Hi everyone! My name is Kyle Bambu. I will be graduating from Penn State University in a couple of months with a degree in Aerospace Engineering. After graduation, I'll be moving to Phoenix, AZ and working for Honeywell. I've been fortunate enough to not take on any student loan debt, and my many summers as a caddie at a prestigious golf club has allowed me save a little over 40k that I currently have in stocks.
I have always been fascinated with starting some sort of business and have several failures already under my belt. I hadn't really considered real estate investing until recently because I always figured the best way to accumulate wealth would be through starting my own business-- now I realize that RE is probably the better route.
My current plan is to hopefully start house hacking immediately once I move to Phoenix. I plan to fly down at least once or twice before graduating to check out houses, talk with agents, and pull probate/divorce records to look for off market deals. My parents and everyone else around me keeps telling me I "need to just rent and figure things out for the first few years." Am I wrong to want to start investing immediately? I am mostly interested in some kind of house hack or BRRRR strategy. Best case scenario, I hope to find an off market deal that needs some work with an ADU or casita. Live in it for a couple months while I fix it up, and then start renting it out on AirBNB or another STR site. Then, I'll refinance to pull out my equity and repeat. Thoughts on my plan? Any advice in general is greatly appreciated. Looking forward to talking to everyone!
@Kyle Bambu : welcome to Phoenix! The real estate market here is robust. Lots of people are doing well, and our appreciation is pretty reliable. I wouldn’t hesitate to buy here. Even if your circumstances change, you will have a lot of good options. (Rent out for cash flow, sell at a profit in a year, etc.)
Happy to answer any questions I can about the area!
@Kyle Bambu Welcome Kyle! I live less than 5 miles from the Honeywell campus. I have never rented, when going to ASU I bought a cheap condo and have always BRRR'd into the next property. I have family in Altoona, not too far from Penn State. My advice is to never rent. Unless you enjoy throwing your money down the drain.
@Pamela Sandberg nice to meet you! I've been checking daily listings and trying to get a feel for the prices in the area. It seems that the multifamily market is very competitive because I haven't seen many reasonably priced duplexes or triplexes that I could cash flow with.
@Brett Tvenge glad to meet you! How was your experience buying a condo near campus? Did you rent out to friends to help pay for the mortgage? The Tempe area seems like a great area to house hack if I could find some students that are looking for housing. It would almost be like I never left college then haha!
@Kyle Bambu : Yes, MF is extremely competitive here. There just isn't a ton of inventory. This has driven the price WAY up on many of the 2-4 door properties. But there are other great ways to house hack here. Properties with casitas/ADUs are very popular. Happy to discuss options!
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