All Forum Posts by: Aaron Matthews

Quote from @Ryan Muska:

This forum IS the best resource IMO. 

Aside from that, they have hundreds of podcasts to listen to. RE Rookie and BiggerPockets Real Estate Podcast.

Then some of Pace Morby's videos 

Brandon Turner's videos and separate podcast.

Basically anyone affiliated with BiggerPockets will have additional that you can check out.

 I agree that Bigger Pockets is a fantastic resource. & great, thank you for the other recommendations! I'll be sure to check those out as well.

 I also stumbled upon a bunch of posts similar to mine after posting this & found The Ultimate Beginner's Guide which I've been reading through. Seems like a pretty good place to start. 

I really hope to have a direction figured out by the beginning of 2024. I'm anxious and excited to make a move but want to do some more research first in order to better prepare and help determine what path would be a good fit for me.

Hi everyone!

Who here has some recommendations for free resources to start learning about real estate investing? Social media page reccomendations? Websites? Podcasts? Free workshops? Any sort of feedback is appreciated.

Just looking to start off with some easily accessible information to see how I like it and if it peaks my interest. FYI I am 100% planning on spending money on some resources eventually (looking at the rookie boot camp right here on BP). BUT the point I’m at, I really don’t know which direction I’m going so hopefully some of your recommendations will help me determine a clearer path moving forward! 

TIA! 

My wife & I own a small brick bungalow here in Southern Ontario and have been tossing around the idea of converting our basement into a 1-bedroom apartment to help with our tight cash flow situation. We have access to a 55K HELOC that we could utilize for the renovations/converting the basement into a legal apartment. Doing most of the work myself during the upstairs renovations, I would plan to do most of the work on the basement reno as well to save money. The idea is to have the basement apartment completely separate from the upstairs (blocking off the access to the basement from main floor). We feel it would make a great apartment for someone. We are in a great area. Quiet cul-de-sac. The tenant would have their own private entrance (rear of the house), parking (1 spot in driveway + road parking also available for guests and whatnot), their own laundry, as well as their own outdoor patio area in the backyard. The unit would be approx 1000 sq ft and we figure we can get somewhere near 2K (including gas/hydro/water) for rent.

We realize that this involves us sacrificing half of our already small space (forgot to mention we also have a 1 year old son). But the benefits are far worth it from what I can see at this point in the process. Ultimately, our goal would be to purchase another home down the line for ourselves, and keep this house, renting out top & bottom (upstairs would be a 2 bedroom unit) for a constant boost in monthly cash flow.

Does anyone have any words of wisdom they would be willing to offer, recommendations when it comes to the renovations, or any feedback in general when it comes to doing something like this? My wife and I have never been landlords, but are really looking to better our financial situation. At the current moment, we are living month to month with no opportunity for saving/investing. Really just trying to set us up for a better future. 

Is there any sort of service out there that anyone offers or is aware of to analyze this kind of thing (repayment plan for HELOC, cash flow analysis with all things considered etc)?

Look forward to hearing any input anyone has to offer! 

Thanks in advance. 

Quote from @Butch Greene:

Quote from @Aaron Matthews:

@Alecia Loveless I just signed up and im 99% sure its only twice, but still. Valid point. 

 Already used it 5 times.  Numbers didn't pan out 5 times in a row.  So now....still at square 1.

Well unfortunately, as I am new here, I do not have much to offer in the form of advice. I stumbled upon your post when browsing through the forum and thought I’d chime in regarding the amount of times you get to use the calculator for free when I seen Alecia’s comment. 

I hope you find what you’re looking for! 

@Alecia Loveless I just signed up and im 99% sure its only twice, but still. Valid point. 

Hello everyone! 

Excited to be here & excited to learn more/connect with you all. I am a 32 year-old homeowner living here in Southern Ontario Canada with my Wife and 1 year old son. 

We have been homeowners for 7 years, and are on house #2. We've done alright in the real estate world, buying our first house for $265K, and selling for $350K 2 years later with minimal $ put into it. We then purchased our next home for $350K, and put all the equity obtained in our first property into house #2 (open floor plan, new kitchen, new bathrooms, bedrooms updated etc - most of the work done myself). Our current home is worth approx $600K on the conservative end. Could likely get somewhere in the $650 - 700K range if we chose to sell. 

We recently refinanced/consolidated our debts and have a new mortgage of $360K. When we refinanced, I worked with my broker to take as much equity out as possible. In the end, I was only able to get a $55K HELOC. Although it was not as much as I had hoped for, we are are looking to utilize it in a strategic way to make life more comfortable and stop living paycheck to paycheck. As things stand, we do not live outside of our means. Every aspect of our budget has been looked at closely and adjusted as much as possible to free up cash flow. Cars are owned outright (older but good vehicles) cable television was cancelled, insurance policies reviewed, spending habits assessed etc. Monthly budget is tracked diligently. I have a descent job in the insurance industry and my wife is an Early Childhood Educator. But we are feeling the pinch. We can cover all our bills on a monthly basis, but there is not much left, if any.

We have been looking into some options to utilize the HELOC such as STRs/vacation properties (there is a beach resort near us that sells trailers for in/around 100K which rent out for a pretty penny on a weekly basis during the summer months). I also have the skills & network to flip a house and complete most of the work myself. However, I know very well that $55K is definitely not enough money to purchase something in our area and renovate it. At the end of the day, we really do not know where to start or what would be best for us. I looked into BNB investor academy and quickly realized that $16K for their course was a bit excessive and that I could set out to learn the skills I need myself if I choose to go the STR route.

As a result of joining BP, I am hoping to further educate myself regarding real estate investing and ultimately come up with a plan for what would be best for us moving forward. 

Any comments/feedback/input/direction is appreciated.

Cheers!