All Forum Posts by: Grace Wang

@Ryan Thomson know of any good meetups in the Springs?

@Christopher Tile House hacking is such a powerful tool that will enable you to pursue all sorts of strategies down the road. What does your current housing situation look like? If you were to house hack and pay less than your current monthly rent, you'd be setting yourself up for a greater savings rate once you get into that house hack.

Another thought process that could help you decide is this: would you rather put 3.5% down for your first investment, or 20-25% down for your first investment? The out-of-state market will much likely determine the price point and barrier to entry, and if you will have enough cash for the down payment plus rehab costs, going out-of-state may be a great option. 

hope this helps!

@Dan Marr Have you thought about house hacking from the start and after the first year, you could move out and get into your second house hack and turn that first property into a full-time rental?

Regardless, I would analyze it as a rental from the beginning, but see if there are different strategies you could use to rent out the property. For example, does your city allow room rentals? What about short or mid-term rentals? You are not always bound to SFR, and having multiple options is always your friend. hope this helps

@Devin Miles A suggestion to this already detailed plan: pick up a sales job? There is typically no monetary cap on sales positions which means you'd be able to get to your savings goal sooner than the end of 2022. I'd even suggest getting your real estate license and start hustling with placing tenants in apartments or generating a few buyer clients. That way, when you are ready for your first house hack you could earn a decent portion of your downpayment back through the buyer-side commission. Other than this suggestion I think your plan is solid! Keep learning and hustling :)

@Ryan Thomson

@Ramin Kamal

Thanks Ryan!

Ramin - I’d be happy to set up a call with you sometime and talk strategy :)

@Ramin Kamal Hey Ramin - your best bet would be to chat with a lender to see if they have any loans that fit your need. There's always a chance for someone in your situation to start investing, and sometimes you just need to be more creative to Mae it happen. Have you thought about what kind of strategies you'd want to do? Have you considered house hacking? 

@Josh Mills Hey there! I am an agent and investor in the Denver area, and I'm bias-- if you want to get started in investing you should first purchase a house hack, get rid of your living expenses, THEN expand your portfolio out of state. In my experience house hacking as returns that are just hard to beat. Where in Colorado are you thinking about buying?

@Miles Dirmann I would find an investor friendly realtor and also a lender that will talk some numbers with you to see what next steps you can take to get started. My recommendation is to do this sooner than later so you don't fall into analysis paralysis. Also try to find and attend some local REI meetups so you can meet likeminded local folks to support you on this journey.

One other thing is don't get set on just the small multifamily properties. Onceyou find that investor-friendly realtor, chat with them about the best types of house hacks that work for Memphis. You might find that a single family works better. Who knows. Start chatting with local investors and good luck!

@Davis Chem hey! Have you read Craig Curelop’s book “the house hacking strategy “? This is a great starting point reference if you are considering house hacking.

@Josh Worthington awesome! Are you guys considering house hacking the rental? This strategy is my favorite one for those who are flexible with living situations because the ROI is unlike most other investments. Congrats on getting started!