All Forum Posts by: Madison Sloan

@Lucas Hannon Congrats on walking this path! I am in a similar stage as you - working towards my first deal. I would recommend reading The House Hacking Strategy by Craig Curelop if you haven't already. The books explains the steps you need to take extremely well and I have been able to glean a lot from the book! I would also encourage you to keep building up cash reserves, you're going to need them. 

 Hello! Not sponsored or anything like that but Biggerpockets does have a book on househacking! It's called The House Hacking Strategy by Craig Curelop. I can't recommend the book highly enough! Step by step plan to purchase your first house hack. I am using it as a roadmap to purchase my first right now! 

Hello, I am a young adult looking for my first investment property. I have been following BiggerPockets, reading books, watching videos and webinars, and listening to podcasts. While I am not ready to invest yet, I am beginning the next step in my education by analyzing deals and watching the market while simultaneously networking with local agents. 

Maybe this is a rookie question, but how should I assess a listing say on Zillow, Marketplace or Craigslist? How can I determine what it may rent for? What is a good purchasing price? Why are two houses with different bedroom counts the same price?  How can I determine in advance what rehab costs may be? Is there any way to project future appreciation? I know location, land, jobs nearby, and so much more affects these questions, but as who has only done research thus far and not actually looked at my market it all seems very overwhelming. How can I sharpen my ability to read, understand, and analyze the Real Estate Market I am in? 

Thank you so much!! 

Hello Everyone,

I am a young adult looking to start my first house hack. I live in a small rural town in Idaho and there are few if any multifamily properties (Imagine a country western movie from the 50s and that's where I am). What are some unconventional house hacking ideas that I could try with a SFH? As a young single female I am not interested in rent by the room, but I am willing to be pretty flexible and creative. I would be especially curious to hear from anyone in Idaho!

@Anisa Graham Thank you! Your response was very encouraging. I am not as familiar with monthly insurance and other costs. Would you be willing to elaborate on what other costs are involved with the FHA loan outside of simply the mortgage payment each month?

@Austen Mueller Thank you for such helpful advice! So maybe this is a rookie question, but can you explain what you mean by "rocket mortgages?" 

@Ty Coutts Thank you very much! I have had my business for 3 years now but primarily did 4 figure cash sales under the table so I do not have much on paper to prove it. Moving into larger figures, this year will be my first year having a full set of financial statements. On paper that probably means my business will actually be starting this year? I am a sole proprietor. I own a handmade jewelry business so my accountant advised me that I have very little risk and no assets at this point to protect through an LLC or other entity form. Would you disagree? What would you suggest I do for the business entity?

How can I use my schooling as work history? I haven't heard that before but school records would be ideal! 

Hello everyone,

My name is Madison, I am 18 and will be graduating college in 2024. I am very interested in cash flowing long term rentals, and multifamily homes. After college, my plan is to move back home. I have a wonderful relationship with my parents and they will let me stay for little to nothing. Due to this, I am hoping to invest those living costs, and additional income that I am saving. For now, I am trying to learn and soak up as much information and advice as I can get. Here are a few questions...

1. An FHA loan seems like a wonderful way to get into REI with very little money down, but my understanding is the loan is contingent on owner occupancy. Would you recommend I house hack a property right out of college to begin investing instead of moving back in with my parents, or stay at home and save as much as I can for a bigger down payment?

2. Where do you get an FHA loan? I am guessing traditional banks don't offer them alongside 20% down mortgages. What are the requirements to be approved for an FHA loan, and what steps can I be taking now to position myself so I will have the best chance of being approved in a year or two?

3. I prefer to work for myself, so my primary income source is a small business that I own, and to supplement that I have a W2 job part time. Do I have to have a traditional or full time job to qualify for a loan, and what real estate loan options are there for small business owners? Would a part time W2 job satisfy the job requirement for a loan? 

4. What are the differences between a duplex, triplex, and quadplexes that would make me want one over another? Perhaps a quad is the most work, but I would also guess it reaps the best cashflow, so why bother with a 2 or 3 unit property? 

5. What do you wish you could tell your 18 year old self regarding REI?

That is probably enough questions for now, that you very much for any and all advice you have for me!