New to Real Estate · KY · Member since 2024 · 1 post · 0 votes
This year, real estate investing has really spiked my interest. I am in school for Personal Financial Planning and want to get my certificate or real estate license while in school. Far from the time of graduation as I graduate in 2027, but I do plan on house hacking and have started saving—any guidance or advice? Like podcasts, books, any advice helps!
The BP books are pretty good, but what worked best for me was listening to the podcast on double speed and learning how investors talk and think. Put in headphones when you are cooking breakfast and listen at double speed, and it is a great way to learn at an accelerated rate.
Definitely take a look at the real estate rookie podcast and am also a huge fan of the On the Market podcast for more real estate related things. If you are wanting to learn more about business and how to get things generally setup look at traction by gino wickman, vivid vision by cameron harold, and story brand by donald miller.
If you are diving into more of the FIRE movement I'd listen to Paula Pants afford anything. She is in between david ramsey (no debt ever) and Rich Dad, Poor Dad (super leveraged). Both are books you should also take a look at but ALWAYS know there is a spectrum to everything and take everything with a grain of salt. Just because you are given the same data as someone else does not mean you will make the same decisions.
Hey Kevin, welcome to BiggerPockets! House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income but it's important to have a long-term plan in place. I'd say keep in mind a few things for starters:
1. Crunch the numbers - Carefully calculate potential cash flow, ROI and cap rate. Factor in ALL expenses like property taxes, insurance, repairs, maintenance, vacancy rates, and potential property management fees.
2. Choose your property wisely - Multi-unit properties like triplexes and fourplexes offer potential economies of scale and income diversification. Duplexes are an option, but consider the lower number of tenants and potentially higher relative management costs.
3. Screen tenants - Implement thorough tenant screening processes to minimize risk of vacancy and potential rental income loss.
4. Be a great landlord - Provide timely communication, responsive maintenance, and fair treatment. Building positive relationships with tenants can increase their retention and reduce turnover, promoting consistent rental income.
Consider FHA loans with lower down payment requirements if you're starting with limited capital. Focus on markets with strong job markets, affordability, and economic development. Understanding local regulations and zoning laws is crucial to avoid legal issues. Hope this helps!
The BP books are pretty good, but what worked best for me was listening to the podcast on double speed and learning how investors talk and think. Put in headphones when you are cooking breakfast and listen at double speed, and it is a great way to learn at an accelerated rate.
Make sure to utilize all the great tools BP has to offer, search for local meetings and start networking. Take your time to determine your financial goals. Best of luck to you , and if you ever consider investing in Kansas City i'd be happy to connect.