TIme between readiness and first deal?

3 Replies

Hi All, 

I am 25. My first post on BP was six months ago. I closed on my primary 3/2 and rented out the other 2 rooms to roommates 4 months ago (before which I was paying $1000/month for downtown Chicago rent). In those 4 months, my savings have skyrocketed (house-hacking is the real deal) and I've been saving 75% or more of my take-home each month. This is excluding the 11% of every check I put into a company Roth 401k. 

I have pre-approval letters for $150,000 investment properties in hand, even after buying my 3/2 just four months ago. On paper, I feel loaded on all cylinders...with nothing to fire at. I upgraded to Plus on BP yesterday to get unlimited calculator uses, and I am dreaming of cash flow. My question is, how long did you take from the point of being ready financially to actually making your first real move? Maybe I'm impatient and should shut up since I just bought my primary, but I can't help but feel like I'm doing something wrong/am dragging my feet. I've spent the past three consecutive weekends driving around Chicago suburbs looking at duplexes in my pre-approval range. I want my "talking" to turn into "doing," and I don't quite know how to get there. 

Thanks for reading, 

- Derek 

@Derek Luttrell congrats! It is awesome that you are so young and making these types of moves this quickly. Love to hear that! 

I feel your pain in regards to the firing on all cylinders and being ready to move part of it. With BP, set up keyword alerts for the areas you are looking to buy and be ready to move fast if the opportunity arrives. 

Currently I am looking for my first investment property in Chicago to house hack, it is great to hear that you are doing so well. Patiences is key but others on BP will be able to offer great advice too.

Best of luck moving forward! 

@Donald Aleshire I appreciate it! That's a good idea about the keyword alerts--that isn't something I have played around with yet. 

Since MFHs here are outrageously priced, I found the perk of starting young was that I have never not lived with roommates, so my house hacking came naturally. It's so simple in retrospect, but it's truly nothing I even thought of until finding BP. If your current life situation caters to having roommates, I say go for it. 

You should try contacting owners of properties directly. Drive around, pick properties that make sense for you, and send the owner a note. Look up the contact info on the county or city property site (GIS). It doesn't matter if there is a "for sale" sign in the yard or not. Go ahead and contact owners. It will be a much faster path than waiting for a listed deal and you'll have a lot less competition. Be prepared for owners to be suspicious and most people won't respond anyhow. But keep going and you will find a deal. Off market is the way to Go! Alternatively, find some wholesalers in your area and let them do the hunting for you. 

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