All Forum Posts by: Danielle Jackson

One other thing to really think about is landlord/tenant laws. Finding a property in a landlord friendly county/state is really important. 

Some great advice in this thread! So many options. 

Finding a SFR or small MF that cash flow in a high-growth markets is tough. But you can capitalize on year-over-year rent growth, and appreciation. Whatever you decide...good luck!

Prequal is pretty much worthless. They have verified nothing at that stage. Preapproval is what you need to have skin in the game when making offers. 

Great advice @Henry Clark. So many investors miss the greatest tax benefit available - 2 out of 5 year rule. 

Congrats on looking at your first property! Myrtle Beach STR market numbers are pretty incredible. We decided to not go with a STR strategy (at this time) but the numbers weren't the deterrent.

@Joe Villeneuve is right. Nobody can answer this without numbers. 

Separately, I am trying to understand how you arrived at including option 2? Are you a trader wanting to capitalize on that expertise? I guess given the other two choices, I'm just trying to understand why you are you potentially considering taking all your equity, giving up home ownership, and investing in equities? Just a lot of unknowns in why/how you included this option. 

I would join a Facebook group for local rentals to help understand the appetite for single rooms. Especially if timing for securing that income is somewhat critical. You're clearly motivated given financial constraints to securing them, it is now understanding the market. 

For the numbers, I would focus on the long-term numbers vs. short-term house hack. The long-term numbers offer some cash flow. What do the rent projections look like in the neighborhood? Is $1900 conservative? What is the range? 

Congrats and welcome to the forum! Lots of great advice here. One additional point is do a ton of research on the markets/neighborhoods you are looking at and personally drive them. Make sure all comps you are using when running numbers are within the same neighborhood as well. Major metros perform VERY differently by neighborhood. 

Congrats on something great coming out of a tragedy. Shane you are correct in that there are a million different ways to tap into REI. Keep your end goals in mind at all times.

Sounds like if number of doors (and significant cash flow to justify leaving your job) is your goal, that looking into multifamily properties is probably the way to go. Diversifying your exposure through a STR is certainly a move you can make but will take you longer to achieve your # of doors goal. Run the numbers on everything and get really good at it so you can make sound, quick decisions as needed. Start working on an excel model now, and find a good broker/lender so you understand all your financing options. Good luck!

I would check with your largest local real estate investor association as hard money lenders vary by location. On a national level maybe look into Quontic or Anchor (although Anchor may just be fix & flip). Good luck!