All Forum Posts by: Steve C.

Also, what @amy herzing said. Learn to budget as well as possible. Costco memberships, buy a bidet once instead of toilet lapsed every month, save up enough to increase your insurance deductibles & lower your monthly premiums, I bought a kegerator used for $300, I now pay $1/beer at home instead of $10/6 pack or $10/ beer drinking out. It starts to become fun to find more ways to save money and it will carry you through as you accumulate savings. Bank of America has tiered rewards (cash back) on cc putchases if your keeping your savings in their accounts so you get more back if you're saving to down payment an investment on the things you already buy. Just pay your balance every month & not interest.

My "day job" is a night job, bartending & making a decent living doing it in Las Vegas. I'm just now starting my "side hustle" which is real estate sales as an agent. I guess it would be a day job, but for me it's a side hustle that has already taught me things that will be valuable as an investor in REI as well. Can't report on results yet, as my license is being processed, but I think it's going be awesome!

I think Jack B. Is correct in that It doesn't mean the home can't sell, just that he'll be paid when the escrow closes. I'm not sure about the $4,500, but I believe he will get all of the lien amount. Call your escrow company & ask them. If it means you loose 1/2 of the amount that was not performed, but you get the rest, do your numbers make sense to move forward if this is the case?

Maybe also find an appraiser you plan to use for the actual appraisal (if you don't already have one you use frequently) I bet to secure your business they would be willing to give you thumbs up or down on a short list of upgrades you're considering. This may help you justify the expense or forgo it if it will result in a diminishing return. Look for one MAI certified if possible.

I live not far from UNLV.  I can tell you the university is currently building out a large amount of student housing that looks to be about 80-90% done which may alter either your rents or tenant demand, but I can look deeper into that for you if you like.  As far as safety goes, it's not Detroit dangerous, I've lived there too & used to have guns pointed at me for looking at the wrong person while driving by.  The majority of the concerns I see in the UNLV area are pan-handling, not violent crime.  Are you looking for something like a 4plex, or something larger like a 20+ apartment complex? 

Do some more research, but I believe you need to live in it for a year at least. After finding BP & learning about house hacking. I would have definitely house hacked for a year with an FHA loan.. But now I have a wife & a baby on the way and an FHA loan already on a SFR. Depending on what you find & your personal situation (other people living with you & the areas this sort of housing is available in in your market) you may be able to live there for the length of time required & then move out after and rent both units. Though you won't be able to get another FHA loan down the street, you can only have one unless you change jobs & location because of it, I believe. There are no stupid questions, just un-researched ones.

Thank you @Irina Belkofer.  I agree, education is huge.  I've read 13 books on real estate & investment so far this year & that's when I realized I can learn & earn more by getting my license.  Just taking my classes I've learned some very valuable information on property value projections that I hadn't read in any book.  Thank you for the insight & well wishes.  Wishing you continued success in your sales & investments as well.  

Mira Ramesh Babu , that definitely helps, thank you! A similar approach would be in my best interest as I plan to work primarily out of a home office if possible, having a mentor I can connect with nearby when needed will be a huge help. 👍🏼

Yes, that's also the case here on both accounts @Debra Grumbach.  I'm not concerned about that, as I don't really see it as a challenge, just a disclosure.  My plan is to amass about 40 doors of buy & hold multi-family in the next 7 years.  Not planning on doing any flips or personal sales, though time will tell & the best laid plans are only that. 

@Jon Lee, Thank you. I'd had an agent sending me properties that came up on the MLS and a couple of months ago, these data sheets went from a detailed listing to a very slimmed down version recently, barely enough info for even a non-investor to determine interest in a property. Being able to access market changes in property types in specific areas and other data seems worth the annual MLS fees, especially if I can offset & surpass them with commissions. For you, already being in the game, perhaps this data is less valuable as you have other means of amassing it. I understand the two worlds concept, but I also see my 9-5 every day previously not generating any income, if I can turn that into even a handful of deals a year I should be able to bolster my investment account and become more informed and connected while doing so. I should also mention that a month ago a co-worker sold her home to a yellow letter investor.. I see opportunity everywhere, mainly looking to monetize the non-earning portion of my days to accelerate capital.