All Forum Posts by: Ben Einspahr

@Elmer Wayne Fisher here is a great BP episode to listen to covering taping into equity using HELOC
https://www.biggerpockets.com/...

Hope this helps

@John Carlson Welcome to BP! I will second @Chris Lopez and recommend @JeffWhite. Currently on HH#7. Has his process dialed in!

@Lieren Schuette, this is a great question to ask and made me think back on the first meet up I attended. Believe it our not there will be many others just like you that are just starting out and looking to connect to others that are in a place where they want to in 5-10 years. 

My Advise:

-Go in there with an open might and introduce yourself to as many people as possible.

-People love talking about themselves and ask questions haha

-Bring notepad if you need to jot down anyones contact info

-Write down your short and long term goals and how REI fits into them. yes they will change quite often but coming form first hand experience, it is really looking back and rereading them and seeing your progress.

-Last is be a consistent attendee! I still keep in touch with some of the people I met at my very first meetup.

Best of luck and excited to hear how it goes.

@Justyn Hope big congrats jumping and taking action. A couple things to note:

- when working with our clients in the Denver Metro Area, we recommend casting a wide net at first so you can narrow down your searches from there. Able to go in eyes wide open and see what is all on the market. Then narrow down from there. 
-Remember, your first investment does not need to be a grand slam, just a base it. Base hits win championships. I have seen too often investors looking for that perfect deal. Fast forward 12 months and they are still sitting on the sidelines. Real Estate is a very forgiving long term asset.

-Purchasing your first investment property out of state can be very challenging. Be open to the idea of house hacking. Best return on your investment and great first hand experience being a land lord. 

Best of luck!

@Brendan Simpkins. Welcome to BP! I like to call rent by the room house hacking,  "recession proof investing".

Some of the strategies that we have found work best in Denver is locating 4+ bedroom homes with 2,200 sf or higher. With that sqft you should be able to easily add additional rooms for low cost. At most, you might need to add an egress window. 

As already mentioned, tenant screening is very important since tenants will be sharing living space. Screen and lease lengths can be set up like hiring for a job. Start off shorter to ensure they are a good fit. Not all lease agreements need to be 12 months. Sometimes shorter is better.

@Ryan Butler. I understand your frustration. I remember when I first started out, trying to analyze properties seemed to get me nowhere and even more frustrated. A couple things:

-when you are analyzing, are you looking at numbers while living there or after moving out? After moving out are the key numbers you want to be looking at.

-their is much more to the investment than cash flow (appreciation, debt pay down, depreciation). The spreadsheet you are using must include that that into consideration too. Yes, cash flow is very important but it is the tip of the ice berg when it comes to house hacking while using a 5% down payment.

-if you are looking to decrease your mortgage payment, there are other options other then higher downpayment. Consider buying down the interest rate or prepaying PMI.

-Explore other options after moving out to increase rental income. STR ( if local rules and regs allow), Furnished MTR, or even rent by the room if you have 4+ bed home. Rent by the room is a very attractive investment strategy her in Denver to increase rental income in single family homes.

I know this did not directly answer your questions as i went on a bit of a tangent, but i hope you found value in it. 

I can send you spreadsheet I use when analyzing.

 touche

3 best time to get in REI:

1. 5 years ago

2. yesterday

3. tomorrow!

 @James W Tollick Thank you for your service and sacrifice! 

Hi @Kyle Thomas Welcome! The education in the forums and what the great community here will provide is endless. I will second what @Ben Rhodin said. Wholesaling is creating another job for you, not building wealth. Plus it can be very challenging for anyone just starting out. That is why house hacking is a great starting point. Hands on property management experience + low acquisition costs. 
If that is something you are not interested in, the next route I would recommend is traditional rental property investing. With todays high interest rate environment, we are seeing 30-35% down payments to make numbers work though. Condos are great starter rentals. I view HOA fees as a blessing in disguise. Best of luck!