All Forum Posts by: William Aung

@Mindy Jensen Thanks for the recommendation Mindy, those are definitely some awesome articles and I believe I will definitely invest into the 401k just because it's great to diversify whether it makes a significantly greater profit or not! Also, keep on coming out with more podcast for your show! 

@Dmitriy Fomichenko Thanks so much Dmitriy, I'll message you through PM for any follow ups!

Quick question,

I'm 20 years old and have recently just now started my full-time job out of college. My 6 months of employment with the company is approaching where I will qualify to open a company sponsored 401k. 

If my main focus was to absolutely make real estate my future goal in terms of retirement and investing, is there any reason I should go over my employer's matching contributions? Also to tag along, will the Roth or Traditional IRA be more beneficial to accommodate my goal of REI? I already am currently taking advantage of pretax deductions through benefits and a Health Savings Account.

Thank you very much!

@Bettina F. Thanks so much for your insight! Those are very true conditions that I have to take into account and am currently working on. It'd be great if I didn't have to stretch it out to 2 years just because how much I'm itching to take off, but the future is always unpredictable and I should definitely be good financial standing before I get ready to take on this journey. 

@Eric James Hey Eric, I hear that book recommended all the time on podcast and blogs so I will definitely take the time to check it out. There is just so much information to consume and hopefully I can find best path that works for me! Thank you!

@Ian Tvardovskaya Thanks Ian, those should definitely be my main focuses right now and I will continue to improve on them. What exactly do you mean when you say "when the markets reverse."

@Sherif K.

@Sherif K. This is exactly what I needed to hear! I actually have started an excel balance spreadsheet recently to track all my transactions, expenses, assets, as well as a formula for a Debt Snowball in order to get those credit cards paid off. I agree,  it's been a great help and I look forward to budgeting, tracking and lower my expenses for the upcoming months!

There's definitely a ton of books that are constantly referred to in the BiggerPockets community and I do plan on finding the time to sit down and read them. I don't know exactly how great books are through listening by audio, but maybe if it's as engaging as reading an actual book, I could knock out more books this way.

I really appreciate your advice though, I feel much more relaxed knowing that facts you provided. I can now focus more on building my foundation of knowledge and funds rather than fearing about falling behind.

Here’s to our future endeavors!

@Todd J Killian Thank you very much for the advice! I had my fun in college for the last 2 years and am just glad that I got out early and am finally taking my future seriously for once! I definitely do need to start networking that is something that I haven't really focused on and know that it would greatly be beneficial for me the sooner I get started!

Hi everyone!

I've only come across real estate investing about 2 months ago when I got my first full-time job and was searching for ways to become financially stable and independent. I have never found something that I have wanted to truly and desperately pursue until now and have been absolutely addicted to soaking in as much information as I can.

I've been knocking out blogs and forum threads whenever I even have a little bit of extra time and have gone as far as sneaking wireless earbuds under my beanie so that I can listen to 3-4 podcast during my work hours.

I've been slowly looking at my local market and analyzing a few deals and always fantasizing about ways of how I could make it work to possibly acquire them at that current moment, but there are some obstacles I need to push through first.

I have a balance of a couple grand on some credit cards(no missed payments) that I've been rapidly trying to tackle as this is my first step into opening more possible options of an early purchase even if I may not have a downpayment stocked up.

Before, my initial plan was to keep on learning and educating myself with as much information that I could while saving up enough cash in order for me to be ready to house hack a property by the beginning of next year, but as I've started to learn more and more, I can't help but want to get into the process as soon as I can.

I'm only 20 so technically I do have a lot of time to prepare, but I still feel as though I'm behind just because of how fast real estate investing is growing and in a time where markets are already hot.

Maybe it's just reassurance that I need to hear that "I will be okay" even if I were to join the game a year later. This is just something I've wanted to express for these past couple weeks now.

I haven't yet purchased an investment property yet, but would love to attempt to chime in!

This is how I would approach the situation:

Typically people who house-hack are utilizing an FHA loan which would require the investor to occupy the home for a year. During this time I would be preparing to refinance into a conventional loan in order to get rid of PMI and mainly to have access to utilize another FHA loan. You can only have 1 active FHA loan at a time, so refinancing would allow me to have it as an option again to use for different property to house hack into.

This would allow me to produce a positive cash flow from the first home due to someone else replacing my position in the home and would help me progress further into quickly acquiring another property with the advantage of the FHA loan(Low downpayment).

After refinancing the second property after occupying it for another year, I would personally look to find another property I could house hack into with another FHA loan, but this time around, I would hopefully have enough cash saved up to be able to purchase another property in this same year through a conventional loan(20-30% downpayment) and have it completely rented out, So during the 3rd year you would at minimum - 4 properties, 3 of which are completely rented out and 1 where you are house-hacking!

There's just such a variety options that you can go from here that there's never a set plan of what you may do once you get started due to whatever deal you may encounter at the time and how you would go about acquiring the property, whether it be conventional, hard-money, private investor, partnerships, 203k etc. 

Hope I didn't butcher anything too hard, I'm still learning everything also!