All Forum Posts by: Olivia Radziszewski

@Spencer Gregory- What is your current expense of living?  If you are spending money on a living expense now, it would make sense for you to cut that down by finding a house hack property. 

Do you think that you would be able to manage having an out of state team? In terms of managing the people that would need to be taking care of your STR when you are not there? You will need to trust them significantly since you will not be there.

In terms of finances would you be purchasing the STR as a 20%- 25% down investment? Do you have funds to complete this purchase right now? If you do a low downpayment for a house hack LTR and have the funds to complete that currently, then maybe it makes sense for you to start there.

Have you researched potential markets for where you would want the STR? Many places are changing and making laws more strict. I would suggest in general looking at locations that have already assessed the STR business and put laws and regulations in place. Instead of finding a town where they have not put anything into place then later being surprised by what they decide to enforce.

@Giovanni Amaya- So glad that you discovered the world of investing and it interests you! 

Are you familiar with any meetups in your area? This could be a great place to get started and start surrounding yourself with other likeminded people.

I would start listening and reading real estate investing content. It can be difficult to stay motivated and moving on the timeline that you have set out to when you are not submerged in the plan you are in. Especially since it is not one that most people partake in. 

Getting this thought process young is amazing!

There are many ways to get into real estate. I also see that you mentioned a lot of things that you want to accomplish. That is a great idea, with my own clients I see that they see all of the potential in many different facets of real estate and because they are spread so thin among doing so many different things at once they don't allow themselves to truly get good and one niche and go from there. 
 

@Robert Paschen III- Would love to touch base! Welcome to the Chicago market.

@Randy Griffin- Hi, if you are not preapproved yet, I would say that is a great place to start. Just to see where you land preapproval wise. From there you can explore partnerships opportunities, if you cannot think of anyone that would be interested go to real estate meetups in your area! 

I would also find an investor friendly real estate agent!

@Tony Iwen- congratulations! I would start to call around local brokerages and ask them their splits, their new agent training and support, if they provide any lead generation, office fees they may charge you. I would also ask them questions about how they support agents in their investments if this is the direction you are looking to go. Some brokerages have more information and investment support for the agents at their brokerage than others. 

@Alex Hochberger- Putting in a lower offer is definitely a valid way to get the conversation going! It does depend from situation to situation. However, if you find a good deal I would not waste your time with low offers. 

Generally the back and forth goes relatively quickly. I will say, a lot of the time it depends on the agent and seller that you are working with so not two deals are the same.

Find a good agent and listen to their expertise. They should have the most up to date strategies for your current market!
 

@Tyler Natterer- Have you tried to calculators we have on Bigger Pockets?

@Anthony Schiano- I would definitely start by getting pre-approved and speaking to a few lenders to have a solid idea of where you are currently at in terms of qualifying. It is definitely good to ask questions and a great indication that you are serious about this! However, without the entirety of the full picture it is hard to give specific advice. I tell this to all of my clients, get the pre-approval! It only marginally affects your credit score. I get one regularly!

One of the many reasons I love being an agent is how many properties that I come across on a daily basis. The property I bought this year I found on the market. It was an estate sale. 

@Andrea Diaz- I would say to definitely take the next steps to purchasing that property. I see many of my clients stuck analyzing properties and scared. Absolutely get a good team and agent to guide you and do it! You can only learn so much from books and podcasts.