Hello everyone! My name is Kristin and I currently work in Wilmington, DE as a project engineer in the construction field.
Like a lot of you, I read Rich Dad, Poor Dad which really changed my viewpoint on my career. I can admit that I held onto the "poor dad" mentality until after finishing this book. I am a recent college graduate with a degree in mechanical engineering, largely influenced by the idea that the only way to make a living is to secure a degree and land a job with a good income. Reading Rich Dad, Poor Dad was so eye-opening, my entire perspective changed.
Now that I have been working for awhile, I can see the huge benefits of creating wealth and achieving financial independence, rather than always striving for the next raise at my 9-5 job. I was recommended to check out BiggerPockets by my boyfriend who has been a BP fan for some time now. I've been listening to the podcasts and doing research in the background, but figured it was time to jump on the forums and introduce myself to the community.
I would love to hear from local investors in Delaware on where they've had success investing and any advice you may have. Delaware is great as it is so close to big cities, like Philadelphia, and the beaches, but one of my stumbling blocks is still wondering where a first time investor would be best starting out with rental properties. I also am interested in group homes, as I have two special needs siblings that will eventually need this type of care, and would love to hear from anyone who has any experience in this type of field as well.
Don't fall in 😍 with Kiyosaki.
He says to buy assets. Or start your own business.
1. Generally speaking. RE is priced to perfection, right here right now.
3 years ago anyone could make loads of 💰 investing. I did... 😇.
Could I do it today. YES but not with the strategy I used 3 years ago.
Kiyosaki is horrible in RE.
Kiyosaki called for a stock market crash in 2017.
Morris used Kiyosaki in an 📧 reCently. Don't know what that was about.
2 Start Business. Most are just not into that.
Brain food is where Kiyosaki shines. Everything else he bloWs🤗🤗🤗🤗😆😆😆😆😆😇😇😇😁😁😀😀
Welcome to the BP community @Kristin Caras ! Best of luck from a fellow Delawarean in finding your niche and some good deals.
Welcome to Bp! If you have any questions about investing in Philadelphia I would be glad to answer them for you, i'm an agent/investor in the area.
@Kristin Caras - For getting started in and around Delaware I strongly encourage you to look into house hacking in Newark, Wilmington, West Chester, Philly...not sure where you actually live and/work in relation to those places. This is the best way to get started investing for the lowest amount of money down, and to test the waters to see if beint a real estate investor is for you...because truthfully it's not for everyone. As much as I love putting the deals together the headaches you have...are equally painful.
For example...I just closed on a property in Wilmington this morning and the wire from my bank showed up after we started signing papers. I was practically trying to strangle my bank through the phone this morning to get them to do the wire...not a fun way to start the day....and this is while dealing with evictions end everything and a botched refi, and loads more...not saying this to scare you away but it can be a reality at times of being an investor. So getting started slow is sometimes helpful to figure out if you're the type of person to deal with the stress or if there is another way for you to achieve your financial goals.
With regards to your interest in group homes. Make sure you you listen to Episode 110 of the BigggerPockets podcast. Glenn McCrorey talks about his experiences getting into this space, and he's has commented in a bunch of other threads posted on the topic as well if you look in his profile at his activity.
@Kristin Caras ... Welcome to the site of like minded, yet crazy individuals ... LOL There are some really awesome people here and their input and knowledge is so invaluable! Take plenty of notes and ask questions when you have them. Well wishes to you in where ever your REI dreams take you :)
Hi @Kristin Caras , @James Masotti is spot on with the house hacking. That would be a great way to get started. I started out with a house hack. When I graduated I was living with my parents and bought a house that I intended to live in one day, but started out renting it. I rented it for 2 years and then moved in with my wife. Not the normal sense of the phrase but it still worked out very well. Since then I quit my job and went full bore into RE investing.
As far as areas, it would be nice to know what part of DE you are in. When I started out one of the areas I did a lot of research on was Claymont. Prices were often under $100,000, rents were around $900, and taxes were low. This has probably changed since I was looking but it is worth looking into. I know of some people who do very well with rentals in Wilmington, but my understanding is that they are more of a C area. I am currently in Delaware County PA (Near PHL Airport) and find some great returns.
My mentor told me when I was starting that there is always an area within a 1 hour drive that works, maybe with the exception of the Midwest. He also said once you pick an area, try to always drive in the same direction. For example, if you live in Wilmington and pick Claymont, don't get shiney object syndrome and buy something in Dover. You will drive yourself nuts trying to manage your drive time. It also helps you become an expert on one area.
I hope this is helpful! If you give us some specifics like where you currently live, what your budget is, what kind of tenant you are looking for, etc, I am sure some of the folks on here can help point you in the right direction.
@Brendan Markle , @Cassandra Sifford, thank you for the welcome!
@Rich O'Neill , @James Masotti thank you for the advice! I live in Hockessin, DE currently, so not too far away from Wilmington, DE where I work (about 30 minutes). As I mentioned, I am a recent college grad, so I do currently live at home with my parents and like Rich, I think this would be a great opportunity to jump into real estate, as I'm not currently paying to live anywhere as it is. I will definitely check out some of the areas you two have suggested! Although Delaware is small, I'm not too familiar with Claymont, so I will need to start looking into the area, but Newark seems like a great market as it is a college town that keeps getting bigger and bigger.
@Kristin Caras , Hockessin may even be a decent market from what I understand about it. Newark is also a good idea, although student rentals have their own challenges. If I can be of any help please let me know! Good luck!
@Rich O'Neill thanks for the help, I really appreciate the input! As someone very new to real estate, it's great to hear from investors who have some experience in the local market.
I'll have to look more into rental possibilities in the Hockessin area, obviously that would be the ideal location for me, I just have always suspected for the most part people look to Wilmington or Newark when they want to rent to be closer to the city amenities rather than in the suburbs. However, it's a great place to be for families! Thanks for the tip!
@Kristin Caras welcome to BP. You canset up keyword alerts. When anyone mentions your keywords you get notified. So setting one up for Wilmington or DE is a good way to make connections here.
@Kristin Caras welcome! I also have an engineering background (aerospace). Happy to chat about househacking or other stuff. You've already gotten some great advice from the fine folks on here as well! Lots of opportunity in our local area depending on your initial budget and goals.
Thanks @Taylor Beal !
@Kristin Caras Welcome to BP! I'm in NJ but have a house hack college rental in Newark where my son goes to college - also an engineering major. I may buy more properties in DE because the taxes sure beat NJ and I have found the people there to be super nice. My concern about Newark student housing is about how many apartments are being constructed in the area and if that will have downward pressure on rents in the future. If I can provide any perspective on Newark or college rentals, let me know.
Welcome Kristin! I would consider looking west of Hockessin too - my rental in Kennett Square has always filled quickly. The property taxes are stupid high, but if you can make the numbers work it's a great little town! I live up near Claymont, so feel free to PM if you have any questions about that area.
@Kristin Caras Listen to Kevin Bupp's REI for cash flow episode 159. He let me focus on the special needs niche so I think it's pretty informative. I don't know anything about your market but the numbers work well in the midwest. Feel free to ping me any time.
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