Ready to Invest - Looking for a Mentor & Guidance!

New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes

Hello everyone!

Although I am new to real estate investing, I'm a long time listener and follower of BiggerPockets. I recently graduated from college with degrees in Business and Interior Design, and am ready to jump into my first deal. Ideally, I'd like to house hack, but am open to other strategies. I am finding it hard to find the "right" deal and take the leap. Currently renting, want to get "out of the rat race" (thank you RDPD) as quick as I can! Any advice would be greatly appreciated, would also love to connect with a mentor. Thanks in advance!

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Nicholas L.Pro Member

Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes

@Natali Cobb

house hacking is definitely THE way to get started. how many properties have you looked at? how large is the geographic area in which you are searching?

i'd encourage you to be patient - it's fine to rent in the short term while you wait for the right property. it may take some time. that's OK.

you can also find local REIA meetings and attend them and start networking with other investors.

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@Natali Cobb
house hacking is definitely THE way to get started. how many properties have you looked at? how large is the geographic area in which you are searching?
i'd encourage you to be patient - it's fine to rent in the short term while you wait for the right property. it may take some time. that's OK.
you can also find local REIA meetings and attend them and start networking with other investors.

4 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
Quote from @Nicholas L.:

@Natali Cobb
house hacking is definitely THE way to get started. how many properties have you looked at? how large is the geographic area in which you are searching?
i'd encourage you to be patient - it's fine to rent in the short term while you wait for the right property. it may take some time. that's OK.
you can also find local REIA meetings and attend them and start networking with other investors.

Thank you for the advice!
I am about 20 miles north of Albany NY, which is a fairly small city comparatively (population about 98,000). I have looked at many properties on the MLS and follow it daily, I just ran my first one with the Rental Property Calculator, which only further confirmed I have much to learn!
0 Reply
Simon Ashbaugh
Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
2y
Hi Natali, it's great that you have this mindset but do note that it's also important to have a plan in place. For starters:

1. Work on your numbers - calculate potential cash flow and ROI. Factor in all your expenses such as property taxes, insurance, repairs, maintenance, repairs and potential rents.

2. The type of the property you choose will definitely be an advantage. Choosing a triplex and fourplex is ideal but a duplex will also work out.
3. Screen your tenants properly at all times. Don't rush into things to secure your investments.

Lastly, being a good landlord will always bear fruit so it's best to be on top of every issue that arises. A timeline to resolve each of them will help and keep in mind that keeping a very satisfied tenant will generate that solid cash flow you're aiming for. Hope this helps, all the best!

1 Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@Natali Cobb
got it. do you have enough saved up for a down payment? are you talking to lenders? have you reached out to any agents?
0 Reply
Chris Marshall
Investor · Ocala, FL · Member since 2016 · 132 posts · 45 votes
2y
Hey Natali, Good job getting started and putting yourself out there. When looking for a mentor look for a "proximal example". This is someone who is as close to where you are and is or is further than where you want to go and walked a similar path to you. The closer you can get to that person the better the advice will be. So for your situation find someone who has invested in that area, someone who ideally house hacked in that area, and this is the biggest one, has been investing in that area and STILL CONTINUES to invest in that area. Mentors come in all different shapes and sizes. Just because someone invested in New York 50 years ago does not mean that their advice will be worth much anymore.
1 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
Quote from @Simon Ashbaugh:

Hi Natali, it's great that you have this mindset but do note that it's also important to have a plan in place. For starters:

1. Work on your numbers - calculate potential cash flow and ROI. Factor in all your expenses such as property taxes, insurance, repairs, maintenance, repairs and potential rents.

2. The type of the property you choose will definitely be an advantage. Choosing a triplex and fourplex is ideal but a duplex will also work out.
3. Screen your tenants properly at all times. Don't rush into things to secure your investments.

Lastly, being a good landlord will always bear fruit so it's best to be on top of every issue that arises. A timeline to resolve each of them will help and keep in mind that keeping a very satisfied tenant will generate that solid cash flow you're aiming for. Hope this helps, all the best!

Thank you for the advice, Simon!
1 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
Quote from @Nicholas L.:

@Natali Cobb
got it. do you have enough saved up for a down payment? are you talking to lenders? have you reached out to any agents?

I do have enough now for a decent down payment, hoping to wait about another year (when my lease ends) to buy, give me some time to do more research and save some more, to be open to a broader price range and opportunities thereof. I have been in touch with a few agents, no lenders as of yet. I am interested in it, but haven't done enough research on the topic just yet. Would love any thoughts or advice you have!
1 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
Quote from @Chris Marshall:

Hey Natali, Good job getting started and putting yourself out there. When looking for a mentor look for a "proximal example". This is someone who is as close to where you are and is or is further than where you want to go and walked a similar path to you. The closer you can get to that person the better the advice will be. So for your situation find someone who has invested in that area, someone who ideally house hacked in that area, and this is the biggest one, has been investing in that area and STILL CONTINUES to invest in that area. Mentors come in all different shapes and sizes. Just because someone invested in New York 50 years ago does not mean that their advice will be worth much anymore.

Hey Chris! This is great advice, I appreciate it. Looking to join my local REIA soon and hopefully meet some experienced and insightful people.
1 Reply
Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y
@Natali Cobb
sounds like you're on the right track. "save some more" - not mentioned often enough on BP! you can definitely talk to lenders now and get a high level overview of loans you might qualify for. since you're not ready yet no need to formally apply and have your credit pulled, but definitely worth having a few conversations.
0 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
Great information, I'll definitely look into it! Thank you for the help!
0 Reply
Stefanie Gouvis
Real Estate Agent · Member since 2023 · 18 posts · 13 votes
2y
Hi Natali, are you looking in a broader area around CP? There are usually so few MF properties that come up for sale in the Saratoga county area, and if they do they are usually at a higher price. It looks like there are several for sale right now in Mechanicville, but taxes are relatively high there and rents are typically some of the lowest I see in comparison to other nearby areas. Taxes are even higher of course in Albany, Schenectady, and Rensselaer counties but rents trend higher as well in those areas. The good thing is that no matter where you buy or what you do, you'll be looking at solid rents and solid appreciation in our area, so this is a great place to start a real estate portfolio with a house hack!
0 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
@Stefanie Gouvis

Hey Stefanie! Are you an agent in the area? I work FT in Ballston Spa, so trying to stay in Saratoga or Albany county if possible. Those are the exact issues I've been running into, I thought I was just missing something. There are very little to no MF properties for sale, the ones that are are in less than desirable areas and need major TLC before they can really be lived in. I've been watching the ones in Mechanicville, but as you said they're rather high in price for what you get. The rent in this area, as you said, is also low and inconsistent from what I can find. Taxes are also high in all of the more densely populated areas around, yes. Finding it hard to unearth anything that might cashflow consistently!
0 Reply
Stefanie Gouvis
Real Estate Agent · Member since 2023 · 18 posts · 13 votes
2y
Quote from @Natali Cobb:

@Stefanie Gouvis

Hey Stefanie! Are you an agent in the area? I work FT in Ballston Spa, so trying to stay in Saratoga or Albany county if possible. Those are the exact issues I've been running into, I thought I was just missing something. There are very little to no MF properties for sale, the ones that are are in less than desirable areas and need major TLC before they can really be lived in. I've been watching the ones in Mechanicville, but as you said they're rather high in price for what you get. The rent in this area, as you said, is also low and inconsistent from what I can find. Taxes are also high in all of the more densely populated areas around, yes. Finding it hard to unearth anything that might cashflow consistently!

Yes, I am - I am based out of Ballston Spa! I used to do the commute to Albany for many years, and it was so horrible only because of traffic. On the days there was no traffic, it was a breeze! Maybe the commute wouldn't be bad if you were living in Albany and commuting to Bspa. I also don't think Mechanicville would be a bad choice, probably just better if you planned to hold for a long period of time. There is one that just came on that looks turn key, and has a huge garage which could provide additional income.
If you decide you want to see anything in person, I would love to assist you!
1 Reply
Preston DeanBusiness Member
Realtor · Fort Worth, TX · Member since 2021 · 779 posts · 368 votes
2y
Quote from @Natali Cobb:

Hello everyone!

Although I am new to real estate investing, I'm a long time listener and follower of BiggerPockets. I recently graduated from college with degrees in Business and Interior Design, and am ready to jump into my first deal. Ideally, I'd like to house hack, but am open to other strategies. I am finding it hard to find the "right" deal and take the leap. Currently renting, want to get "out of the rat race" (thank you RDPD) as quick as I can! Any advice would be greatly appreciated, would also love to connect with a mentor. Thanks in advance!

@Natali Cobb
Advice 1: Connect with an agent at the top of this page under FIND AN AGENT. Choose the area you want to invest in & then you will be matched with 3-5 agents in the area. Choose someone who has the most forum posts or most reviews. By doing that you will at least know that those agents are active and have been doing real estate for some time.
Advice 2: Don't ask someone "I would love to pick your brain" no one likes their brain to be picked. Just ask questions. People love to help
Advice 3: Don't call it a mentorship or ask someone to be a mentor. It will just put unnecessary pressure on that person to preform and make sure "they are a good mentor" for you.
Advice 4: Take advantage of being a first time home buyer and use a conventional loan with 3% down or an FHA loan with 3.5% down
Advice 5: Buy a duplex or triplex or 4 plex and live in 1 unit and rent out the others
[email protected]817-480-9452
United Real Estate DFW Properties 564 Reviews
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2 Reply
Jake Greener
Rental Property Investor · Member since 2020 · 21 posts · 5 votes
2y
Hello Natali,
If you are comfortable with being uncomfortable, definitely house hack! I wish I did it a lot sooner. Your first deal will not be a "retire from my day job" type of deal. I just bought my first investment property last year and while it cashflows well and have had no problems with tenants or maintenance so far (fingers crossed), my life has not changed in any dramatic way.
As long as you get the ball rolling and start to scratch that "real estate itch" you are moving in the right direction!

Best of luck.
1 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
@Stefanie Gouvis
I think I know exactly which one you're talking about, I would love to see it actually. Sending you a DM. Thanks!
0 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
@Preston Dean
Thank you for all of the advice, I will take everything into account!
1 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
Quote from @Jake Greener:

Hello Natali,
If you are comfortable with being uncomfortable, definitely house hack! I wish I did it a lot sooner. Your first deal will not be a "retire from my day job" type of deal. I just bought my first investment property last year and while it cashflows well and have had no problems with tenants or maintenance so far (fingers crossed), my life has not changed in any dramatic way.
As long as you get the ball rolling and start to scratch that "real estate itch" you are moving in the right direction!

Best of luck.

Thank you! I've had the itch for years now and can't wait to be able to finally scratch it lol. Seems house hacking is definitely the way to go, and I'm here for it. As Brandon Turner would say, "live like no one else now, so you can live like no one else later". I appreciate the insight!
1 Reply
Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
2y
@Natali Cobb
It's fantastic to hear that you're eager to start your journey in real estate investing! House hacking can be a great strategy to begin building wealth through real estate while minimizing your living expenses. Here are some steps you can take to help you find the right deal and take the leap:

To succeed in real estate investing, define your investment goals, educate yourself, network with other investors, analyze potential deals, start small, get pre-approved for financing, search for properties, perform due diligence, make offers, and take action. Identify your investment objectives, such as generating passive income, building equity, or achieving financial independence. Continuously learn about real estate investing through books, podcasts, and workshops, such as BiggerPockets. Connect with other investors in your area and online communities, join local meetups, attend networking events, and reach out to potential mentors. Analyze potential deals using tools like BiggerPockets Rental Property Calculator to evaluate factors like cash flow, cap rate, and return on investment. Start with a smaller investment property, such as a duplex or triplex, for your first deal. Get pre-approved for financing by speaking with a mortgage lender. Search for properties in your target market that meet your investment criteria and have potential for cash flow and appreciation. Conduct thorough due diligence, including property inspections, financial analysis, and market research, to ensure the property aligns with your goals and meets your criteria. Make offers on promising properties, negotiating the best possible deal with your real estate agent. Trust in your education and preparation, and take action when you find the right opportunity.

Remember that real estate investing is a journey, and it's normal to experience setbacks and challenges along the way. Stay persistent, continue learning, and don't be afraid to ask for help when you need it. Best of luck on your journey to financial freedom through real estate investing!
[email protected]832-776-9582 Podcast Guest on Show #469
NETWORTH BUILDERS5236 Reviews
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2 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
@Wale Lawal
This is so incredibly helpful, thank you for taking the time to share your wisdom!
0 Reply
Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
2y

@Natali Cobb- welcome ...one of the best 1st steps is to get a free loan pre approval in place ...this process is easy / free and can be done remotely . This will help get you educated and organized and will show you what you can qualify for ....In order to buy anything - you either need cash or to use a loan so you should make sure you have the ducks lined up . Good luck
0 Reply
Jake AndronicoBusiness Member
Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
2y
@Natali Cobb
Welcome to BP!! You're in the right place. I'm bias, but cannot recommend a house hack more.
I've house hacked twice in Reno, NV and it's already changed my life.
It's the best way to get your foot in the door and the more uncomfortable you're willing to live (TEMPORARILY) the better the deal will look most likely.
Renting by the room is one of the most powerful strategies (in my opinion) that the least amount of people are willing to do because they don't want roommates, and it's one of the most effective in terms of reducing monthly payment and eventually cash flowing.
I had 4 other roommates for multiple years and it wasn't sexy, I was woken up late at night, had to come home from work and fix leaks, navigate awkward tenant interactions, buy space heaters while I paid for the furnace to be replaced, replaced a water heater at 6am on my birthday, etc..., but it was so worth it it's not even funny.
I wish you the best of luck and I'm very glad that RDPD lit a fire in you!! Go get em :)
415-233-1796
2 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
@Dave Skow
Great advice! Thank you!
1 Reply
Natali Cobb
OP
New to Real Estate · Clifton Park, NY · Member since 2024 · 31 posts · 18 votes
2y
@Jake Andronico
This is great to hear! At least replacing a hot water heater at 6am on your birthday makes for a good story, I'm sure you have many more to go along with it, lol. Thank you for the advice and encouragement!
1 Reply
Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
2y
Quote from @Natali Cobb:

@Wale Lawal
This is so incredibly helpful, thank you for taking the time to share your wisdom!

My pleasure, always happy to help...
[email protected]832-776-9582 Podcast Guest on Show #469
NETWORTH BUILDERS5236 Reviews
Website View Page
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