All Forum Posts by: Ty Ash

Hi @Landen Reed!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

As you mentioned already, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Especially with your VA benefits! Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management. You should be able to do this a few times to launch your investing journey.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Blake Johnson!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

It hasn't been mentioned yet but a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

This gives you a great foundation to take more risk from in the future wether it be Flips or BRRRR's. Best of luck getting started! Here for you with any questions you have along the way!

Come join us for an informal gathering to meet other current and future real estate investors.

No matter which Real Estate strategy you use, we'd love to see you out to get to know you! All are welcome.

No agenda, no topic, just come hang out with some people from the real estate investing community here in the Milwaukee area!

Location: Good City Brewing Company, Wauwatosa

Time: 5:30-7:30 PM CST

ALSO, Save the Date for November's Hybrid Meetup: November 16th, 2022, 7:00-8:30 CST

This will be in person and remote so that our out of state investors can join as well. Plan is to have it be a master mind format so that everyone can get to know each other, share their goals, needs, and what value they can offer others in exchange.

SEE YOU THERE!

Hi @Drew K.!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

Before taking a step into Real Estate Full Time, I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. 

The main takeaway you can get from his book is Runway. Runway is cash in the bank that allows you to take risks from a postion of strength. Risk 1 for you, invest in a house hack. Risk 2 for you, make a career change with higher earning potential based on commission/variable on what you produce.

Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

Risk 1: If you're able to while you still have your 9-5, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Risk 2: Once you've lowered your living expenses and started investing with your house hack, re-build your runway to make the transition into your real estate career.

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Brandon Hitchins!

It takes a lot to be this open about where you are in life and it's great that you have an idea of where you want to go! Welcome to the community.

I'd recommend that you keep/start learning! Podcasts (BP Money if you're trying to improve your financial literacy), Books, and Mentors you find by networking.

I'd pick up a copy of Rich Dad, Poor Dad and Set for Life by Scott Trench as each has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

As for real estate investing, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Alexia Healy!

If you're considering investing in real estate and are open to the House Hack, definitely start with the House Hack!!!

First, if you haven't read Rich Dad, Poor Dad, go pick it up today and dive into the difference between Assets and Liabilities that the book teaches so well.

Second, your return is going to be much better on your house hack due to the lower down payment needed. In addition to that, if you buy your single family and then start investing, you'll likely be putting at least 5x the amount down to get your first deal (~5% down house hack vs 25% down conventional investment property). You could get multiple deals done for the same amount of cash using the house hack.

Third, if you decided to try and house hack after buying the single family and want to keep that initial single family (say for an AirBNB) you'll run into some headwinds with the lender underwriting. An example is if you have a 3 bed 1.5 bath single family that's 1,200 square feet, you'll probably need to find a house hack property that has at least that criteria in the one of the units limiting your options.

This is just the top three things that come to mind for why you should house hack first. If you have any questions at all, please don't hesitate to reach out! Best of luck!

Hi @David Bearup!

Definitely agree with @Nathan Gesner! Sounds like you still need to build up your knowledge and confidence. Try to find a meet up in your local area which you can do right here on BP. Find people that are investing using strategies that excite you and find a way to give them value.

Your fear of the risk is normal but also comes from not knowing the next steps.

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Anthony Cozcoz!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

In my opinion, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Once you get this locked down, definitely dive into the other investment strategies. Best of luck getting started! Here for you with any questions you have along the way!

Hi @Ana Franchi!

I can understand where you're coming from but similar to what @Marcus Auerbach mentioned, you need to look out for yourself.

Continue to educate yourself with books like the Simple Path to Wealth and podcasts like BP Money (in addition to the real estate content of course) as it sounds like you may be curious about more than just real estate advice.

Even if you choose to work with an advisor in the future, it's important that you understand the concepts and how to articulate your goals. Otherwise, you leave yourself open to going with "their" best products not "the" best product for your goals.

Already mentioned above but keep growing your network of individuals who share similar goals to learn more.

Best of luck and here for you for any questions along the way!

Hi @Duncan Wooten!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

A house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/...

Best of luck getting started! Here for you with any questions you have along the way!