All Forum Posts by: Josh Bugbee

@James Wise Thank you for the reply! Would recommend doing a single family house hack, or going with a multi unit such as a duplex or more?

@Avery Carl Perfect. So just trying to clarify for my sake.. In order to look at/walk a property rather than just drive by, an agent will need to be involved?

@Avery Carl Great advice! I haven’t analyzed or walked any properties yet as I feel still to inexperienced.. Is this a false assumption on my part? How quickly in your opinion should I start walking deals even if I’m not making an offer? Should I already have been? Should I start now? Or should I gain more knowledge in any specific areas before taking that on?

@Patrick Menefee Great advice about not taking any one thing as gospel but to compound any advice I get and come up with a plan that works for me. Also I will definitely PM you as I’m open to any book suggestions I can get! Thanks so much for the welcome and insight! I appreciate it! -Josh

@Jamaal Gibbs Ah, so you’re saying rather than buy a multi family unit and rent out unoccupied units and rooms in my unit, to buy a single family instead and house hack that??

@Vinney Chopra Thank you! I’m channeling all that energy right now learning as much as I can. I am fighting with myself to not try and take action too soon.

 @Josiah Patrick Zebarth

Thank you for your response! The house hack is the closest thing to concrete within my plan at this moment. For all the reasons you listed I definitely see this as a good starting point. I just also am struggling with this fire within me, and something like that keeps telling me “Go big or go home”. As of now I am just trying to immerse myself in knowledge and insight so I will definitely give Set For Life a read, are there any others you would recommend?

 @Pedro Jean

Yes that’s the closest thing I have to what I could call a “plan” at this moment, to get a 2 to 4 unit multi family property and house hack the heck out of it. Finding one shouldn’t be an issue as the Twin Cities definitely have their fair share of 2-4 unit multi family properties. Also I’m curious, you said live in the attic? So did you have a similar situation where you rented out all three main units of a property and lived in the attic? Edit- About the last part, I’m with you on this 100%. My girlfriend also enjoys real estate so she’s been helping some. When it comes to papers and who’s gonna own what assets though, I’ll be the only one on documentation, at least until we’re married.

Thank you for your response! -Josh

 @Joanna Eriaku

Yes I have definitely been trying to crawl even before I walk. I have been immersing myself as much as possible in real estate learning material. I can definitely see what you mean because even KNOWING how much of a novice I am, I’ve been getting this feeling like if I truly wanna learn I’ve just gotta dive in. Start looking at deals and running numbers to get a feel for it, maybe even walking properties. My biggest thing I feel I need to learn about that area is how to accurately assess rehab costs or what a place would need to be brought up to local standards.

@Justin Schreibeis 
This is a great response I really appreciate it. So I’m going to kind of use the questions you asked as a springboard for my thought..

1) Well two things; First, I would not consider myself a property manager, or someone who is able to fix many things in a home/unit. So my ideal goal is to have a property manager for things, and contract things out, so that I can be hands off in that department. As far as what I understand best, I don’t know that I could put any one aspect of real estate ahead of any others to say that I “understand it” more. I’m still very green.

2) This is 100% something I need to work on. Moreover I feel this is something that you can’t just read a book to understand. I feel to get a sense for this I will need to go out, and just look at property after property even if I’m not making offers to get a sense for what has value. Would you agree? When it comes to what I want to tackle.. I would say what I most often have settled on when thinking about it is multi-family, from duplex all the way up to a complex. Most everyone has said to start with a house hack, this is very wise and I know this. Great way to get into the game gain knowledge, and save money. I understand that. For some reason though I’ve been dealing with this devil on my shoulder saying, “F*%# it, go big or go home. Syndicate a 100 unit apartment complex.” I realize this thought is probably folly but I I’m having a hard time containing this fire. Also lastly, I believe I’ve already concluded with myself that I want to be hands off in the Property Management department, so I would most likely outsource that.

3) Yes! This is definitely something I need to get down pat, and while I have been working on learning them it can be quite daunting. I do know a few though just to pinball off the ones you threw out; CapEx/Capital Expenditure, ARV/After Repair Value, LTV I'm not sure on? I'm also not 100% on this, but the Cap Rate is the metric by which you determine the value of a larger apartment complex? Or am I incorrect?

4) This is such a simple yet incredible piece of advice that I honestly had not thought of. To always have a contingency plan on how you’ll get out if things go awry. Fantastic, thank you.

5) This is something I 100% need to do. Hopefully when the Covid-19 stuff clams down I can start going to local meetups and really crank this dial to 10. Also a question, I’m obviously young and I have some friends.. One is an up and coming/somewhat established real estate agent, the other does general contracting stuff on an under the table basis. Would it be a good idea to utilize them going forward, or should I try and connect with more established people in my area rather than take advantage of closer acquaintances that might not have as much experience?

Thank you so much for this thought provoking response Justin! -Josh