All Forum Posts by: Chace Fraser

Hi @Raj Vora , that sounds awesome and best of luck! I see you're from NY and your investment is in FL. Are all of your investments going to be out of state? Are you going solo or going to use a partner? Tell us a little more!

Hi @Ryan Champin , welcome! 

I think both Ryan and Alina are right on. To me, it sounds like you need to speak with a lender to really find out what is going on and what you could do with the money you have now. 

I think @Ryan Paltridge would agree that one of the best places to find a great lender that has experience in the owner-occupied residential 2-4 unit realm (and can actually close the deal) is through an agent who has experience in the same types of transactions.  And the best place to find an agent like that is here on BP... maybe one that's commented on your post and lives in the same state? And if he isn't quite in your area I'd be he can refer you to one...

Best of luck!

Hi @Gabriella Vehrs ! I know that @Scott Trench goes into great detail about this with @Mindy Jensen on the BP Money Podcast and in his book Set For Life. If you haven't listened to all the podcasts and/or read the book it's a great place to start understanding the FIRE movement and an incredible resource for financial education!

Hi @Dozie Nwankwoh ! My question to you is: do you have all the funds necessary to purchase the property? Funds needed include earnest money deposit, inspection costs, and downpayment funds just to name a few. Also, it could be tricky going from a college lifestyle to starting a career and becoming a homebuyer all within a month. If you have the money and drive to get it all done right away I'd say go for it because it's possible (but can be a little overwhelming) to do.

Oh, and will you qualify for a loan or have you been preapproved? A good place to start would be with an agent and a lender in the area to see what is available and what kind of loan programs they may have.

Best of luck

Hey @Benjamin Romo welcome! I'm sure you're going to get a lot of help from the BP community on this. Aside from here, another good place to start is contacting a local Realtor or Property Management company to see where the best opportunities are to invest and what you might expect to get for rents. Also, keep in mind that with a zero percent down loan it can be more difficult to make a deal cash flow... you may still need to come out of pocket for your monthly payment. 

@Josh Gold I think the earlier part of November would be good. Midweek, after work, around 6/7 or so? Somewhere we can chat about finances and have a pint? I know that last part goes against a lot of what they talk about on the podcast and trying to keep expenses down :)

What are your (or anyone else's) thoughts?

Hi @Fareed Khamitov , how exciting to be getting into the game! The advice from @Alina Trigub and @Chris Szepessy is outstanding. 

To find out more about what areas may be good to start in you could ask a property management company. Simply call them up (or going in may be better) and tell them what you're hoping to do (buy a 2-4 unit property, live in one unit, rent the others out). Ask them what area of town they believe has reasonable prices for properties, isn't a war zone (or would be good for a first time land lord), and is trending in the right direction. Sure if you buy a 2-4 unit building and house hack you probably won't use a property manager right away, but you could have them help you find and screen tenants. After you get that info from them ask them for a referral for a real estate agent to help you search for/buy a property AND USE THAT AGENT! This business of real estate is built on relationships, if you're not going to add value to the PM company right away you can at least use the agent they refer to you. Remember, as a buyer you don't pay for a real estate agent; the seller usually pays. If you find a company that does both realty and property management all the better.

Good luck!

Hi @Josh Gold I think this would be AWESOME and think there would be a pretty decent turnout. It could be something like a "book club" but a "podcast club" where we simply just discuss what Mindy and Scott discussed with their guests over the past month. From experience in BP meetups conversation typically comes fairly easy without a whole lot of moderating. If there's anything I can do to help let me know!

I read this on another post and it hits the nail on the head:

"If everywhere you look people are making it sound easy, then you are looking in the wrong places. The people that make real estate sound easy are to trying to sell you something. Real estate is a lot of things, easy is not one of them." Nick C.

Hi @Brandon McLendon all the info you're getting here is great. When house hacking in markets such as yours, it can be tough to cash flow without putting a whole bunch of money down. But two things to keep in mind; first, if you buy a plex you can also find a roommate for the unit you live in as well. Second, as Coach Carson put it, “But even if your house hack reduced your payment from $1,200 to $600 per month, would that not be a win? I think so.”

Good luck on your journey and keep us updated!