House Hacking to brrrr?

Question

Its been 4 years since I bought our first single primary family home. Interior renovated when I purchased it in 2017 Ive spent less than $10 in exterior changes like tree removal and paved parking spaces added. The house Has gained just under $100k in equity since I have owned it and I'm currently in the process of a cash out refinance and using it for My First multi family purchase 2-3 unit. I will be doing my own property managing even as I scale. I am also taking property management classes, Im not trying to run a management business I just want to be the best Manager I can for my tenants and when my sons old enough he will take over the management of the properties.

End goal:

Have enough cash flow to retire my 9-5 and live life on my own terms till its time to pass it all down...

BTW I'm 37y/o trying to retire in 10 years

End goal:

Have enough cash flow  to retire my 9-5 and live life on my own terms till its time to pass it all down...

BTW I'm 37y/o trying to retire in 10 years

Scott M. · Answer

All I want to know is how the heck did you only spend $10 on tree removal and concrete?

Drew Sygit · Answer

Just met with a potential client, who at 60 years old, has had enough of DIY property management.

He wants to find better things to do with his time.

So, while it's a great idea to learn the ropes by managing your own properties for a bit, don't forget why you are investing. It's not to work until the day you die, it's to have free time to enjoy your hard work.

Jeffrey Donis · Answer

@Felix Menendez This sounds like a great idea! I will say, outsourcing management of the property will help you scale and build your portfolio quicker.

Just a thought! Good luck.

Scott M. · Answer

Lol now that I can believe.  If it was only $10 I was going to suggest you teach a class cuz that was one I would attend

Felix D Menendez Jr · Answer

After I close on the cash out refinance when can I ask for approval letter so I can go make an offer?

Felix D Menendez Jr · Answer

Yea who knows what the future holds once my feet hit the ground. I may find out its not for me and outsource but I'm a ways away from that at this point. I close my house hack cash out refi in 16 days I'd hope to make a few offers by then. I'd like to go for a 4 unit as my first multi so keeping my eyes peeled and offers ready...tbc

Felix D Menendez Jr · Answer

@Jeffrey Donis

Thank You!

I will be managing the units up to a certain number then I'll hand it to a property manager hard work permitting. It's something I want to have knowledge on because when it's time to retire I'll need something to do 😆

Felix D Menendez Jr · Answer

Good one lol, there should be a K at the end of that. Less than $10K

House Hacking to brrrr?

Most Popular Reply