How would you capitalize on this opportunity?
Hi Bigger Pockets, I am an acrobat with a broadway touring musical. I just joined back up with my tour after being off with an injury (torn hamstring) for three months. During my time off, I didn’t want my trajectory to alter and I decided to dive into real estate investing head first. I listened to hundreds of bigger pockets podcasts, read as many books as I could that we’re recommended, went to one meetup a week and networked a ton in Kansas City, where I’m from. I bought a house that is currently being flipped and have another house under contract. I’m obsessed. The tour that I just joined back up with (Miss Saigon National tour) is in a new city each week, sometimes longer than a week. My question is: How would you leverage/capitalize on getting to explore all of these new markets? My plan is to network, go to meetups and continue to learn as much as possible. I also thought about using this opportunity to promote the Kansas City market to out of state investors. But is there anything else I’m not thinking of? I would like to make the most of this opportunity. I will continue to invest in Kansas City while on the road. My tour lasts for the next year and I will be looking for people to meet and network with all across the country. Right now I’m in San Diego, and will be in Los Angeles starting next week for a month. Let me know what you think and if you think that we could help each other! I am goal oriented and very serious about this endeavor. Thanks and all the best, Noah Gouldsmith
#3 Innovative Strategies Contributor
- Investor
- Greenville, SC
It's a good opportunity to vet and source markets but I'd recommend focusing on only one or a of couple markets when starting. It's hard and inefficient to build teams in numerous markets.
@Mike Dymski
Hey Mike, thanks for the reply. Kansas City is my sole market, I should have made that clear. I will be away for a year and curious how I could capitalize while physically being in other markets.
@Noah Gouldsmith
I also live in SD and invest in KS Mo.
I’m interested in talking to you about a college house hack where you live onsite and we Convert a house to student housing. I house becomes a 10 plex.
I have $250-500k in cash to invest.
I have been in this market for 18 months and have done well.
J
Love the passion Noah.
@Jason Graves that is funny that you bring up the topic of converting 1 house into a college house hack. I am just at the beginning of this. I just got under contract to purchase a home in Gilbert, Arizona that I have been looking at over the past 2 months. The house is about 4600 sq ft and it has 6 bedrooms (7 if you add a stand alone closet from IKEA in the office). This house would be for my family but my wife and kids can’t move into it for a year, so I was going to move into the master bedroom and I was going to rent out the other rooms to college students at $450 - $650 (depending on if it’s a single room or shared room) plus $50 for utilities. I think that I could get the mortgage covered by doing that for a year and it wouldn’t get too crazy with me living there and watching over the place.
@Shiloh Lundahl I was on the tenant side of a college house hack and found the experience to be great. I was a Ph.D. student at the time and the owner gave myself and a couple other graduate students a great deal on rent given we make next to nothing. I stayed there for four years before graduating and moving on. The house was in great shape the entire time I was there. I think the combination of the owner living in the house and the target tenants being graduate students help reduce the risk of things getting out of hand. I can't speak to whether he was covering his mortgage or not but the three occupied bedrooms brought in ~$1400/mo in rent alone.
Noah, maybe your travels will be a great way to meet other investors who might be interested in partnering with you on your Kansas City projects. I seem to regularly run into people who want to word outside California.
@Noah Gouldsmith
Let me know if your performing in San Diego. I will bring my daughter
I like your Gilbert Az college hack. I just made an investment in the Phoenix market...
Love visiting the San Diego area. Planning a trip with the family there soon. What type of investment did you make in the Phoenix market?