All Forum Posts by: Daniel Haberkost

Welcome to the forums Thomas! Nathan's advice is spot on and to contribute a specific way to get started you really can't go wrong with house hacking. That's how I started and I've eliminated my living expense entirely, there's no reason you can't do the same (and maybe even cash flow a bit too). 

Have you considered house hacking as your first move?

I had a tenant that hadn’t paid April, at the beginning of the week I checked my statement and he paid April, May and late fees! All tenants are now 100% up to date which is great.

@Colin Smith is a great option for a realtor and property manager, he and his team have been extremely helpful, even when I wasn't actively looking for a property through him. 

I just used Hard Money Mike for a BRRRR deal and they were easy to work with, I haven't been thrilled with the traditional lenders or the CPA I've used so far so I'll refrain from referring anyone there. Do you have a specific type of contractor you're looking for?

I can also direct message you a few wholesalers, there are quite a few here in town. 

@Jamaal Gibbs Got it, thanks!

@Teri Feeney Styers That makes sense, I have a friend who has gotten quite a few deals this way over the years. We actually approached one of the pre foreclosures today since they were out in their yard and had a good conversation, may turn into something!

@Brett Goldsmith Thanks Brett, I'm talking about El Paso County Colorado but appreciate the input. 

I'm looking to approach owners in pre foreclosure through a combination of mailers and door knocking, specifically in El Paso & Pueblo County. I recently had a lawyer tell me that I'm free to do so and that there aren't any specific laws that I need to be aware of when contacting owners. However, I seem to remember reading something to the contrary several years ago so I'd like a second opinion. 

Does anyone here locally have expertise on the topic? Any insight is greatly appreciated!

-Dan

@Josiah Patrick Zebarth yesterday I (excitedly) got up at 2am to climb a 14er and snowboard down, I'd be happy to get up that early every day to do that sort of thing. Whether or not you enjoy mountain climbing/snowboarding is beside the point, I'm sure there's SOMETHING you would love doing as much as I enjoy being in the mountains. What do you enjoy doing? What gets you excited every time you talk about it? Maybe you still need to explore a bit more to find what that is! Once you're able to discover your passions and create a lifestyle where you're pursuing them every day you will be excited to get out of bed too. 

As far as motivating yourself to get up and progress in your real estate business, it enables you to do all of the things that you love. I'm in my early 20s and have freedom over my time because of real estate which enables me to do all the things I love (and there's no reason you can't create the same scenario for yourself). For some people, doing real estate deals and helping others learn the business so they can better their lives is a passion in itself. Even if that's not the case for you, find what it is that makes you want to get up bright and early and use real estate as a way to enable that lifestyle, it's achievable quicker than you might think.

@Tamar Hermes 6/6 tenants paid- one hadn't paid April but managed to pay Apri/May and late fees so that was positive. I believe he was able to get unemployment going, with all of the government they really shouldn't have an issue. 

@Caden McBride I would definitely find a new job and increase your savings as much as you can over the summer. That’s great that you’re going to college, what will your degree be in?

@Caden McBride Reading (as you are) is great place to start! Are you working full time? Your credit score is decent but you will need to have a full time job to eventually qualify for a loan. The easiest way to start is with a house hack in my opinion. I bought my first duplex at 21 and I bet you could do the same or even earlier.

Aside from that, I would start attending local meetups and get to know people in the business. Figure out what you’re good at and see if you can make yourself valuable to a local investor and learn from them!

I bought my first property in OH with an FHA loan. Within a year I had relocated to CO (while still holding the property) and when I was looking for another house hack here, according to my lender, I was eligible for another FHA loan because I had relocated and was going to occupy the house. This was in fall of 2018 so the rules may have changed AND I ended up using a conventional loan so that I wouldn't have mortgage insurance for the life of the loan. 

So I believe it is possible if an extenuating circumstance caused you to move but the easiest way to find out would be to call a lender.