All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Hard Money Lenders Insurance Contractors Investment Companies Build Your Team

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowDallas Real Estate ForumArrowDid you own a primary residence before REI
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

Did you own a primary residence before REI

4 Replies | Dallas, Texas

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
  • Posts 4
  • Votes 1

Terry Cu

posted about 1 month ago

Hi Guys,

I was wondering how many of you guys owned a primary residence prior to flipping/rental properties and etc? For those who did not own a primary residences prior to REI, what was your experience. Thach Nguyen, a big real estate guru, said he lived with his parents first and invested in rental properties/house flipping. Has anyone lived in an apartment and did real estate investment or would that just be wasting money? Just wanted to know everyone's thoughts.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Flipping, Residential, and Single Family
  • Posts 214
  • Votes 108

Jason Shackleton
Investor from Ontario - Business U.S

replied about 1 month ago

Hey @Terry Cu I did a blend of both using the house hacking strategy. I turned my primary residense into a 2-unit property. This is the best of both worlds in my opinion. You will want to take advantage of the low rates that come along with owning a primary residense.  

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Team and Maintenance
  • Posts 921
  • Votes 432

Peter Mckernan
Residential Real Estate Agent from Irvine, CA

replied about 1 month ago

@Terry Cu I did not own my primary before throwing my hat in the ring for real estate investing. We (a partner and I) were looking to buy a condo together and then rent it out after we moved out and moved along; however, we switched directions when I heard a BP podcast. We directed our search to our hometown in California, and bought a SFR there which has been cash flowing since Day 1. It was a great investment to be honest, and there are a good amount of investors I have met and known that have invested prior to buying their primary.

It has to be what you feel is your path, I heard that podcast with Thach and follow him on Social Media, he had a great path to get where he is today. He designed a plan and put it into place, which is what any investor should do. Put a plan into place and take action for their situation. 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Traditional Financing and Real Estate Finance
  • Posts 138
  • Votes 116

Rob Lee
Real Estate Agent / Investor from Dallas, TX

replied about 1 month ago

Our first home became our first rental property. Being homeowners allowed us to understand the cost of ongoing maintenance and repairs. We took good care of the house and were able to make upgrades a couple of years before turning it into a rental. The upgrades increased the marketability and allowed us to get top rent. Living in the house also allowed us to pay the mortgage down significantly. The property has great cash flow and rents easily. It was one of the best decisions we've ever made. 

Rob

Rotate Log in or sign up to reply
user profile avatar
  • Posts 38
  • Votes 9

David Y M.
from Dallas, TX

replied about 1 month ago

@Rob Lee I 100% agree. I've learned so much in the first year of living in a home and househacking. Househacking will significantly lower your risk, especially because you have to overpay right now to win a contract.

The winter storm this year was an extreme example that a lot of people did not know how to turn off their water main. Maintenance is something you don't really think about until you actually do it. 

That can play into your calculations for repairs or capex. 

Rotate Log in or sign up to reply
  • 1
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Bruce Lynn
Bruce Lynn
Coppell, TX
7.38
Score
Ryan Husser
Ryan Husser
Tucson, AZ
5.29
Score
Stanley Tong
Stanley Tong
Dallas, TX
4.86
Score
Scott Wolf
Scott Wolf
New York, NY
3.05
Score
Matthew Porcaro
Matthew Porcaro
Long Island City, NY
3.05
Score

Dallas Real Estate Forum Trending Discussions

  • Local Banks in the Dallas-Fort Worth Area
    4 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.