All Forum Posts by: Jana Crum

@Marc Uber Thank you for the additional information, that gives me more context. I love the Live-in-Flip idea, that's what I do. But if your main focus is starting to build a cash-flowing rental portfolio so it can replace your W-2 salary, I'm not sure a Live-in-Flip aligns with that. Mainly because you'd have to pay for rehab in addition to a down payment & closing costs plus it's not a cash-flowing investment strategy. 

Also, I think @Jonathan Greene made a good point- it's not the wisest thing to pay to build an ADU on someone else's property unless you already have an easement or they deed you the section of land you'd build on. What happens to your $150-175k if the family member who owns the land you built on needs to sell for some reason? Unless you own the land you built on, have an easement stating your right to use & access the ADU, or a contract stating such, then you most likely could lose your $150-$175k investment plus you'd have to find another place to stay.

All in all, even with the additional context my suggestion would stay the same. Since you don't need a lot of space, buy a starter home to live in & then use the rest of the funds to purchase a cash-flowing rental in the area. It's the option with the least complications & sets you on the path to FIRE, which is your ultimate goal!

Hi Natasha! 

Welcome to BP & investing in the Phoenix area! It's an interesting time to invest in the Phoenix area as we are starting to see interest rates coming down & in some pockets of the Valley, we are even seeing a balanced or in some cases a buyer's market. 

I'd love to connect with you & learn more about what you are looking for in a deal!

Hey Marc, welcome to the world of real estate investing! From my experience with my investments & my clients, a great real estate investment portfolio starts with the end in mind. What's driving you to want to invest in real estate? Since you are looking for passive income from a rental to aid in your income once you hit FIRE & retire, I'd focus on building a portfolio that begins to build on that cash flow to replace your W-2 salary. 

Since you have two children who need to stay with you in St. Pete, I'm not sure if building an ADU is the best use of the proceeds from the sale of your home. Building an ADU to fit all 3 of you might end up being more than $250k. It might be best to divide your cash from the sale into a down payment for a new primary residence and a down payment for a cash-flowing property in the area.

Hi Matt, I have family in that area & we always get a rental house when we go to the beach. When are you planning on launching your STR business? Now that fall is approaching, the peak rental season on the Gulf Coast has passed. I'd suggest preparing to start renting out your home in the Spring as the season picks back up again.

Hey Jeff, first congrats on getting a job offer at the start of senior year! Have you checked out the Phoenix Area? I'll offer it as a non-snowy alternative & we are the 5th largest city in the country! We have a ton of new grads come here and relocate to the Mid-town/Uptown/Arcadia areas which are all super close to Downtown Phoenix & Scottsdale. Plus each of those areas has a great amount of duplexes, triplexes, and fourplexes to offer as a house hack! I'd love to connect & enjoy your last year of undergrad!

Hey Luke, everyone has given you some great advice! I'd like to add another perspective I don't think has been mentioned yet. By being in Boulder, you have the perfect opportunity to take advantage of the college rental market & rent out your extra rooms to college kids in the area. 

Now, this is dependent upon you being willing to have roommates, but it's a great way to take advantage of the condo/townhome market & house hack. Most college students (even grad students) are used to living in condos/townhomes with roommates & you can even get plugged into the university's "off-campus" housing list to market your rental. Plus all apartment complexes that rent to students offset the lack of tenants for 3 months during the summer by putting a premium on their rents. You could do the same & set yourself up for a great house hack/first investment property.

Jarrod, congrats on the great returns just a year in! Here's to many years of profit!

Heu Jaron, congrats on killing your first house hack! Most of my clients in the small-multifamily space invest in the Phoenix (Mid-town to Arcadia lite) areas. There are also some hidden gems in Downtown Chandler, Mesa, and Tempe/ASU area where you can find a great deal. I'd love to connect and learn about what you're looking for in this next deal! 

Hi Jeff! 

My team uses a few different handymen I'd love to connect you with. I'll PM you.

Hey Jimmy, congrats on starting out on your investment journey! What do you mean by not having proof of income? Do you mean no proof of a W-2? If you are self-employed, there are specific loan programs designed for self-employed persons as opposed to conventional W-2 financing.