All Forum Posts by: Tim Puffer

Get started as soon as you can. I've talked to a few people who have bought properties while in college who have had multiple properties by the time they graduate. Even if you get just one property - you will be better off for it!

School can be important, but maybe you start to have some good success in real estate and decide to do it full-time and not finish your degree. That's ok too. There are plenty of people out there who don't have a college degree doing ridiculously awesome! IT all depends what you want to do and what fulfills you.

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Hey @Rylie Hendren! Awesome that you want to get into real estate! I bought a duplex last year by the University Club in Lansing. I'd love to help you out any way I can!!

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Definitely go with the LVP flooring. I only do carpet in the bedrooms. Mannington makes some good stuff. Buy it from a flooring wholesaler to get a good price. The IsoCore from Home Depot is decent as well. It has a padding on the bottom to make it feel softer and for noise dampening.

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@Jim Blackburn is spot on. If you have everything in order it's a pretty straightforward process. A close friend of mine is nearing the end of his repairs now and it has went smooth.

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@Jason Guinard - Awesome Jason! Be sure to go to your local REIA. There will be a wealth of info there to help you guys out.

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Aditya Soma - congrats! Here's to many more deals!!

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Stephen Johnston - I finished up house hacking last year and still live in one side of that duplex. More than happy to help you any way I can!

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Originally posted by @Michael Lucero:

Both Dan and Tim have valid points. You will definitely read in a lot of places to not bank on appreciation and buy for cash flow, if you're going to be renting..this is fairly obvious. However, this holds a bit more true outside of California. Historically buy and hold in Calfiornia is not a bad idea, my properties in SoCal increased 20% over the last 1.5 years. However, buying now in California is bit like buying a stock when it's hot, not exactly what you want to be doing, though it could keep going up. It's a bit riskier given the potential for a correction.

Your choice really depends on what you want, your goals, and what you and your wife place value on. I could tell you what I would do, but that would be based on everything in my life, of which you may relate to 100% or not at all. Personally I would not make a large personal resident purchase in socal with the market like it's been lately, I simply don't value having a nice, cute, make me feel good, beautiful, my own, etc home, more than shielding myself from the potential drop in value. Yes it could go up, but I don't like to depend on appreciation for my profit. I'd rather buy a place, maybe out of state that cash flows, under market, to have instant equity and ensure I come out ahead each month and not have to worry what the market does.

Exactly! Couldn't agree more. While yes California historically has performed great (which I never questioned) you need to try as much as you can to purchase carefully. Especially if it is their first investment. Are there potential deals still? Sure. And at some point the OP needs to get into the game. They need to decide what situation they are comfortable with.

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@Nick DiTommaso - The duplex I am currently house hacking had tenants in it before I bought it. You can make it a requirement that before closing one of the units is vacated by the seller. This is something you need to negotiate.

Let me know if you need any other help!

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All Forum Posts by: Tim Puffer

Tim Puffer has started 12 posts and replied 288 times.

Post: Software suggestions for a Mac

Post: College Student Looking to Start in Real Estate

Post: College Student Looking to Start in Real Estate

Post: I'm looking for rental house flooring recommendations

Post: Experience with 203k loans. NEED ADVISE

Post: small success but i feel good, inspired!

Post: Successful completed the first reno with in budget

Post: House Hacking in Charlotte, NC

Post: Trying to Figure out Where to Start

Post: Buying a Duplex to Occupy 1 Unit, BUT both Units have tenants