All Forum Posts by: Kegan Scholl

@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. 

I second and third all the comments above. Househacking is different from regular REI because you will need to live in the home. Living somewhere that you hate will make for a miserable real estate journey and you'll not want to continue. So...where do you want to live?

I'm also assuming (which I may be assuming incorrectly) that your job is in Tampa and you don't work remotely. That means that if you move to another area, your income could potentially change (up or down, who knows). That'll affect your pre approval and ability to buy. 

I'm sure there are areas around Tampa and maybe suburbs that are more affordable than others. Check those out first. If you find that there's nothing that you like or would be willing to live in with your budget and location, AND you had the flexibility of being able to move and keep your job or you're willing to job hunt in different states, THEN explore different areas. But as I've said, focus on your happiness in living in that location first, then look at the real estate market and make sure it works for you. Good luck!

@Kegan Scholl

I am partial to Florida given I live here but I have house hacked for the past 6 years and it fundamentally changed my life, you are on a great path for success. Tampa has amazing growth potential and have personally witnessed @Josh Green work miracles for his clients. If Tampa is on your radar, I HIGHLY suggest you connect with him. 

The point has been made but I'll say it again, where to house hack? Where do you want to be? It seems you would be most comfortable in Florida but if you're willing to move to other states, I would get out there if possible and talk to as many different people as you can with as many different opinions to get different takes. Take that information and see what might work best for you right now in this position in life.

House hacking is an awesome way to get started and even doing that can still be a bit difficult to cash flow today so run your numbers multiple times and do them well. Even if you are not cash flowing on day one, that's okay (in my opinion), you're not paying the full mortgage on your own, which in of itself is a huge win and you learn other tangible real estate investing skills along the way by simply owning. 

I think if you can juggle managing the property on your own and taking care of your business this seems like a no brainer but I hope you don't get caught in a rut because it doesn't seem like it's working or something else... it's a marathon, not a sprint! It looks like you've taken more steps than some, so, keep learning and planning your next moves!

I'm in Texas and would be happy to talk with you about different markets! Good luck, keep it up!

The "best market" is less about the market per se and more about the deal you're able to find in my opinion. You could be in an expensive market, like LA, but you inherited a property or you got a killer wholesale deal or subject to and the numbers could be very attractive compared to buying off the MLS for full market price in the same market. There are markets that have built in "gotchas" like the rising cost of insurance in coastal FL, regulations in much of the west coast states and property taxes in Texas; however, the deal itself is the most critical factor.

First thing you need to think about is where you want to live geographically. Do any of these locations make sense to you? Visit, explore these place and then narrow it down. Once you narrow down your markets, you can keep an eye on the markets and become attuned to them. You'll end up finding a deal and going from there. You can also live somewhere and invest out of state if the deals don't make sense. You do not want to force something.