All Forum Posts by: Simon Shih

Cash out refi or HELOC.

Rent the place out to bring in a little residual income. Take the cash out refi or HELOC to buy other properties.

That's a lot of questions so I'm not going to answer any of them.

What I am going to tell you is based on your age and the amount of money you have, your best bet is to house hack.

Find a duplex or 4 flex for sale that you can buy with a conventional loan where you only have to put down 3.5%. Move into the house and rent out the other units. Even off you're not making money but living for free, then you are winning and you get the experience of being a landlord. Once you have lived there a year, you can move out and rent out the unit you were living in. Then do it again.

If you are looking to buy a rental property as an investment, you'll have to put 20% down minimum. You'll have to buy houses that are less than 50K.

I agree with @Stan K..

Here's an example. I want residual income from rentals, but I also want properties with equity. So I do a BRRRR (Buy, Rehab, Rent, Refinance, Repeat). I buy distressed properties at wholesale, remodel them and then put renters in them.

So determine your goal first and then you can figure out what form of real estate investing is the best fit for those goals.

I don't rent to people with beards, anyone over 6'2", and left handers.

@Kory Clark. What kind of degree did you graduate with?

I just closed on my first BRRRR and I work a full time job in the field for oil and gas. I'm home about 2 months a year. I would love to quit my job and do real estate full time. but it'll be another year or two before I can do that.

I think it's unreasonable to expect a young person to decide what he/she wants to do for the rest pf their life when he/she has done nothing and experienced nothing. I didn't fall into my career until I was in my early 30s.

What are you passionate about? What do you find interesting? You have a lot of self reflection to do. Take the time and do it before deciding and do the house hack. That's a great first step.

I am covered in tattoos. I own an investment property. I have owned multiple businesses. I currently make about 300K a year aside from my investments. My step sons are also covered in tattoos and all have respectable jobs. Stick to credit, salary and rental history and leave the discrimination to someone else.

Hell yeah. Your house, you're paying for the work. You make sure it's being done right. 

YouTube is a valuable resource to watch how almost any home renovation or repair is done. I could probably build a house from scratch on what I've learned watching YouTube videos.

Regardless of whether you want to be an investor, the above habits everyone has mentioned will give you a leg up in life. Habits of the successful and rich.

It's possible. I can't remember which podcast it was but there was a landlord investor that always tried to add services to make more from his rentals. I'm wanting to say things like paid parking or lawn service. 

Are the rents bringing in the going rate in your area? Is there any value add you can do to make more a month?

Personally, I would be hesitant about such a small margin that could be eaten up with anything that could go wrong or any minor vacancy.