New Member starting late with little

Nashville, Tennessee
New Member Introductions
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New Member starting late with little

Walt Viera
Member since 2024 · 13 posts · 1 vote

Hello,

I am new to Real Estate investing. Starting out with very little and very late in life, but starting none the less.

Looking forward to learning as much as I can with as few mistakes as possible, although not afraid to make a few as long as the education is not to costly. 

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y

@Walt Viera

can you house hack?

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  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Walt Viera

    can you house hack?

    2Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    2y

    What Nicholas said. Easiest and safest way to start. 

    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Can you define what you mean by House Hack? Forgive my ignorance.

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    https://www.biggerpockets.com/real-estate-investing/house-ha...

    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Fantastic,

    Thanks for pointing me in the right direction.

    I want to digest everything on this topic and get back with you.

    To answer you question, no, I'm not able to do this yet, but I may have a few options in the near future.

    Thank you again.

    0Reply
  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    2y

    @Walt Viera, read "The House Hacking Strategy" by Craig Curelop to understand the overall investment concept. 

    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Thanks Michael,

    I'm on it.

    0Reply
  • Mackaylee BeachPro Member
    Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
    2y

    Welcome to Real Estate and BP!

    Real estate investment can be a great way to secure your financial future - with the right tools and guidance, you can make smart investment decisions and build a solid portfolio that will pay off in the long run.  I've worked with hundreds of out of state investors, I'd be happy to connect and help answer any questions you may have.

    [email protected]
    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Thanks for the introduction Mackaylee. 

    So nice to get to meet you. I may be reaching out.

    0Reply
  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Hey Walt - Never too late to start, welcome to BP!

    Always happy to connect. 

    [email protected]
    1Reply
  • Rene D.
    NV · Member since 2019 · 254 posts · 57 votes
    2y

    Congratulations on taking action @Walt Viera, it's never too late to start! We are here to help in any way we can. I owe so much to this giving community.

    I'll help in any way I can - you can do it!

    1Reply
  • Mark MunsonBusiness Member
    Lender · Orlando, FL · Member since 2022 · 440 posts · 300 votes
    2y

    Hi @Walt Viera

        The cheapest form of education is here on BiggerPockets and in your backyard by joining your local Real Estate Investor Association. I would encourage you to join whichever one is closest to you and avoid paying some "guru" money that won't yield you anything. 

    [email protected]407-900-8799
    CapSource LLC4.947 Reviews
    WebsiteView Page
    0Reply
  • Kiernan LaFaver
    Real Estate Agent · Central New York · Member since 2023 · 207 posts · 96 votes
    2y
    Quote from @Walt Viera:

    Can you define what you mean by House Hack? Forgive my ignorance.


     Hey Walt, house hacking is a relatively new term in the investing space. It refers to having an investment property also serve as your primary residence. Examples include owning a single family and renting out a room, or owning a multi family property, living on one floor, and renting out the other

    0Reply
  • Kiernan LaFaver
    Real Estate Agent · Central New York · Member since 2023 · 207 posts · 96 votes
    2y

    Hey Walt! Better late than never to start! Have you dove into what strategy best matches your situation? If you have “little” as you said in your forum title, house hacking may be a good idea, where you own the property but rent some part of it out, whether it be an extra room or an extra floor in a multi family property. This seems like it may be the least intensive, and one of the more affordable options as you qualify for more optimal loans if the house serves as your primary residence 

    0Reply
  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    2y
    Quote from @Walt Viera:

    Can you define what you mean by House Hack? Forgive my ignorance.

    Hey Walt, welcome to BiggerPockets! House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place. I'd say keep in mind a few things for starters:

    1. Crunch the numbers - Carefully calculate potential cash flow, ROI, and cap rate. Factor in ALL expenses like property taxes, insurance, repairs, maintenance, vacancy rates, and potential property management fees.
    2. Choose your property wisely - Multi-unit properties like triplexes and fourplexes offer potential economies of scale and income diversification. Duplexes are an option, but consider the lower number of tenants and potentially higher relative management costs.
    3. Screen tenants - Implement thorough tenant screening processes to minimize risk of vacancy and potential rental income loss.
    4. Be a great landlord - Provide timely communication, responsive maintenance, and fair treatment. Building positive relationships with tenants can increase their retention and reduce turnover, promoting consistent rental income.

    Consider FHA loans with lower down payment requirements if you're starting with limited capital. Focus on markets with strong job markets, affordability, and economic development. Understanding local regulations and zoning laws is crucial to avoid legal issues. Hope this helps!
    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Thanks @Mark Munson,

    Great advice. That is why I came to BP is to learn. BTW I am a UCF Grad. Go Knights.

    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Thanks @Account Closed

    I am eager to learn more about several of the options that you laid out. I clearly have a lot of homework to do. 

    0Reply
  • Mark MunsonBusiness Member
    Lender · Orlando, FL · Member since 2022 · 440 posts · 300 votes
    2y
    Quote from @Walt Viera:

    Thanks @Mark Munson,

    Great advice. That is why I came to BP is to learn. BTW I am a UCF Grad. Go Knights.


     Awesome! Feel free to connect if you ever need any advice, happy to help. 

    [email protected]407-900-8799
    CapSource LLC4.947 Reviews
    WebsiteView Page
    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Thanks @Kiernan LaFaver 

    I am still so new that i am still developing a strategy. Good to know that I have options.

    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    @Simon Ashbaugh Thanks so much.

    All great advice. I'm sure I will have a million questions as I get started. I may circle back to you again.

    Everyone here is very helpful.

    0Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    2y

    Welcome to BiggerPockets, Walt! This is a great place to learn and to connect with people so take advantage of all the great resources.

    561-253-6640
    0Reply
  • Walt Viera
    OP
    Member since 2024 · 13 posts · 1 vote
    2y

    Thanks @Julio Gonzalez 

    I have a lot to learn.

    1Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    @Walt Viera if you can't come up with 3% down to buy a home via FHA loan to house hack, then you're stuck with:

    1) Wholesaling

    2) Creative financing

    3) Finding a family member or friend to lend you funds or partner with you

    Logical Property Management4.9453 Reviews
    WebsiteView Page
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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2y

    @Walt Viera

    Greetings from the fascinating realm of real estate investment! It's never too late to get started, and it's encouraging that you're ready to learn and get started. The following advice will be useful to you as you start your real estate investing journey:

    Learn for Yourself
    Begin Small
    Make connections with novice and seasoned real estate investors.
    Consult with seasoned investors who can offer mentorship for advice.
    Establish definite financial targets and a budget that supports your investing goals.
    Learn about several investing strategies, such buying and holding, wholesaling, and fix-and-flip.
    Understand market trends.
    Put up a professional team that includes an accountant, a real estate lawyer, and maybe a property manager.

    Remember, the most successful investors often learn from a combination of education and hands-on experience. Take one step at a time, be patient, and enjoy the learning process. Real estate investing is a journey, and each decision you make contributes to your growth as an investor. 

    Best of luck on your real estate journey!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    1Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    2y

    Welcome to the BP family @Walt Viera ! Glad to have you as a part of this awesome community! 

    Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investing

    Best of luck here at BP Nation.

    0Reply
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