All Forum Posts by: Rylie Hendren

How exciting! Let the snowball begin...

Hey y'all,

I am moving to a new city (East Lansing) and looking to house hack a property nearby. My goal is to begin sometime early next summer (of 2018), but it really depends when I can find a good deal. 48824 is my preferred zipcode, but there are funny rental restrictions there and property is fairly expensive for my ability to finance (with an FHA loan). My hope is to acquire a multifamily, but I could settle for a single if the price was right. I am trying to decide which neighborhoods in the area I want to look for a property in.

What are the things you should look for when picking a new market to become a part of?

Thank you! Would appreciate any tips you have.

If you could go to one source to find information about a city, like...

-Number of units renting for between $1000 and $1499 (and other ranges)

-Crime rates

-School district statistics (graduation rates, enrollment, etc...)

-Rent and/or housing costs as a percentage of income

-And so, so many more variables!

Would it be useful? How vital is research into the area that you're investing in? I have built a system that will bring up all of this information for whatever landmark or city in the United States that you type in. I am asking the BP community if it is something worth moving forward with.

Thank you!

Thank you for all the great tips! This community is such a great resource. For those that have asked - I chose computer science because I like to mix my love for logic with the ability to create and finance because financial literacy is important to me (and I have the extra time to pursue such). 

I have the possibility to co-sign with my mother who has an income of 120k, but I wouldn't depend on it. If it came to that, I would probably chose to wait after I built up enough capital and established a steady stream of income before moving forward. It is amazing how many people are scared of real estate... every time I talk about buying a house with my family (and possible co-signer mother), I receive a response along the lines of "the market isn't steady enough" or "it's too risky." I've showed them the numbers, showed them that it's possible to do well with this, so how do you convince someone that is scared of the real estate industry that they shouldn't be? 

Rehab parties are a great idea! I will be living in the perfect place to find cheap help if I need more than a few friends. My first step is finding off-market deals in the area, picking a good one, and deciding if I can find the funding for it. Hearing now that East Lansing has expensive rental licenses, I may have to extend my search to the surrounding areas. I will be on the lookout for the Lansing REIA! For everyone local offering their resources - thank you. You are so vital for I to get a good start in the area.

Thank you all again. So nice to meet you!

Hello everyone! My name is Rylie and I am looking to buy a property short-term instead of renting while I am in enrolled at Michigan State University for the next 3 to 4 years completing a BS in computer science and an MS in finance. I am on scholarship; however, I am able to use the Room & Board stipend off-campus as well.

The stipend is currently $9734 per year, but equals the cost of Room & Board at MSU as it increases each year. I am a 'freshman' with junior-entry credits. I will be living on-camus this year (Sep 2017 - May 2018) and I am hoping to have a place by the end of August 2018.

Is it worth buying a place and then selling within a few years? Or should I hold onto it after I leave the area? Is an FHA loan the best way to go? I have been searching for a house or duplex to live in while renting out the other bedrooms. If I want to pay no more than $5-10k in closing costs, what price point should I be looking at? How much rent should I expect for a property of that price minus a bedroom?

How much should I budget for selling costs? Is this practical and profitable in the East Lansing market? Any reccomendations for resources in the area (ex. FHA friendly providers, maitenance, property management, etc...)? Is taking on your first investment/live-in property too much to take on while in college? I must stay above a 3.2 GPA to keep receiving my full ride.

I hope to one day build a buy-and-hold portfolio with automated systems to allow me to be hands-free from it all - maybe not entirely hands-free, but pretty darn close. I currently work in student housing research. What kind of research is the most valuable to you?

ANY advice, networking or insight you have would be greatly appreciated. Thank you :)

Hello everyone! My name is Rylie and I am looking to buy a property short-term instead of renting while I am in enrolled at Michigan State University for the next 3 to 4 years completing a BS in computer science and an MS in finance. I am on scholarship; however, I am able to use the Room & Board stipend off-campus as well. 

The stipend is currently $9734 per year, but equals the cost of Room & Board at MSU as it increases each year. I am a 'freshman' with junior-entry credits. I will be living on-camus this year (Sep 2017 - May 2018) and I am hoping to have a place by the end of August 2018. 

Is it worth buying a place and then selling within a few years? Or should I hold onto it after I leave the area? Is an FHA loan the best way to go? I have been searching for a house or duplex to live in while renting out the other bedrooms. If I want to pay no more than $5-10k in closing costs, what price point should I be looking at? How much rent should I expect for a property of that price minus a bedroom?

How much should I budget for selling costs? Is this practical and profitable in the East Lansing market? Any reccomendations for resources in the area (ex. FHA friendly providers, maitenance, property management, etc...)? Is taking on your first investment/live-in property too much to take on while in college? I must stay above a 3.2 GPA to keep receiving my full ride.

ANY advice, networking or insight you have would be greatly appreciated. Thank you :)