All Forum Posts by: Matt W.

Yeah I wish house hacking every year was an option, however my wife and 2 young boys would not appreciate it! Before I got into real estate investing and had kids, my wife and I both had good W2 income and purchased our "forever" home as our first home. It has appreciated a lot so could be a good source of equity. Is there any way to not break the law yet stay living here, but still get a mortgage that is considered our primary residence to buy investment properties?

Dennis, can you elaborate on how you set up your lease options?

Listening to various podcasts, it seems like the typical playbook that many successful investors follow is to start off buying single family homes, move on to 2-4 units, and eventually 1031 or pull out equity and get into bigger multifamily deals. This makes sense, but many times while researching properties I will come across a single investor or LLC that owns 30+ homes in my town, so I know some people out there are sticking with buying SFHs, or at least didn't sell them all.

Assuming $400/mo in passive cash flow, you would need to own 22 homes to gross $100k a year. My questions to those who have achieved this level of success are:

Why did you choose to stick with single family homes?

If you had to start all over again today, would you still choose SFHs or would you focus on other property types? Why or why not?

Thanks!

Bryant Real Estate for sure! They have been around forever and invest themselves. 

Sometimes I search tax records and find owners who have 20+ properties in town, and at least half of the time they live in a particular fancy gated community called Landfall.  Lately I've been showing my wife when I find these, as in "See?! Landfall people own 30 houses!" 

@Shiloh Lundahl

I’d go 100% with $42k, because you can always pay a lump sum of $40k toward the principal, but it would be much harder/impossible to pull out that $40k if you needed cash.

@Jeffrey Evans

I am in the same boat. My wife is very “conventional” in terms of thinking about money, ie only thinks a job is a legit way to make it. She is also very debt averse so even if a house cash flows very well, the extra hundreds of thousands in debt makes her nervous.

I'm in the middle of my first BRRRR now, hopefully it goes halfway decent and she will see the the value of real estate!

@Tyler Stone

I worked for a property management company at Wrightsville Beach and they would rent to UNCW students and kick them out during the busy summer months. Surf bros would rent total flop houses for exorbitant rents so I’m sure it’s a money maker!

@Miguel Devaughn

Castle St./Cargo District is getting hot, I’ve got a flip there right now.

@Nicko Ferguson

Damn, that makes me sad. I lived in Big Billies as a lift operator 04-05, best ski season of my life! Is there any effort to build more affordable housing or is that rejected by the local government?