Austin, TX. · Member since 2022 · 32 posts · 10 votes
Hi all, Q here, and I must say I am overwhelmed. I read Rental Property Investing by Brandon a year ago and I’m reading it again to really try and understand. This RE stuff is something I’m so passionate about learning but feel there are so many moving parts and I just get stuck. I tried wholesaling (for like a week) and I didn’t cut it. So much to learn. I completely get the concepts but my follow through has not been pure. I own a business and I have been able to successfully bring in over 6 figures a year but I know the goods are in the ground. I am 36 now and I truly want something bigger for my legacy and my family. I’m hitting a wall and with all the drive and passion I have no direction. I have a wife and 3 boys and I want to really change our lives. I want to house hack but it seems like it would be hard with a family of 5. I truly get scared for our future if we don’t gain assets that can pay us with a buy and hold strategy but no clue what I’m doing. Hate to be a big baby, but I’m in need of just some direction. If RE isn’t for me, I get it but I want to give it a shot . For my family
Investor · Salt Lake City, UT · Member since 2015 · 56 posts · 25 votes
3y
It is crazy that Sandy City permitting, when discussing this with me in 2022, was giving me such incorrect info. Based on the fact that this was already signed and in effect. I will investigate further.
Salt Lake City, UT · Member since 2018 · 219 posts · 182 votes
3y
@Quinell Dixon
I think real estate and buy and hold is a great strategy for setting up future. There are a few things I notice in this post. First, we don’t have to have it all figured out. We do need to have a vision or goals and take action but learning as we go is part of life. Second, I am no dr, so disclosure there :) however have you ever been assessed for ADHD? It’s a blessing and a curse. Consider yourself lucky and embrace it if you do :) It wouldn’t surprise me if the majority of people on this platform are Neurodiverse. If someone owns their own business, that is my first assumption. Perhaps recognizing strengths and weaknesses can help us strategize more effectively in our endeavors.
Don’t get discouraged in real estate, once you get a win it will help drive your passion and excitement and interest. I would just keep learning everything you can and downloading all info real estate related.
If you are already running your own business, wholesaling sounds like it could be difficult as far as time, energy and effort needed. However I think it’s great to know how it works and use it even if you aren’t the “wholesaler” There have been multiple instances my husband and I have purchased a property from a wholesaler using hard money, immediately refinancing into long term financing as buy and hold reducing the amount of money we need down on an investment property. Once you own the property and it becomes a refinance, you just need the 20-25% equity as opposed to down payment as needed with a “purchase”.
I also believe you can definitely Househack with a family of 5. There are properties out there that will meet the size criteria. If you don't find one immediately, you might be able to create one with an ADU on your property or something like that.
I think this is a great place to start. Live there a year or 2 then buy your next owner occupied and Househack over and over growing your portfolio.
Lastly, my mantra in life is “everything is exactly as it should be” it allows me to be present, to accept whatever is happening, to live without fear. The universe orchestrates everything perfectly. If something is unfolding in our life, it should be. We acknowledge/accept , make a plan and move foreword. “Fear” can be harnessed and used in a productive manner to fuel and drive us. Just remember not to have attachment to any specific outcome. As attachment is the source of all suffering.
That kind of went from real estate platform to Ted talk lol. One of my amazing adhd driven talents :)
Austin, TX. · Member since 2022 · 32 posts · 10 votes
3y
Well, I think that was amazingly said and very poetic. I agree with everything said. One day at a time is what I am hearing. I also believe I found a way to build an ADU on my existing property, the challenge is, I would love to get a long term tenant in there and AirBNB the front house when we move to Texas. It wont be much of a "house hack" but a duplex like Cashflow when we leave.