House hack free time

6 Replies

Hello Bp!

I purchased my first house hack “HH” (duplex) in Columbus, OH almost 2 months ago. Things have gone extremely well thus far minus a few very minor issues that were great learning opportunities. My investing strategy is to purchase a 4 - plex (HH) next year and then maybe another HH after that as my goal is financial freedom in 3 years and I believe that should get me there (cover all expenses, not necessarily quit my job freedom yet) then start moving into buying smaller multi family properties (thinking 16 - 30 units) once I gain basic principles and experience.

My question is, what can I do in the meantime while patiently waiting for the next HH to learn more about REI and maybe making some additional $$$. I've been learning about Property management and improving analysis skills, but I've been lucky as my tenant has been very low maintenance! Any and all comments are appreciated!

Thank you!

@Cody McVay If you're looking to accelerate your savings and shorten the learning curve, my first question would be - what is your skillset? How can you take that skillset and apply it to RE (maybe helping an experienced investor, or creating your own side business, etc) in a way that helps you get to your goal faster? 

Before I was full time in RE I sourced & wholesaled off market land to developers because I have a background in sales/negotiating - now development/land are the core of my active businesses. 

What are you good at?

Dan

@Cody McVay

Congrats! For me getting my license and learning under a mentor helped me grow my business and my real estate acumen. There are many paths to go in to continue to grow your rental portfolio/experience. No answer is the right way. Go whichever path you feel most natural to you.

I think in the meantime education is still very important. You can continue to network and meet others in Columbus who are also active in real estate. Finding a mentor and being able to provide value to them and learn at the same time is the fastest way to speed up your knowledge and investing career. @Cody McVay

Originally posted by @Cody McVay :

Hello Bp!

I purchased my first house hack “HH” (duplex) in Columbus, OH almost 2 months ago. Things have gone extremely well thus far minus a few very minor issues that were great learning opportunities. My investing strategy is to purchase a 4 - plex (HH) next year and then maybe another HH after that as my goal is financial freedom in 3 years and I believe that should get me there (cover all expenses, not necessarily quit my job freedom yet) then start moving into buying smaller multi family properties (thinking 16 - 30 units) once I gain basic principles and experience.

My question is, what can I do in the meantime while patiently waiting for the next HH to learn more about REI and maybe making some additional $$$. I've been learning about Property management and improving analysis skills, but I've been lucky as my tenant has been very low maintenance! Any and all comments are appreciated!

Thank you!

That's great Cody. Do you have any purchasing power until your next house hack? What if you partner on a deal with a family member in the meantime? Maybe a flip or a BRRRR? You'll learn a ton managing a renovation. Just spitballing!

@Cody McVay

Congratulations on the properties and I think that's a good game plan! 


You are right though, house hacking takes time...


If you want to grow at a faster pace one thing I've done has been to cash out refi some of my properties here in Columbus and then pursue BRRRs. The last two BRRRs Ive done I was able to pull all of my cash out. There's a win win here as I have some capital to invest again (those 25% downpayments are a pain!) and there is still a return on the properties. 


@Austin Steed @Zeke Liston

I would LOVE to get into BRRRR investing, but I don't have the cash nor do I think I'm at that point where I'm confident enough to use other peoples money. I do think I have the skills/knowledge to manage a rehab as I'm a project engineer by day. But I think I need to partner up with an experienced investor who will let me piggy back on their experience while I can provide them equity in any deal I can bring them or just doing tasks they simply don't want to do. Then using private/hard money to fund the deal.

Thanks for the comment!