All Forum Posts by: Daniel Haberkost

@Marc Paelo V. Tumamak

Verify that the utilities are there, don’t just assume that since the lot next door has them that the lot you are looking at will also have them. I do land acquisitions for several builder friends of mine in Pueblo West and I’ve come across lots that don’t have water lines to the property even though everything near it does!

 That's definitely a lot for one person to juggle so I get why you become discouraged at times. But for me, it all goes back to my "why" as I have a very clear vision for the future and I know exactly where I'm going. RE investing will (and is) allowing me to get there! If you know what you're investing for and if your "why" is strong enough then you should be able to push through the hard times!

@William Bentley welcome to the forums William, networking is a great idea when getting started, I'd recommend attending local meetups (check on BP/Meetup.com to find them). If you can find an experienced investor who needs help in their business (and fill their need) that can really help kick start your RE investing career. 

@Nathan Gesner hit on most everything else I wanted to say but I especially want to emphasize the importance of #2! Trying to build a portfolio with a marginal income, little reserves and maximum leverage is a great way to lose everything come the next recession. Learning how to make a substantial income makes investing much easier! 

Once you've learned a bit more and gotten your finances in order, house hacking is one of the easiest ways to get started. It's completely doable to buy a house that cash flows while you live in it which quickly accelerates one's wealth building!

 Welcome to the forums Matthew and good luck! House hacking is such a powerful way to get started it can really jump start your RE investing. Reach out anytime if you have questions. 

@Amanda Young I expected to get college/military yet I’ve not gotten a single college or military tenant surprisingly. It’s just been single people, usually early 30s, who are looking for a cheap (but nice) place to live. It’s been a great arrangement so far!

@Oleg Enik thanks, and that’s a good plan. I did that the last year and a half which allowed me to really progress in my job, hopefully you can do the same!

@Oleg Enik so I’m pretty sure to get a loan on your own you will need full time employment.

Yes, I worked full time throughout college so I was able to finance my first purchase before graduating, how much longer do you have?

@Oleg Enik it sounds like you're laying the foundation to be able to buy as soon as you're done with school. You'll need full time employment to get a loan but if you can build your credit and pay for school as you go that will put you in a good position. 

Interning with a hard money lender is a great idea as you should get exposure to the investing world. Also, being young is an asset, many older investor love to help you guys/girls get started.

@Oleg Enik Your age matters as much as you think it does. These are salespeople you're talking about, if you're a qualified prospect they will be happy to work with you. 

Call a couple lenders and tell them you're looking to buy your first house. Ask what's needed to qualify. 

I bought my first duplex at 21, I had no issue speaking to lenders/realtors/etc because I didn't lack confidence. No reason you can't do the same. 

 I rent by the room in The Springs and have actually had more success with people who don't know each other. They feel a responsibility to keep the common areas clean for the other tenants whereas when I had ones who knew each other they were more comfortable leaving messes out. 

The numbers can work extremely well renting by the room here and the demand is incredible!