All Forum Posts by: Daniel Haberkost

@Isaac Pyle Yeah it's hard to strike the right balance. I worked so much I had no life at all for a couple years which I definitely don't recommend but in my opinion obtaining real-world experience is very important. 

That's a very useful degree too which is positive, at least you're not getting a bachelors in psych! 

To your original post, house-hacking is such a great way to get started (and easy relative to other RE moves) that I would most definitely start with that once you're able to figure out the financing!

@Isaac Pyle    "However, because I am in school, I obviously don't have enough time to make an income that would even begin to approve me for a loan on a house, especially in the area of my school (Boulder / Denver, CO)." 

In my opinion, this is the problem. I worked full time throughout the last several years of college which allowed me to buy my first house-hack before even graduating. Now that was pretty extreme and I wouldn't necessarily recommend that but you should absolutely have a part-time job at least. 

I'm glad I worked while getting my degree because college does absolutely nothing to teach you about the real world, the main reason I've had success since graduating is because I learned how to run businesses and through my jobs throughout college. 

My friends who did not work throughout school put themselves in a terrible position for graduation because they had no life experience or useful skills. I'm not sure what your degree is in but this is ESPECIALLY true if you're getting a business/liberal arts/psychology degree. Most definitely continue to read, listen to podcasts and network with experienced investors but I would find some sort of job within a business that will give you useful experience and allow you to start saving. 

 As many of the previous posts mentioned, a lot of investors have gone to Pueblo as prices have skyrocketed in Denver/Springs. We're looking at a couple areas in Pueblo, especially near Walking Stick Golf Course/CSU area, there is a lot going on there and many of the neighborhoods are very nice. 

@Rose White yep, exactly. Good luck!

 I have to agree with the post above, if you have a good deal it should be very easy to obtain financing. There is a huge amount of capital searching for a decent yield right now.......

 I strongly agree with the two posts above me, Zillow (and comparable sites) are garbage for estimating value. Running comps is the way to go. 

@Staci Craft yes, I've had this happen multiple times. You have to work to not get emotionally attached to the properties you look at (which of course is easier said than done). 

On a side note, why not make the offer anyways? Not sure how far below ask it is but if you're not in an especially hot market it may make sense to send her an offer. Especially if it needs a lot of work, that may disqualify many traditional buyers. 

I would just make sure you're thorough in your due diligence and double check EVERYTHING. All too often the claims they make (at least with many of the deals I've looked at around here) are false. I've seen comps that were blatantly incorrect, claims of new roofs/furnace/etc that were not true, etc. 

Don't get me wrong, there are plenty of fair/ethical wholesalers. The process is just far less standardized and controlled relative to traditional transactions so you really have to pay attention to every detail and make sure everything is verified. 

@Ashley Jones No problem! 

Wholesaling is an option to get started and requires much less capital BUT it's extremely difficult and requires many of the same skills as a commission only sales job. Speaking in relative terms, house hacking is extremely in comparison. 

 Several years ago (at a local RE meetup) I found an investor who needed help with multiple aspects of his business and I spent about a year assisting him and that ended up being one of the most valuable things I've ever done. Have you tried this approach?