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All Forum Posts by: Anna Smith

Anna Smith has started 1 posts and replied 6 times.

Quote from @Mark Cruse:

Something in this post seems off. For one, you can do ok in the DMV with 70k. Yea, you wont live in Georgetown, but you will not be poor or broke unless you have weak money management skills. Layoffs will happen soon? Everyone in the DMV knows tens of thousands of people have been fired, laid off or resigned. Where in the DMV is a 1 bed, 500k condo not in a decent area? 

Between rent, groceries, utilities, taxes I really dont have much left over for savings. Maybe scraping by was the wrong phrasing but 70k in the dmv is really not much. I’m not in debt and can pay my bills but the COL here is much higher than my hometown where I know my money will go further. that was my point 

Would I be able to do this with my salary? I don't quite understand mortgage loans yet and know there are varying ones to choose from such as FHA, conventional, etc. I also do not have a strong income history.

Quote from @Denise Supplee:

Hello @Anna Smith,

Love that you are seeking ways to better increase your investment income. I have been involved in real estate for over 35 years. I am a licensed Realtor, co-founded and operate a coinvesting club. In the past, I have invested in many properties and have house-hacked. MY first house hack - I was a single mom, and ended up renting a room out to a lady who not only helped with child care but also the living expenses. I have sold all of my investment properties and now solely invest passively through our coinvesting club. I love it because each month we vet a deal together and the minimum investment is $5k. We have done apartment complexes all over the US as well as trailer parks, land and even a steel manufacturer. I wish you the best of success!


 Interesting, how can I join the club? 

Quote from @Brendan Mullenholz:
Quote from @Anna Smith:

Hello,

I am 25 years old and interested in getting started in real estate. I currently have a job that pays 70k in the DC area and I am just scraping by, and I am catching wind that layoffs will happen soon. I received a large inheritance from my deceased grandfather (500k) and it is tied up in stocks and mutuals funds. I know the safest route will be to leave it in the market and let it grow but I really truly am interested in real estate investing and cannot stomach continuing to pay 2k in rent when I could be building equity. My family has some experience but I am most interested in buying a fixer upper all cash and flipping it in the louisville/midwest area. If you were in my shoes, what would you do to escape the 9-5 grind and make real estate investing a full time gig? I dont want to lose everything of course so am prepared to start small with low risk properties and live at home if I have to. Thanks. 


 We all have to live somewhere so why not buy a primary residence in DC and house hack it? 


I don't see myself staying here long term and 500k would get me a 1 bedroom condo in a not so great part of town in the DMV. Looking to move back to the midwest and invest there, it's also where my family is who can help. 

Quote from @Caleb Brown:

I would only touch that money for a DP for a house hack. At 25 years old that 500K will compound to millions when you hit 50+. You have no experience with real estate so taking out 500K with a hope to make headway in real estate is not wise. If you love real estate start with a house hack. Can be a 2-4 unit, live in flip, room by room. etc. If you are barely scraping by at 70K I would also make increasing your income a priority or reducing living costs(stop adding consumer debt).  Once you do a house hack, do another then decide after you have your feet wet if taking out a chunk is worth it. 


 Thank you for your advice. Definitely wouldn't take out the entire 500k, I was thinking 100k at most. Do you think paying all cash or doing a down payment is wiser? 

Hello,

I am 25 years old and interested in getting started in real estate. I currently have a job that pays 70k in the DC area and I am just scraping by, and I am catching wind that layoffs will happen soon. I received a large inheritance from my deceased grandfather (500k) and it is tied up in stocks and mutuals funds. I know the safest route will be to leave it in the market and let it grow but I really truly am interested in real estate investing and cannot stomach continuing to pay 2k in rent when I could be building equity. My family has some experience but I am most interested in buying a fixer upper all cash and flipping it in the louisville/midwest area. If you were in my shoes, what would you do to escape the 9-5 grind and make real estate investing a full time gig? I dont want to lose everything of course so am prepared to start small with low risk properties and live at home if I have to. Thanks.