get the capital i need. I figured that if I sacrifice 1-3 of my Summers, then I could start investing a lot faster than working a W-2 job without a degree. Reach out if you want to know more. 4253448116 I've been studying real estate non stop since May.

How did you find this deal? And how did you know that it would work as a house hack? Is it an up and down duplex? or how did you separate your living space from everyone else's? Are you renting out room by room or by sections of the house? What are rents total per room/unit? Hope this isn't too many questions :)

How does one go about BRRRRing a 4-plex, or a 3-plex. From what I've heard, there are not many landlords that want to sell their 4,3-plex at a discount! Would your best bet be to network with many wholesalers to see if they have anything? Don't wholesalers focus mainly on SFH's and duplexes? Is it just a very rare thing to see a 4-plex for a discount and to flip/BRRRR it? Has anyone had success BRRRRing a large multifamily property or better yet BRRRRouse hacked one before? I'd love to hear your story if you have.

I'm almost done with the BRRRR book, and I have heard @Brandon Turner and @David Greene talk about BRRRRouse hacking before to maximize your real estate investing to the max! How would be the best way to accomplish this? Still buy with CASH? then, rehab, rent the remaining units/rooms, refinance into FHA or low down payment conventional loans, and then repeat a year later?

OR

Buy with FHA or low down conventional and THEN go through the BRRRR steps? I know I should just ask different lenders, but can you cash out refinance into FHA or low down conventional? I feel like it would be best to buy with cash just so that you don't have super high holding costs during the rehab process, but for example, if you're doing a BRRRRouse hack with a multifamily unit, then what would be the most convenient if there are already tenants in the units? Just vacate everyone and fix all the units at once and then rent out with paid off house, until the refinance into FHA or low down conventional?

This is not talked about or done enough! There should be more information on this topic! I feel like someone should add onto their book about this and how to merge the two concepts together unless @Craig Curelop talks about that in his new House hacking method book that is coming out! By the way, I'm super stoked to read that book!

I'm just curious about this. I don't know anything about VA loans because I don't qualify. Would anyone RECOMMEND joining the military for the minimal time JUST to qualify for VA loans? What are the minimum requirements in service to be considered for a VA loan? I've tried googling it but it always asks for my specific information to see if I qualify.