What to do in the meantime?

Question

Hello, I am on track to buy my first Househack in the spring. I am currently saving, I have good credit. Ive read Rich dad Poor dad, ABCs of real estate investing and the book on managing rental properties. I also have about an average of 2 deals coming in every day that fit my criteria that i anazlyze. Sometimes i find a winner but cant do much because im still saving for it. Whats some advice i could get on what to do while im waiting until spring? any book recomendations? Find more deal flow and keep practicing? (I get my properties from a realator). Anything helps, Thanks!

Benjamin Sulka · Answer

Nolan,

Do as much networking as possible. It pays dividends to know as many investors, realtors, lenders, contractors, as possible. Go to REIAs and meetups in your area as often as you can.

I'd recommend reading Rich Dad's Cash Flow Quadrant & the Millionaire Real Estate investor by Gary Keller. The latter is the best real estate book I've read thus far. Goes more in depth than most books.

It's awesome that you're analyzing deals and getting familiar with prices in your market. Keep up the good stuff and continue to stay active on BP!

Happy House Hacking!

Account Closed · Answer

Read more, and talk to more property owners, less realtors.

If you think you see 2 deals a day, your underwriting is either questionable or I'd be real curious what your bar is.

John K. · Answer

Hi Nolan,

I'm just going to throw in a radical idea--you could get your real estate license in the meantime, and then represent yourself on the purchase in the Spring. The benefit is that you'll be able to credit the 3% buyers agents' commission towards your closing costs, thus reducing the amount of cash that you need to close significantly. I did this myself even on my first purchase, so feel free to reach out if you have any questions!

Julien J. · Answer

@Nolan Mahoney

I agree with @Benjamin Sulka.

I'd add, find an experienced investor to peer review your underwriting. You can learn an amazing amount from their insight.

Nicole Masters · Answer

Going to local meetups is a great way to meet more people! And get some great real life feedback, try meetups.com and the meet up feature on Bigger Pockets

Marcus R. · Answer

@Nolan Mahoney - Recommend driving rideshare and food delivery.  It's my single most productive activity.

- You get paid to listen to real estate books/podcasts

- Driving for dollars.  You get boots on the ground market research.  Up and coming neighborhoods, new construction, path of progress, etc...

- Get to know your customer base.  What restaurants are popular?  How much do people spend at these restaurants (disposable income)? What are the popular areas that you constantly have pickups/dropoffs.  Where did people move from? Did they go to college?  What do they do for work?  Do they like the area they live? Etc...

Chris Seveney · Answer

@Nolan Mahoney

I would recommend networking and getting out there to meet more people. Especially any that could bring you a deal or to work with in some capacity.

Benjamin Sulka · Answer

Great addition

Benjamin Sulka · Answer

Marcus,

That's a great way to look at doing food delivery. A lot of productive things that you can do when you're out on the road. You can learn a bunch about a particular area.

Great recommendation.

Nolan Mahoney · Answer

Ah I mean to say i see two properties a day and a winner once in a while.

What to do in the meantime?

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