All Forum Posts by: Austin Plough

Thanks for this post, William!

My wife & I have recently started the process of drafting our Wills and setting up a Revocable Trust. 

Hi there, Micah.

Nice work in Chicago!

My question to you – what has been your mindset around leverage and using that to build your 7-unit portfolio?

I would consider myself a bit risk-averse, am seeking ways to better understand how comfort with risk plays into decision making. My wife & I purchased our first home this spring and are now preparing to House Hack. We are interested in implementing the long-term buy and hold strategy in our area of the Colorado Rockies (Western Slope).

Thanks, so much!

Austin

Welcome aboard, Ale! These are exciting times for BiggerPockets :)

Hello Stephen.

Great work on your portfolio and thanks for sharing this milestone. Really neat to read!

My wife & I just purchased our first home and are preparing to House Hack by renting out a room.

Curious, how do you assess whether a strategy is worth pursuing? What have you done to stay focused on your committed strategies?

By the sounds of it, you have several (buy and hold, flips, and wholesaling) that have supported your success.

For some context, I am asking as my wife & I are keen on the House Hack and Buy-and-Hold rental strategies (a bit more conservative, while we learn the ropes), yet it appears that strategies like STR or mid-term could also be appealing for our area in Western Colorado.

Thanks for your time!

PS - I am very impressed by your attentiveness to this discussion thread. Nicely done! :)

We locked in at 6.625% for this 30-year mortgage

Hi there!

After the purchase of your first home as a real estate investor, what strategies did you consider and pursue for your next play?

Earlier this spring, my wife & I purchased our primary residence on the Western Slope of the Colorado Rockies. This home purchase is a first for both of us. It is single family home with 3 bedrooms and 2 baths, which is a good fit as we raise our young child. Some updates have been completed; including new carpet, drywall sheetrock, priming and painting, and building out organization in the garage. We are now preparing to rent a room, which will serve as a house-hack to help offset our mortgage payment. With the intention of implementing the buy and hold strategy, we are looking ahead and contemplating what to do next!

Sharing some options while we continue to learn and network:

1. Stay put for a while, building on the six-month cash reserve we have. Keep going with the house-hack until the family is tired of it.

2. Save and purchase a property that serves purely as a rental. Would search to find a place locally in need of some work to capitalize on sweat equity before renters are placed. The cost of entry is pricey, with median home prices being around $600K. 

3. Aggressively pay down the mortgage. This will build up equity in existing home.

The conservative side in me wants to run with Option 3, but I do not think this is the most investor-savvy move.

We like the long term buy and hold strategy - what would you do?

Eager to hear what those with more experience may offer. Thanks in advance for any input you might have!

Hello Spencer,

Your story is very admirable – I applaud you for sharing!

As someone just embarking on the real estate investing journey, reading through this post gave me shivers.

Several years ago, a mentor of mine told me that his career began with “learning”, then transitioned into “earning”, and in the later stages, “returning”. While these may all blend together over time, bouncing back and forth, I interpreted the final stage as giving back to the community. From what I could tell, this was incredibly fulfilling for him. How neat that you now have this opportunity!

Quote from @Juan Delgado:

I have not figured out how to get that 20% to get the wheels turning.  Any suggestions would be greatly appreciated.

Hi there, Juan! It will be very exciting once those wheels are turning. To support in getting the 20%, find ways to be aggressive in your savings plan. Money not spent could be money saved. One way to cut costs in your monthly budget could be by eliminating memberships, subscriptions, etc. While generally small costs, these do add up. Good luck!

Hi there, James!

Stumbling upon this post now and am curious. Were you able to glean anything from responders in this effort? Maybe you direct my attention to the article? 

We are nearing the one year mark as first-timers, still have yet to get further than looking inside homes. 

Thanks, much!

Quote from @Alexander L Gulledge:

What I really feel I'm missing is a mentor who has RE investment experience. Someone I can bounce ideas off of and get guidance from. 

Hey Alex, 
Nice to meet you!
Sounds like you have a solid game plan in place. I would say, be open to refining as you learn!
I too have wondered about connecting with a mentor in this space and what those who are more experienced would suggest for getting started specifically in the market which I live. My wife & I are in a small mountain town here in Colorado. For the past few months, I have poked around locally in search of meet-ups, but no luck. 
Feel free to share any pointers you gain regarding this in your journey!