I am located in Southern California and I’ve been doing my research on RE investing and want more exposure (how to go about finding meet-up groups, where to start, mentors).
Currently I work in the IT field making 100k a year. I currently work from home and I can save $3500 a month with 10k in cash currently. I want to save up another 30k in the next 8 months to have 40k to invest. I also currently have an old school hod rod that is fully restored and can sell for about $20k-25k can i use this in any way? My goal house hack and get into a multifamily commercial unit and then snow ball from there. Any suggestions on what i should do in the meantime (wholesale, bankruptcies).
@Samuel Gates welcome to BP, Congrats on having prepared yourself for a great career in IT and the benefits that has to offer. Recognizing the value of money, having some and access to more money is key to thriving in this business.
I would suggest getting out and meeting investors and like minded people would serve you well. BP has networking events as does your State LL Association; I am sure there are investment groups in your area too.
There are so many ways people make money in REI it is astounding. Learning about them and the people involved will help you formulate your goals. All the best!
@Samuel Gates - Start meeting people (investors, lending, realtors) in the area you want to house hack. Define what will be financially necessary to reach that goal and write it down. Reverse engineer the goal based on a timeline.
If you own the car outright it will show as an asset on your balance sheet. It's not as good as cash, but it's more fun to drive.
Thanks for the kind words. Thanks, I was not too sure where to start. Just to clarify LL association is the National Landlord association correct? I just viewed an episode where they discussed their meet up forms I will take a look at next
@Samuel Gates I was actually referring to the state-California LL Association. They will have local networking meetings in your area as well as others. They also provide legal support and run sessions and meetings to help you with LL issues.
Sounds like a great plan. I wasnt sure when i should start making these connections but sooner is better than later. Yes! the car is nice to drive.
Thank you this is really useful information!
Nice to meet someone in the Inland Empire! I have a similar goal (house hacking) and these are the resources I've used to become more educated on the topic:
- YouTuber Graham Stephan. He has a lot of great videos that have helped me become more educated in the matter.
-Besides listening to a lot of BP podcasts/webinars, I'd also recommend Cash Flow Guys to gather more information.
I have also taken the initiative to get my real estate license (through licensesolution.com) as a way to get more immersed into the vocabulary, laws, etc.
Lastly, the monthly inland empire multifamily meet-up will be held July 17th. Here is more information about the event:
Let me know if you'd like more resources as these are the main ones I can think of from the top of my head. Good luck!
@Samuel Gates house hack, the find a couple partners or a partner and split the equity to go out and buy commercial property/properties. Leverage each others resources and spread the risk out over a few properties instead of owning just one yourself. Continue to save and live well below your means, and accrue properties over the years.