All Forum Posts by: Phil Wells

Yes, in the following ways:

- Get an FHA loan (3.5% down) - buy a small MFH and house hack

- Use your VA loan (if entitled to one) (0% down) - buy a small MFH and house hack

- Find someone with more money than you and go into the deal with them, bring your 10K and a lot of sweat equity.

- Buy a REIT - it's still exposure to REI in a way.

Good luck!

Hi Ryan, 

I'll connect with you and share some details with you.

 You're the second person on this thread that's suggested a new nomad lifestyle. How bizarre is it that you'll actually save money doing that?!

@John Collins - I believe there are multiple factors effecting this all stemming from COVID.

1) My understanding is that there's strict showing restrictions in place in NYC making it difficult to show and rent places.

2) People are growing wary of cities, especially a city as dense as NYC with a subway system that's can function as a highly efficient way to transport disease. 

3) If even 5-10% of people who can continue to work from home do so then why would they pay continue paying high rents when they can move 1-2 hours away and have a yard and somewhere to park?

I agree with the analysis in your last sentence.

Suburbia and those smaller cities is my prediction for sure. 

@Michael Lao 

Hi Michael, 

I'm glad to hear you and your wife have discovered the world of REI and are considering Spokane. As your research will have shown you Spokane is experiencing something of a boom right now with strong property price appreciation (even through the current COVID 19 pandemic) and an ever increasing number of people moving to Spokane seeking homes to buy and quality places to rent.

I'm working with a number of investors and people relocating from CA right now and would be very interested to hear more about your goals, metrics you're looking for, etc

Good luck with your REI ventures!

Phil

@Selena Scott I’ve heard a lot of stories just like yours lately!

That's a really cool story, thanks for sharing!

I'd seriously suggest getting uncomfortable and renting out those rooms. At least do it for a a year until you can get another job and show the proof of income almost every lender needs. 

That's awesome, I'm glad the Spokane area was a good move for you!