All Forum Posts by: Zachary Miller

 That is actually not the case. A million dollars is really not that much if you are going by one million in net worth (as I believe the book defines a millionaire). Most millionaires got there by saving well, living fairly frugally, and having an above average income. 

Don't get me wrong, leverage is useful in certain situations. However, I do think that a lot of the people that I see on post things here are over-leveraged .

@Thomas Abbott I finally have an update to give you. I found a 2 bedroom, 2 bath house in Federal Hill (it might technically be in Riverside) that I really liked. I'm currently under contract on that house and plan to be settle on it in about one week. I already have a roommate lined up who will be paying $850/month + utilities. I had absolutely no problem finding a tenant. 

I consider my buying this house a kind of investment in that I am gaining some equity as opposed to renting (while paying a similar price to rent). This house would probably not cash flow if I rented it, but that is fine with me. I really like living in Federal Hill and I don't mind paying to live here. Just to give you an idea of what I was looking for, I wanted a 2 or 3 bed, 2+ bath rowhome in decent shape for under 300k. I was hard pressed to find a 3 bedroom that I liked for under 300. There are 3 bedrooms in the price range, but they needed a good amount of work to get them in the condition that I would like my home to be in.

With your dad being a doctor I would assume (perhaps incorrectly) that he is fairly well read and has an understanding of the stock market. '

With that in mind, advice like "read Rich Dad, Poor Dad" isn't going to convince him. I personally read that book and thought that the book was pretty bad. Additionally, the fact that his company filed for bankruptcy protection in 2012 definitely made me glad that I didn't really take the book to heart. 

I personally have the following view on real estate which differs from the vast majority of BP that I have seen. My view is that a few real estate investment properties would be a good addition to my investment portfolio (which is primarily in the stock market). 

Hello All. I just had an offer that I submitted accepted on a home. I intend to rent out the spare bedroom and "house hack." I am very new to this and wondered if anyone would be willing provide any tips of things to make sure to include in a house hacking leave. Also, if anyone had a sample house hacking lease that I could look at, I would really appreciate it. Thanks!

@Thomas Abbott I have not pulled the trigger on a house yet as my current lease doesn't expire until July. I hope to get a place in June and rent out the remaining rooms. I have researched this, and it seems to be a fairly good idea for my area. If you have any specific questions, feel free to ask!

Hey BP. I am looking at a duplex for my first home (to start by house hacking). Is there a primer anywhere on how to properly limit my liability or how to make sure that I have adequate insurance as a landlord? 

From what I have read, I think that an LLC would not be a good choice for my situation. I think that I should probably get homeowners insurance and umbrella liability. Am I missing anything or completely on the wrong track with this? Thanks!

Hey all. I have been reading this site for a little while now and have learned a ton. One thing that I have noticed is how many of the investors here seem to love to use leverage to allow them to purchase more properties. Now I admit that I am pretty conservative when it comes to my finances, but this sounds fairly risky to me (I completely understand how the math works out and why people do it though). Is there a metric that is typically suggested for how leveraged an investor should be at any given time?

@Bill Exeter thank you so much for that informative reply. I will be sure to read more into split-use 1031 exchanges.

@Chris Harkins Thanks for the reply. I am going to look at the property next week and I will be sure to take a look for all of the things that you mention. Also, that is a great tip regarding house hacking repairs that I hadn't head before. Thanks