House Hacking Now ...next step questions??

Question

First of all I always like to start with saying  that the BP community has been such a great resource for me and I have spent countless nights losing track of time reading posts. Lol

I wanted to pose a question to investors or those who know about investing in the Indianapolis area. But before that, let me give a little background/context so you know where I’m coming from.

Let me begin by giving you my (general) end goals: I am not interested nor desire to become a full time real estate investor. I just don’t see myself doing very well at that in a full time capacity. My goal is to work full time somewhere... and have around 5-6 rental units on the side so that my wife has the ability to stay home and there is less of a financial burden on us once we have kids. The problem is... I don’t excavated know what I’m doing!

A few months ago My wife and I bought a duplex, and we house hack it. Her and I only pay about $400 before utilities to live here. This is something I’ve wanted to do for a long time and discovered this method from a BP resource. It feels great to have achieved this! However I am already unsatisfied because I want to keep progressing.

A lot of the investor lingo and things confuse me as I try my best to educate myself. But at this point I feel that ‘the tires may be spinning in the mud’. So my question is, does anyone know of any people, classes, mentors, or recourses... specifically in the Indianapolis area that I could learn from?

I understand the WHAT... just need help understanding the HOW when it comes to this stuff.

Thanks!

(Sorry if I’ve given too much info! Just wanted to be clear.)

Sheila Greene · Answer

I'm going to to take a shot at this with a partial answer. Try not to overthink this to much because you seem to have a grasp on your style of investing.

1.) Save money,reduce debt and educate yourself on "land lording".       :)

2.) when you can ,refi the duplex or know when you can get the equity out of it for a second property when the time is right (BRRR method)

3.) become clear on what the property,where the property may be  or next the investment will be, based upon your goals.

4.) binge watch & listen to BP

5.) follow what "sounds " good to you

6.) look for meet ups but local REIA's  can be disguised  to "sell programs " so be wary  ,but you can get value from them

5.) study your area ,real estate market watch it and become familar with price and inventory

Mark Jones · Answer

@Lamont Glover II CIREIA is holding a Buy and Hold 101 class this Saturday here in Indy. Might be worth looking into.

Nick Giulioni · Answer

@Sheila Greene has it 100% right!

Aladdin M. · Answer

I would be happy to chat with you guys if you can set aside time for a call.

DM me if when you wish.

Brandon Payne · Answer

@Lamont Glover II I would like to ask you for some guidance. I have the same goals, but haven't yet found a small multifamily to move in to.

Would you share what part of indy you found your duplex in and how you found it?

I would appreciate some guidance from anyone more experienced with the Indianapolis area than I am. I keep running into duplexes in neighborhoods that I am not quite comfortable bringing my 2-year old to.

Justin Polston · Answer

@Lamont Glover II I'm an investor/Realtor/PM in Shelbyville/Indy. Be happy to help you continue on your journey. I have been doing this since I was very young so might have some common stressors and hurdles we can discuss!

House Hacking Now ...next step questions??

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