All Forum Posts by: Daniel Haberkost

That's a fantastic deal, how did you come across the lead in the first place? 

@David Haynes such a good post.

I hear this all the time too and people who are waiting generally end up waiting forever. There will always a be a reason not to invest. People complain about there being no deals today but if we had a repeat of 07/08 those same people would say there’s too much uncertainty and miss the fire sale anyways.

 Hey Cody, 

I bought my first rental at 21 and was able to leave my traditional job at 23. I was able to do that by finding an ancillary business that I could start that provided income (that I also enjoyed!). For me that was development and it doesn't consume much time so the dollar-per-hour is very high. 

The reality is, real estate investing requires cash so you're going to have a hard time moving to full time investor with a small portfolio if you don't have any other source of income. 

Can you systematize your painting business to the point where you don't do any of the work yourself and then focus on investing full time?  

Hey @Chris Leigh I have to second @Jenny Bayless in that CO Springs is a great place for house hacking. Duplexes and fourplexes (there are very few triplexes here) are extremely hard to come by but there are quite a few single family homes that are built like duplexes, especially over by me in 80917/80918. 

I've been house hacking a 4/3 single family for several years with tremendous success and am in the process of buying another to repeat the model in the same neighborhood. 

The Springs is a bit over the 50 mile mark but is worth considering. 

-Dan

@Ramon Medrano I would say just know what you're getting yourself into. Do you have sales experience? Can you handle A LOT of negativity? 

People with no money hear about real estate and say they're going to be a wholesaler all of the time simply because wholesaling doesn't require much money to get started. The problem is, it takes quite a bit of hustle and the ability to handle tremendous amounts of rejection. It's not easy. You're starting a business where you have to work to find the product and the buyers. 

What's your work experience like? How do you plan to start? I don't mean to be negative or discouraging I'm simply being straightforward because I meet people every week at the RE club who say they're new and going to wholesale and then they disappear. Also, as @Marlen Weber said, if you can find someone with a successful business and find a way to provide them value that is a great way to start. 

@Derek Morrison I understand your dilemma as I get bored very easily as well and always want to jump around. This tends to be a problem among most entrepreneurs I know. 

You need to pick a strategy, focus on it, ignore everything else, and make it happen. I suggest house hacking. There's little downside risk to the strategy and tremendous upside. It gets your feet wet in the business and puts you in a very strong financial position (i.e. making it easier to get deal #2).

I would read The One Thing if you haven't already. That helps to drive the point home. 

If you keep jumping around without sticking with something long enough to be successful you're never going to get anywhere. Make your decision on what you're going to do and do it. Ignore all else. 

-Dan

With only $20k multifamily may be difficult, if you go FHA you'll have enough for the down payment but there won't be much left in reserves. Here in CO Springs that would be tight and up where you're looking it's going to be even more expensive. When I first moved here (also from the Midwest) I was intent on house hacking a multi family yet ended up having to go single. Turns out, renting by the room here works extremely well, there is such a lack of affordable housing that you're able to get a large pool of responsible tenants very quickly when looking to fill vacancies. I've had no vacancy renting by the room and my tenants stay for the long term. So if you do end up going that route just know it can work very well.

Whatever you choose to do, I think you'll be very happy you made the move here! It's quite the improvement over the Midwest. 

@Taylor Thompson 

I've been doing it for several years and I still cannot believe how well it's worked for me. All three of my room rental tenants are about to cross the year mark, two of them intend to stay at least another year. They clean, get along with each other and always pay on time.

I bought my first house hack at 21 and quit my job at 23, imagine where you could be buying your first property in your teens. I agree with @Matt M. just do it!

-Dan

@Carey Hess hey Carey, I go the the meetup at Third Space coffee the 1st and 3rd Tuesday of every month. There are a decent amount of serious investors there. We met this Tuesday so the next one will be the 18th.

@Austin Wingett house hacking is a fantastic way to get started.

Michigan is cheap, so I take it you’re going to be doing a multi family? I would make sure you find something that has value add potential so you can force some immediate equity. Low down payments are great BUT having no equity in a property isn’t. Ideally, if you can find a duplex where one side needs work and one side is turnkey that would be best (live in/fix up the side needing work).

Other than that, I can’t stress enough the importance of screening your tenants thoroughly. It’s not talked about enough but it’s just as important as finding a good deal. If you do the work properly upfront in your screening it will save you enormous amounts of time and money in the future!

-Dan