All Forum Posts by: Daniel Haberkost

@Matthew Von Dwingelo funny that I should come across this post, I just had a conversation with my builder (who also invests) about this. Of course there are the common answers about financial freedom and such (which is a BIG reason) but we all know that investors who obtain financial freedom never stop there. For me, it's fun, everything I do in RE is enjoyable and I don't really consider it work. Hashing out deals, looking for discounted properties, collecting properties, speaking at meetups, it's just fun. There's nothing like the feeling of closing a deal. I've also made several good friends through RE and now we do deals together. 

Also, sounds like you got a great deal on that triplex, nice! 

@Andrew Cabrera I’m putting together development projects. My mentor showed me how to do it over the last year and a half and now I’m out doing it myself.

@Taylor Chouinard I wanted to follow up on what the two guys before me said, you HAVE to learn the management side of RE, set your policies/procedures, and DO NOT veer from them under any circumstance. If you put the work in upfront and screen your tenants properly house-hacking can be a phenomenal arrangement. Make sure you perform background checks, call their previous landlords, verify their income, etc!

@Simon Obas technically, unless you're relocating or something along those lines, you need to stay in it for a year. Could you likely get away with another owner-occupied loan and make up a reason for needing to move? Sure, but that would be mortgage fraud which is not a great way to start your RE career. Why not purchase it with a traditional investment loan? If you don't have the down payment (and it's genuinely a good deal) you should be able to find a partner with money. 

@Andrew Cabrera some of my investor friends have had success with the strategy but I am not actively pursuing it at the moment. Since your said you’re new I asked to see what you had/hadn’t done. Sounds like you’re taking the right action!

I think what you said at the end there, finding a potential tenant and taking her out to dinner, is probably your best solution. That would humanize the person and help your wife realize there are plenty of great tenants out there. 

I know you said that you don't want someone to leave after 6 months or so but from my experience there is such a lack of affordable housing here and in Denver that filling vacant rooms is extremely easy. 

@Drake Moser why not start with house-hacking? It's such an easy (relative to say wholesaling/flipping/etc) way to get started and can do wonders for your financial position. I bought my first house-hack a month before I graduated college actually. 

Personally, I met my mentor after having purchased two properties. I don't think he would've given me the time of day if I hadn't already taken action on my own. Successful investors have a lot of people asking them for advice and the majority of them don't ever do anything with it which (often) causes them to become a bit jaded when it comes to helping new investors. 

Hey Derek, is there anyone that you know or have some connection to that may be an option for your first tenant? Perhaps that would ease her mind and help begin the process. 

Another thought, do you know anyone locally that house-hacks that you could have your wife talk to?

I'm house-hacking down in The Springs and it's amazing the quality of tenants you can get if you screen them properly. 

@Nicole Heasley Beitenman @Trystan Fuglseth Yep exactly, there are plenty of people in their 20s and 30s who are single and looking for an opportunity to save on their rent. I also have had quite a bit of success with Craigslist and have not had vacancy at all, FB Marketplace works well too. If you put the work in up front and do this correctly it's amazing what it can do for your financial position in a short time. 

Have you started putting together a team and tracking properties in pre-foreclosure?