All Forum Posts by: Noah Bacon

@Leah Deminski is the Pro Membership Master! Please reach out if you want to unlock these amazing perks as a Pro Member!

Hey Mario!

I am very excited to hear you are looking to start your real estate investing career, and you have great questions!

I bought my first property out of state and saw my home in person for the first time the day of closing! 

The biggest prerequisites to check off in my experience was to have eyes that I trust showing me the property. Make sure to do extensive research when selecting your realtor, lender, contractor, property manager, etc. as they work professionally in the area you are looking and will have the most insight on the area you are looking to invest. If you need additional resources in the area you are looking to invest, BiggerPockets offers the Agent Finder tool to help you connect with an investor friendly agent!

Hi Corinna!

Our Pro Membership unlocks tools, services, and exclusive content so that you can reach financial freedom faster!

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• Unlimited analysis calculator reports, rental price estimates, and rehab estimates
• Access to discounted educational bootcamps ($225 per course for Pro members only)
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Hi! I'm Noah, the new Community Manager with BiggerPockets! I own two rental properties and have house hacked my portfolio thus far. I love playing volleyball, hiking in the mountains of CO, and spending time with my dog! If you ever want to talk about real estate or anything in general, please always feel free to reach out and I'd love to connect! 

Please help kick off our new start together by helping me understand where else you look to network outside of the BiggerPockets Community! 

Please discuss in comments if there are any sites that I am missing, or if you have interest joining any of our BiggerPockets Facebook groups!

🗣️👇🗣️👇🗣️👇

Investment Info:

Townhouse buy & hold investment.

Purchase price: $345,000
Cash invested: $17,250

My second investment property was obtained with the same strategy of house hacking like my first investment, but I will be doing a live in flip to gain sweat equity.

What made you interested in investing in this type of deal?

Proven success with my first investment made me very confident to make the second investment work.

How did you find this deal and how did you negotiate it?

On market. We were able to negotiate the asking price down $5,000 and get $2,500 in concessions.

How did you finance this deal?

Traditional Financing. 5% down.

How did you add value to the deal?

The appraisal came in $5k higher than the offer price, so I was able to create value during the purchase. I have redone the floors, repainted, and added a door to the basement to create an additional bedroom. There will be some more small projects as I am living here before I look to refinance.

Lessons learned? Challenges?

I have been much more patient the second time around, as I am going with a BRRRR + House Hacking strategy. Rates are much higher than when I purchased in June, so my exit strategy will take some creative planning at the end of this year.

Investment Info:

Condo buy & hold investment.

Purchase price: $263,000
Cash invested: $35,000

Hello BiggerPockets! This property was my first House Hack, which I have turned into a cash flowing rental property.

What made you interested in investing in this type of deal?

I was graduating college, and it made much more sense to obtain a mortgage than rent. I intentionally looked for 3+ bed SFHs to rent out the rooms and cut down my mortgage payment.

How did you find this deal and how did you negotiate it?

I found the deal on market through my agent, whom I was connected with through BP!

How did you finance this deal?

Traditional Financing. Conventional 5% down.

How did you add value to the deal?

I did not add any value to the home aside from a Radon Mitigation system...which does not add any actual value. Home was turnkey!

What was the outcome?

Successful! I rented out both rooms within 1 month of closing, saved up frugally for an entire year, and am 5 months into my second house hack. My cashflow when I was living in the property was roughly $166 / month.