All Forum Posts by: Ryan Thomson

Meetup in Colorado Springs next week! It's at Goat Patch Brewery. Hope to see you there.

Hi BP Community!

Are you interested in joining a community of local, like-minded real estate investors designed to learn and grow together? If so, then we welcome you to join us for our meetup centered around creating community and sharing experiences related to Real Estate investing and House Hacking in the Colorado Springs area.

See you all at Goat Patch Brewing!

Meetup Link: https://www.meetup.com/house-hacker-mafia-real-estate-invest...

@Nick Bradshaw 

I can't give advice for New York as I am located in Colorado Springs.

BUTTT....  Here are some resources I found really helpful on my journey:
1. For podcasts I really like the House Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=...
2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/0...
3. The Book on House Hacking Strategies by Bigger Pockets is also a fantastic book
4. Happy to talk if you want more advice
5. Connect with a realtor who understands house hacking and has invested themselves
6. Connect with a lender to see what you qualify for and how you can improve that situation
7. Go to local Real Estate meetups and learn from people there

@Gina Huerta scaling with house hacking is a GREAT idea. Here is a good presentation on things to consider when scaling.

@Jack Carrozzi my clients use these programs all the time in Colorado Springs. We just closed on one last month. It is your primary home when you live in it and I'm guessing you can use a down payment assistance loan on a multifamily in your area. Check with a couple lenders that do these sort of loans.

@Thomas Key All the foreclosure auctions around Colorado Springs require buying your house in cash. I'm guessing that's true for your area as well. If you do line up the cash for that purchase, you'll want to first talk with a lender about how quickly you could refinance into a primary mortgage. 

@Wencheur Antoin great goals! The sacrifice can definitely pay off in huge ways. 

A small nuance here that you need to be aware of. You can only use the FHA loan once in a 100 mile radius. However, you can use conventional loans and put down 5%. And you can do those every year.

As far as moving and kids go, does your city offer school choice? If not, you may have to look for homes in the same school district and be creative to make them work with a house hack.  

@Reagan Huefner I would consider connecting with a construction lender and using the land as collateral. If the land isn't enough, you'll have to come with some of that cash to get construction started! 

@Dylan E. good work man! Sounds like you have got a great plan and are off to an awesome start. I wish I started investing when I was 22. 

@Braden Jackson I recommend my clients in Colorado Springs not put down 20% even if they have it. It's a terrible investment. PMI is so cheap that you could put that extra 15-20% into a US treasury bond and have more than enough to cover PMI.

Also, It limits how quickly you can scale to the next house hack because it takes more money per investment. 

It also drastically brings down the Net Worth ROI when you put 20% down vs 5%.