All Forum Posts by: John Bolstad

I love this post.

Gratitude is the ultimate defense against burnout and can drive somebody to unprecedented levels!

There are more ways to make money in real estate, but they require a lot more work. If your friend wants something that is very easy to invest in, then I'd urge him to invest in paper assets like stocks and bonds. 

To each their own though. And as you said, there is no one right answer!

This is what I plan on doing with my kids one day! Don't give the boy a fish, teach him to fish!

It's pretty hard for people in Richmond to find affordable housing. I'm renting out two rooms in a house hack and one of my occupants is a medium-term tenant who is paying $900 a month for a single room. 

You'll find a lot of young people in Richmond who are just starting off their professions that just want a place to sleep. 

I'm doing my first house hack right now. Fortunately, I have also stock-piled a nice cash reserve. I've already spent a few more thousand dollars than I predicted I would have needed to fix a few things.

Like you said, having that cash reserve makes it so much easier to sleep at night! I don't know what I'd do without it.

At the beginning of this year, I only had $1,000 to my name and wasn't sure what to do with my life. My dad bought me "The House Hacking Strategy" by Craig Curelop, and after reading it, I picked up a second and a third job to save up for a down payment on a 2-bedroom 1-bath house for $194,000 in Richmond, Virginia. 

I turned the living room into a 3rd bedroom and have two tenants renting out the other two rooms for $900 a month. Between the $1,000 I'm saving for not paying rent anymore, the equity I'm gaining from paying down the loan, and the $150 cash flow I am making off the property, I'm making well over a 100% return on my money... I never knew such an investment existed.

I would love to hear other people's experiences with house hacking... it has changed my life for the better!

Also, if there are any other young real estate investors in Richmond, Virginia, I would love to connect!

It depends on your stress tolerance.

Investing in a class C neighborhood will come with several issues; late rent payments and more frequent repairs to name a few. However, because many investors aren't willing to invest in class C neighborhoods, there is less competition, hence, cheaper properties which could quickly cash flow.

Personally, I don't have a problem investing in class C neighborhoods. I'm willing to look for golden deals in areas that scare most others away. I'm currently house-hacking my first property in a class-C neighborhood, and am making incredible returns.