All Forum Posts by: Brett Grz

Welcome and congratulations on getting started! You've named several different strategies which is common but also results in shiny object syndrome. Pick one and focus there. I think you're on the right track starting with a multi-family house hack. It's a great way to start, especially where you're at. Focus on that one thing first and foremost - don't worry about all the rest. You need a place to live, you have access to the MLS in your area. Make friends with other agents who may help you out by sharing pocket listings you can jump on. Get that first property bought, get it cash flowing, then decide on your next move. Too many people get distracted at first and fail to take any action as they go down one rabbit hole after another. Whenever I feel overwhelmed with options I always remind myself there's only one way to eat an elephant: one bite at a time. Focus on taking that first bite. You have PLENTY of time for the rest. Best of luck to you!

@Brett Grz Hey Brett where are you located? Happy to help. I've built a small portfolio in just a couple of years in the multi family space. Feel free to reach out. I've surrounded myself with agents who invest primarily so if I don't have the answer to a question I can certainly find out

Hi @Brett Grz you sounds a lot like me when I first started REI. No one want me to do it I think mainly becuase I had 2 year old with another 2nd child on the way when I decided to purchase my first brrr house hack with my wife. Long story short my wife and I decide to sell the single family that held in prison to working each week to pay mortgage, we moved back in with my parents then purchased a completely destressed multi family and renovated it. In a few short years we turned a 500k property into an 800k property, then we moved onto the next a repeated. Fast forward to today, all those people that said I was crazy now want to invest with me or say things "wow I wish we pulled the trigger when you did. " Becoming a millionaire by early thirties believe it or not is very achievable goal. My wife and I did it with 4 kids and 2 dogs house hacking around the state.

Four units in one property. The same thing as a duplex, but with four units instead of two.

@Brett Grz you are on the right track with your logic of buying a househack. Why limit yourself to a duplex though? With an FHA mortgage you can buy up to four units and use 75% of the estimated income towards your DTI. This will also get your foot in the door as an investor so when you use a conventional loan in the future the bank will see your rental experience on your tax returns.

 @Brett Grz

Brrrr requires you to not only buy the property, but also have funds to fix it up.  Your cheapest way in is to do what you mention… buy a duplex, live in one side rent out the other.  That is your best route given where you are at.  You will gain practical experience how to manage rentals as well.  From there you live in the unit for at least a year, then move to a new house for yourself and you keep the duplex.  By doing this you only have to put down 3% each time you buy, versus 20%.

All the best!

Randy 

@Brett Grz

Here are a couple posts that might help you:

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...