All Forum Posts by: Sankha Ghosh

I want to express my gratitude to everyone for your invaluable input and guidance. I'm eager to embark on this real estate investment journey and appreciate the time and effort you've taken to address my questions and provide such insightful advice. I'll be sure to keep your suggestions in mind as I move forward.

@Edward Zachary Samperio

Thank you for the comprehensive and encouraging response! Your insights have given me a clearer understanding of the steps ahead, and I appreciate your recommendations for resources and tools. I'll definitely keep a close eye on local market trends and remain adaptable as I progress.

@Lawrence potts

Thank you for your detailed response and for connecting me with @Ryan Thomson and @Grant Schroeder. Ryan has kindly replied already, and I'll be reaching out to Grant for more insights on house hacking and lending options.

Your advice on talking to a lender is well received. I plan to do that shortly. Instead of just Googling and calling lenders, is there a better way to identify lenders who will grant HELOCs against a rental property?

I also appreciate your advice on building a network, offering value to mentor relationships, and being cautious about joining boot camps.

Hi @Ryan Thomson, thank you for offering your expertise and for recommending @Kayla Govier. I will reach out to Kayla for further guidance in the Denver area.

In the coming years, I'll definitely consider investing in Colorado Springs. Do you have any advice on how the Colorado Springs market compares to Denver, or are there any unique considerations I should keep in mind for the Springs area?

Hello @Ben Einspahr, I appreciate your insights and the breakdown of property types among your clients. It's intriguing to learn that single-family homes with income suites or renting by the room are popular options. Unfortunately, given our current life phase, renting anything other than a separate unit is not feasible. However, I remain open to exploring all possibilities. Of course, I will work with a real estate agent, but for preliminary research, is there a way to find duplexes where both units are for sale using websites like Zillow, etc.?

Thank you for offering your resources and information on the monthly meet-up – I'm excited to learn more and connect with like-minded individuals in the community. If you have any additional tips or advice for someone in my situation, please don't hesitate to share!

Hello everyone,

I've been lurking on the forums for a while now and finally decided to put together a preliminary plan before diving into real estate investing. Apologies for the long post, but I wanted to provide enough context and details to get valuable feedback from this community.

My family and I are looking to jump into real estate investing while maintaining our W2 jobs. We currently have a house in OH, that we're renting out, and we live in a rental in Denver, CO.

1. Strategy & Timeline: Start with house hacking by purchasing a duplex, living in one unit and renting out the other. Our goal is to acquire 2-3 more properties in the next 2-4 years, generating a minimum of $1,000-$2,000 in monthly passive income and targeting a cash-on-cash return of 6%-12%. We don’t want to rely on appreciation for profit and don't plan to flip houses quite yet.

1a. Timeline:

Month 1: Finalize the plan and start working with a real estate agent and financial institutions.

Month 2-6: Analyze properties, make offers, and close on a property.

Month 7 or later: Find a tenant and move in by September.

1b. Property Details: We're looking for a duplex priced between $400K - $900K that requires minimal to no work before moving in. We want a 3+ bedroom unit for ourselves and a 2+ bedroom unit to rent out. We're considering locations in Denver and the surrounding areas, and we expect the rent to be between $2000-$3500. I understand these ranges are wide but I have not had a chance nor do I feel I have the expertise to perform a more granular analysis.

2. Financing: We're exploring options for minimal out-of-pocket down payment financing, such as a 5% conventional loan or an FHA loan (planning to stay at least a year). We plan to cover most of the down payment using a HELOC on our current investment property.

3. Property Management: We intend to self-manage the property but will hire a leasing agent to find, screen, and settle tenants. We're not opposed to professional property managers and are willing to pay a 6-8% fee.

4. Help & Resources: We're seeking advice and mentorship from experts in the real estate investment community, both online and offline. This is my current state otherwise

• Financial Advisor: I was referred to one by a friend and plan to schedule a conversation soon.
• Real Estate Agent: I haven't started searching for one yet.
• Financial Institution: I also haven't started looking for a financial institution.
• Mortgage Broker: I'm not sure if I need one at this point.
• Lawyer: I'm also not sure if I need a lawyer at this point.
• Property Manager: Finally, I haven't started searching for a property manager yet.

5. Tools: We plan to use BiggerPockets tools for deal analysis and rent estimation and are considering becoming a PRO member.

Questions:

Property:

• Does my plan pass the sanity check, or am I completely out of whack?
• Is my price estimate and associated rent estimate appropriate for the general locations I'm considering (again apologies for the wide range)?

Financing:

• Will a HELOC be difficult to obtain on an investment property? How can I find institutions that offer HELOCs on investment properties?
• Is asking the seller to buy down a feasible option in the current market conditions?

Help & Resources:

• How do I find an investment-friendly real estate agent? I've heard good things about BiggerPockets finder, but I'd love to hear about your experiences with it.
• Do I need a mortgage broker/lawyer at this point?
• How can I find a mentor? What can I bring to the table to create a mutually beneficial relationship?
• Given my current stage in the real estate investing journey, would you recommend that I invest in joining a bootcamp or attending webinars?

Tools:

• Are there any tools or resources you'd recommend for my journey?
• Was becoming a PRO worth it for you?I 'd love to hear about your personal experiences and insights using it

Networking:

• How do I find like-minded people at the same stage or further along who are willing to help?

Please feel free to add any additional context or suggestions, and let me know if I've missed any critical questions or considerations. I'm eager to learn from this community and start my real estate investment journey on the right foot.

Thank you in advance for your insights and advice!