All Forum Posts by: Brett McManus

Hey BP, 

As I think through the daily actions I am taking to further pursue REI, I was hoping to find some inspiration by kicking-off a thread hearing out everyone else's daily activities regarding their own investing. Anything from education, deal analysis, networking, etc. that you perform on a daily basis to help further your real-estate investment journey!

Mine for reference:

1) Watch 1 webinar/podcast each day

2) Analyze 1 Realtor.com deal locally each day/ 1 deal in a different state

3) Try to spend at least an hour per day on BiggerPockets forums engaging with discussion & networking with potential mentors/partners/peers

Thanks in advance!

I highly recommend finding an agent in the area familiar with house hacking who can help you hit the ground running. Best way to get an MLS search, start analyzing some properties, and conducting some walk-through's as you work towards a deal. Can also provide good insight into what's available for your situation in the local area (SFH vs. MFH).

If you need help, checkout the Networking tab above. I'm sure there will be a lender in your area very involved on BP that can get you started. 

This was a very actionable step for getting my first house hack setup. 

Hey Kirk,

Appreciate the enthusiasm as you are in a very similar situation that I was just a few months back. I too was ready for my first deal with inspiration to BRRRR from posts on these forums as well as BP Podcasts. The reality was that as I began taking action I realized a few things:

1) BRRRR has some risks associated to it that can be easily overlooked by new investors (calculating ARV, managing rehabs, etc.)

2) Hard money is freakin expensive (not the low money down I needed)

3) Lack of experience makes it very difficult for HML's, Contractors, and Property suppliers (wholesalers) to take you seriously.

Instead of this I took the advice that many offer to beginners on these forums and hunt down a Duplex to house hack. In doing this I was able to purchase a great starter property within 3 months of this mindset change by doing the following:

1) Connecting with a local agent/investor who was able to set me up with an MLS search that could fuel properties to be analyze with BP calculators.

2) Working with local mortgage brokers to understand FHA owner occupant loans which combined with a state funded new-buyer assistance program (and negotiated seller paid closing costs) allowed me to close with only $2,000 out of pocket.

3) Ultimately close on a base-hit property with virtually no money out of pocket, source my first tenants, do some basic cosmetic work to boost rents, and gain a TON of relatively low risk knowledge that will better set my up for future BRRRR investing.

Although BRRRR is an amazing strategy, I highly recommend exploring house hacking in order to hit the ground running and get some experience under your belt.

Hey Joshua,

I just wrote up a completed deal diary for my first House Hack using an FHA loan. I see a lot of individuals coming in with the same questions you outlined above so I tried to outline my experience in the following post:

https://www.biggerpockets.com/forums/850/topics/854907-first-house-hack-done-getting-paid-to-close-8-mo-out-of-college

Hopefully it can be helpful in seeing how it all comes together as well as learning from my experience. 

@Esther Min, I can't say that I had any set metrics for this in p[articular. The big thing was finding an agent that came highly recommended by peers that had worked with him personally. he & his partner had also won many nationally recognized awards & certifications as well which backed up the experience friends of mine had with him. 

Hey BP, 

I am a Rochester, NY native who will be returning to the area within the year after relocating to Minneapolis, MN for work. Since being in Minnesota, I have kicked off my REI with a house-hacked duplex however, my father has been involved in a few BRRRR deals back home and is fairly active with the local groups as well. Needless to say I have been very impressed with what he has been able to do in the area.

Overall - Just looking for some new faces to connect with in the area as I anticipate moving back. Would love to have some running chats about struggles/opportunities, past REI experience, overall getting a feel for the area from and REI lens, etc.

Look forward to connecting!

-Brett

I Did! Closed this past April. Did not need to partner on this one. Was able to leverage an FHA loan + State funded program for no money down.

Hey @Wesley Dean, hope you do not mind me following along. This is a topic I am very interested in as well. 

Go for the house hack dude! 

Best of both worlds. Homestead the property for the funding advantages while kicking off your Real Estate portfolio as well. Find a 2-4 unit property that can meet some of your personally needs while having it paid for by tenants. Not sure where you are headed but there are many agents on here (likely one in your local area) familiar with the process who can get you setup. 

Hey Jeron, 

I cannot tell you for a fact I have done this with a 4-plex but have with a duplex and when I was purchasing this property was told the process would be the same for any 2-4 unit property. Who are you using for a lender? If it is a big bank send'em to the curb. It's where I started and they couldn't make anything happen that was not by the book. Things changed for me when I went with a mortgage broker who was much more willing to work. 

If you need a new mortgage broker you may be able to find one in the network tab of BP for your local area. Any broker/lender you find on here should be familiar with the process and give you an accurate answer.