All Forum Posts by: Toby Vockrodt

Thanks @Aziz Raji!

@Casey R. This is very much aligned with my goals. Thanks for the tip on 203k! I would love to be in a position to hack every 12 months. What I like about the 203k is that the rehab costs are built into the loan. I have been wondering how I could possibly finance the rehab outside of the mortgage, but this wraps it all together nicely. It does look like it has a few drawbacks in form of added costs/fees but is definitely a good candidate to start my portfolio with. I think the challenge would be to find a deal that would be profitable (esp in the SoCal area) since I would start with a low amount of equity/larger mortgage payments and rents that don't quite cover all of the costs. From what I've heard, the 12 months live-in is still a requirement but I'm not sure what restrictions on rinse/repeat there are so I'll look into that. Any tips on how to analyze the potential rehab costs of a 4plex to estimate what my 203k loan would look like? Btw, I agree that doing long-distance REI feels like a more lucrative endeavor but I'm sure you'd understand my timidness to do so based on my lack of experience within real estate.

Hi @Conor Funk, I think you're making a great decision. I would definitely agree with @James Carlson, Denver and Colorado might be the best place to be in the country overall. You're well positioned being in home building since your career is closely connected to REI. When I am in town visiting my folks I hope we end up connecting! Best of luck!

Hi Andrew! I too am young and starting out. I have a business oriented connection in Honolulu that I plan on visiting once I relocate to SoCal. When I come out there, it would be great to make more connections and discuss goals, even catch some waves! Mahalo!

Hi @Julie Hill! That is great that we have similar investment markets, we'll have to meet up and help each other! Have you happened to do any deals in Denver yet? Since my parents and brother are still in Denver, not to mention that I love that city, I definitely have my sights on it. After a few searches on Zillow in the OC area I was quickly discouraged but I don't want to give up just yet. I don't have a lot of capital but I'm determined to find something that works eventually! I look forward to seeing what we can both do!

Hi @Casey R.! I really appreciate the advice. After researching, I am definitely more comfortable to start looking at long distance investing so long as I understand the vetting process of a property manager. You're right, since my partner and I are young, we are certainly okay with doing a live-in rehab on MFR and in fact that excites us. Before we get started, we need to decide whether to target a small MFR in SoCal or look for cashflow in other areas of the country. When I come to Tahoe to visit my sister, I'll see if you're available to grab a coffee or attend a meetup! Thanks again for the advice!

Hi @John Berekoff! I appreciate the offer and look forward to discussing our goals when I am in the area. Going to meetups are going to be my priority upon arrival. I'll contact you and be sure I introduce myself at your group! Have you found deals that make sense for you in the OC area? I'm curious if I should set my sights elsewhere. I would prefer to invest in my own vicinity (when I am there) but I am willing to look where my family is too. Cheers!

@Harsh Patel Great post! I am also very interested in house hacking a small multifamily in OC in the future. Would be great to hear about your progress on your search! 

I am also curious about @Joe Ruggiero's question about the numbers. Rents don't seem high enough to justify purchases in the OC market. Does it mainly come down to the deal? The amount you're putting down? Both? 

Hi @Lindsey Iskierka!

Thank you for the warm welcome! I would love to connect and take a look at what is available. My partner and I haven't fully narrowed down our criteria, but we are looking for something affordable that we could do a house hack with. We will be working in Irvine, but I'm sure we'd be open to something with a commute if it is a great deal. We are prepared to rent and save until the right deal comes our way. Thanks for the reply!

Hi BP community!

My name is Toby, I'm 32 years young and I've been lurking on here and the podcast for about the past month. I have recently become financially conscious after getting myself out of a mental stalemate caused by what felt like unmanageable student debt. Once I was able to afford my payments and get my head out of my... I was able to achieve stability, automate my payments and savings, and open myself up to new life and financial goals. One year ago, I dedicated myself to lifelong health and wealth which resulted in successfully saving 25% of my income, my first stint in investing, a body transformation, and led me to recently read Rich Dad, Poor Dad. I feel like I have some momentum. After that, It took pretty much one real estate Google sesh before I was dropped on BP's doorstep! 

The title of this post lists 3 areas of the US that I am connected to, however I currently live overseas. Six years ago, I followed my dream job as a video game C++ software engineer to Stockholm, Sweden where I work on AAA games that sell tens of millions of copies. It's been rad. After my recent change in my lifestyle however, I've understood that I desire to get back to the US and continue to change my life. My partner has left Sweden and moved to Laguna Beach - working in Irvine. I am now seeking employment Orange County within my career's industry. Additionally, I have siblings in the Denver, Lake Tahoe, and Phoenix areas. My folks own 2 SFH properties in Aurora, CO and 1 SFH property in Chandler, AZ. We'd all be in the southwest US and I'd like to get my whole family and my partner involved in building our REI portfolio.

My goals are to be able to continue my career while also becoming financially free through REI and other investments. My dad has instilled an interest in RE since I've been a kid so I know it is something that I want to do. Ok, so what are my REI interests? Well... I have a feeling that will change the more I learn but being an engineer, the thought of rehabbing properties sounds very exciting and I also like the idea of rentals. So I feel the strategies I want to explore are BRRRR and flipping. I love the idea of house hacking since my partner and I do not own any property. Would love to hear your ideas!

Because I am overseas, I have come here to connect and interact with you fine, knowledgable people. Until I am able to relocate, I plan to network on BP, read Famous Four(tm) book recommendations, hunt for and analyze deals, and prepare myself for the day I pull trigger! I hope to be repatriated within the next year and I look forward to it!

Anyway, I am extremely excited to be on this journey with you all! I can't wait to discover how I can provide value to the community so I can earn the right to all the vast knowledge on this site. Feel free to get in touch! Here's to bigger pockets! 

// Toby Vockrodt - Noob Financial Freedom Enthusiast and Real Estate Investor