All Forum Posts by: Scott Crowley

Hello! Are you planning on holding title and operating your house hack in your personal name or are you planning on transferring title to an LLC? Assuming your house hack is no greater than 4 units for the sake of my question.

@Isaac Bartels Hey Isaac! The one thing that keeps me up at night in my REI journey is not being exposed to RE sooner and not house hacking before starting a family and settling down. While I could move my family into a house hack, it does add another layer of consideration to factor in. I say this because house hacking is a phenomenal way to not only get your feet wet, but build your equity at the same time, on someone elses dime, if you can structure it accordingly. Even if you can't quite structure a house hack to live entirely for free or CF, it is still going to set you up for a powerful foundation before your next move. Based on your current situation, this sounds like a slam-dunk opportunity for you to create something special.

A BRRRR simply doesn't sound like a good fit for you, given mentioning your limited capital. I also think starting out with a house hack and getting your reps in running financials, dealing with tenant(s), repairs/maintenance, and so forth, is going to better position your mindset, when ready to approach a different deal structure(such as a BRRRR) when you have more capital/access to capital, in the future. I am sure you would also learn rather quickly what things you do and don't like dealing with as well. Heck, if you end up not liking dealing with your tenant(s), you could still hire PM and be well-positioned financially since you have the tenant(s) covering all or most of your mortgage! Same goes for repairs if you're not a handyman type of individual. One could agrue that you may want to start with PM on day 1 so you can also build your team, alleviate your time, and keep focused on the future. This would also mean you already have a team in-place when you're ready for your next deal if it is in that area! The tenants don't need to know you own the place.

Most importantly: Do not dwell on this for months. There has been a lot of insightful feedback provided in this thread and it is all powerful and relevant. Understand your 'why' and take action. I was indecisive and had analysis paralysis before my first deal. You just gotta break the seal and you'll be ready and hungry for more.

I do wish you the best no matter what you decide the best first step for you to take is!

@Nicole Heasley Beitenman Thank you! Glad to be here.

@Robert Flores Hey Robert! I was in your shoes about a year and a half ago. I had an open book on where to invest and what the 'best' place to do so would be. The short answer is: It depends and/or there isn't a specific location. We are all unique and different for why we want to invest in RE. We have our own goals and criteria for wanting to do one thing or another. Based on your question, I feel as though our investment criteria are pretty similar(at least at a high-level) since you specifically mentioned CF, long-term, and conservative. Therefore, I would recommend looking into steady CF markets, instead of being solely State focused. The state does have relevance when it comes to how particular you are about the tenancy laws and if they will be landlord friendly, but I would position your focus more toward specific markets, in specific states, to at least get rolling. Traditionally, the midwest portion of the country is known to be a conservative CF region so maybe start by analyzing places like Kansas City, Little Rock, OKC, Birmingham, etc. 

There are PLENTY of areas not mentioned here so don't just focus on what I listed. Do the research and let that answer come to you.

 I absolutely LOVE this breakdown. Very helpful to help me sharpen my radar for my current team of PM's.

@Robin Simon Thank you for the welcome! Regarding the book for the curriculum: I believe it would be a great addition to the desired lineup you wish to have. The only thing I would throw out there if you do include it is to position that reading after a financial mindset book, like Rich Dad Poor Dad. I speak from my own experience with not being in the correct frame of mind initially, which didn't make the concept and power of RE make sense at first.

@Kerry Noble Jr Thank you! Glad to be here.

I love this topic of thought. Is it necessary to educate yourself by doing things like reading books, listening to podcasts, engaging on RE forums, etc.? Yes. However, there is never a point where you will truly feel like you "know" enough to get out there and do the real thing. I studied avidly for approximately 6 months before I was officially ready to take action and figure out the rest. It is all about networking and building a team of experienced professionals that are actually doing the real thing. The way I see it, two things can/will happen: they will either guide you through the journey and prove successful, or, you will learn that you need to surround yourself with a better team to achieve your goals. TAKE ACTION.

@Jilina Mercier Glad to see you here! It will be the beginning of great things.

Hello All!

I am a relatively new investor, based not too far outside of Indianapolis, IN. I currently invest in Fort Wayne-IN, Little Rock-AR, and Birmingham-AL. While I do like my current markets, I am open to expanding to other markets for my next deals!

My goals with joining BP is to step outside of my comfort zone and connect with new people so I can not only continue my education for my own self-interests, but I can also give back to other newer investors and offer the same support I desperately sought a short time ago. My next step is to add multi-family to my portfolio, and this will be a great way to begin that journey as well.

I wouldn't necessarily classify this as "fun", but I used to think like 99% of people...I now strive to think like the 1% each day I wake up. So the question is: "How can I afford it?"