All Forum Posts by: Isaac Pyle

@Amanda G. I see! That makes a lot of sense, and is obviously something I will need to be doing. Thank you!

@Jason D. Thanks for the insight! I am planning on doing a BRRRR at this point, but I will crunch numbers on selling / flipping too!

Hello BP Community!

I am curious- I have heard all over that people recommend at least one exit strategy when buying homes. What does this mean? Does that mean crunching numbers in multiple ways, being conservative with your figures, etc? Or does that mean saving a lot of extra money in case the deal turns out poorly? This seems somewhat confusing to me, can someone help me out?

@Tanner Crawley No, I have not been pre-approved, simply because I do not see myself investing any money for in the immediate future. I am transferring to CU Boulder in the fall, and am just trying to understand the market / area more. I have not determined IRR either, but I guess I am somewhat confused on what that is. Can you explain Internal Rate of Return for me?

I should also mention that I am only 19, and going to be a Sophomore in college next fall.

Hello BP Community!

I am just getting started looking in to real estate in Colorado (around the Boulder, Longmont, Denver area) and was wondering if anyone had advice for this market. Prices are extremely high, and I would be looking for a duplex to fix up and house-hack, but that would be even more money. Does anyone have advice for getting started in this area?

@Derek Diamond That makes sense. Generally I come off as mature and older, so I am not super worried about not being taken seriously yet, but of course I won't know until I am in that situation. I will be more prepared. I would not have thought of that on my own, thanks for the advice! And I will update my profile quickly. Thanks for reminding me!

@Taylor Chiu I'm glad this worked for you as well! That is good news to hear. Yes, I am planning to buy a place (hopefully a duplex) and rent out the other unit, as well as possibly other rooms in my unit. Good call on setting up proper terms before agreeing on money, I would not have thought of that. Thanks!

@Anthony Wick That is a great idea! I had not thought about partnering with them on a multifamily hack. I will have to see what they say when I present the idea, and I will need to come up with some figures... thanks for the idea!!

@Cory Carlson Thanks for the reply! Currently I am planning on house-hacking, and my parents actually recommended I read a BP book that got me hooked, so they know about the benefits of house-hacking as well. I did not know about the 75% of adjoining unit(s) income however, that is good news to hear! So say I am renting out one unit for $1000 a month, and living in the other, they would recognize $750 of that as income when I am trying to get the initial loan on the house?

Hello BP community-

Does anyone have experience borrowing money from their parents to get their foot in the door with real estate? How did it go for you?

Let me explain my situation. I am going to be a sophomore in college this fall, and living in a very expensive market. However, I also am hoping to begin house-hacking sooner than later, and would like to do this in the next few years. At this point, waiting tables over the summer I just about break even with college tuition and expenses (I live relatively frugally) and likely would not have enough money for a 3.5% down payment. My parents, however, have offered to lend me money towards a down payment if I am able to find a place that meets my criteria for a good house-hacking investment. Has anyone else borrowed money from their parents to get started?