All Forum Posts by: Scott Hibbert

Hi Frank,

Read this thread and search the forums.

https://www.biggerpockets.com/forums/92/topics/563...

Hey Jordan, Congrats on wanting to get into REI.

What do you mean by very little capital? Do you have enough for a 3.5% down payment with an FHA loan?

Do you currently rent?  Have yo considered House Hacking?

Have you read @Scott Trench's book Set For Life?

I'm making some assumptions, but if I can give any advice, it would be read Set For life, commit to a plan with a deadline and read "The One Thing" by Gary Keller.  Then follow a combined plan of The One Thing and Set For Life with deadlines/goal dates.

The last thing you want to do is look back at this moment a year from now and realize you are in the exact same financial position as today.

The BP community is great for education and advice but taking action is the best thing to do.  I know from inaction.

If you don't have a lot of money to invest every month and don't want the little money you are trying to invest get eaten by trading fees(even though they are usually less than $10/trade), I recommend using the Robinhood app.  It doesn't charge any trading fees so you could set up a monthly purchase of the same index fund.  It also doesn't give you much research info.

The link above is to their website.  I would also recommend you search "Robinhood app reviews" to learn more.

@Jared Bouzek Thank you for the referral!

@Scott Trench It would be great to meet up for a beer before I leave.  I'll DM you.

@Robert Marston Thanks for the advice and looking forward to connecting in person once I get settled.

@Dan Mackin It's been great meeting you here in Colorado and I expect to be back a few times per year.  If it lines up with the meet ups, I'll be sure to join. I'll check out the Summit in the Bay Area.

@Chris Mason Thanks for the insight.  Looking forward to connecting in person in Oakland.

I have accepted a job offer and will be relocating from Boulder, CO to Oakland /Bay Area.  I am hoping to find an inexpensive room to rent in a safe neighborhood (I'm used to the Boulder Bubble) but within 10 miles of the Oakland airport ( I'll be commuting by bike most days to the office on Bay Farm Island).  

Any and all advice about moving to the Bay Area is welcome!

Some more details:

- I'm a 34 year old, single male, recently divorced and would like to be near an area where people go out.  I've heard Lake Merritt/Temescal would be good.

- I'll be renting out my house in Boulder, CO as my first experience in REI. I will be cash flow positive above my $2250/month mortgage/ins/taxes.

- My goal is to follow Scott Trench's ideas in Set for Life and hopefully rent a room for under $1200/month to save some extra cash and use it along with my current savings to buy and house hack a duplex/triplex/fourplex in 4-12 months in the Oakland/Emeryville area.

- I consider myself very handy since I have renovated my entire house 99% by myself and pulled permits.  I am comfortable with fixer uppers in good neighborhoods.

Does anyone own rental properties that is looking for someone to move in between September 15-Oct 1st?

Is anyone selling a duplex/triplex/fourplex in Oakland?

Any advice about finding a place to rent?  From what I can find from my research, it looks like I need to get out there in person and explore some neighborhoods to find out where I want to live and then be ready to pounce with first/last/security the day it hits Craigslist.  Is this true?

I'd love to start networking with other Oakland based investors/RE agents.

Any reasons not to buy a multi-family in Oakland these days with all of the rent control issues?

Ideal scenario in my head is to buy a multi-unit, live in one, update it, rent it for more, move in to the next unit, update it, rent it for more.  I assume I can easily NOT renew a lease if I am moving into the unit as owner occupied and the tenants shouldn't be able to fight it.

Thanks for all advice and anyone who would like to connect online or in person for a drink and to talk REI.

Scott

@Craig Curelop Set for Life is the book I plan on reading next as soon as I finish my current book "The Science of Daily Self-Discipline" by Oliver McAndrew.  Those other 2 on definitely on my books to read list.  Thanks!

@Anthony Gayden Thanks for the recommendation!  I don't think I have heard of it, I'll add it to my list.

@Nate Hicks Thanks!

@Antoine Martel Thanks!  I listened to all of the Rich Dad Poor Dad series on audio CD in the early 2000's.  I really need to revisit them now that I'm in a different stage of life.

I am curious if you could only read/recommend one book with actionable advice for an REI newbie what would it be and why? It doesn't have to be a real estate book. It could be a business book like "The One Thing". I have read a number of books from Rich Dad Poor Dad to Start With Why but would really like to know the one book that moved the needle the most for you and took action because of it.

@Aaron Ray I wish I started sooner and followed through on ideas of actually taking action and getting in the REI game. Now I'm 34 and about to turn my first home into my first rental. Some things that I think will help you get in sooner are:

1) Create a monthly budget and stick to it. Track it at the end of every month to see how you did.

2) Pay yourself first.  Pick a number, could be $100 or $1000/month or anything else but create an auto payment on the same day you get paid from your job from your checking account to a specific savings account ( I use Ally bank for example and have 3 savings accounts for different goals).  This way you make sure that you will reach your down payment goal by a specified date.