All Forum Posts by: Jared Hottle

Cash out refinance the first property to get capital. Rent out your personal residence if you can and go househack another and then take the money from your cash out to do some BRRR deals on your heloc. It will not be fun for a few years but you will thank yourself in 5.

I think I tend to say don't wait. Look for deals and make sure they work but don't overly worry about what rates are doing. Time in the market > timing the market. Also depending on what your rate is in your primary a HELOC may be better than a cash-out refinance as you then do not need to borrow the full amount at a much higher rate.

I think the key is doing something consistently. I think buying leads is fine but I had my best year not spending a dollar on leads. The key is doing something, being genuine and letting your personality out and trying to help people. Go to meetups or networking events, write handwritten letters to your sphere, cold call FSBOs, network with people on biggerpockets. Document yourself on Tiktok or Instagram. There are so many ways to do it but you need to be consistent.

Go to your local meetups and network. Local hard money is better because they understand the situation and hopefully you can work something out. Another possibility is partner with someone or get a home equity line of credit to pay cash.

This seems pretty common and your family and household come first. Why invest at all if it doesnt make you a better father/husband?

I think it would be good to sit down and discuss alternatives where you both win as you both seem reasonable. 

Can you increase your income so as to save for a down-payment on an investment property?

Can your next house be a duplex or a house with a mother-in-law suite where there isn't people in your house?

Can you partner with someone on investment properties where they bring the downpayment and you find the deal/manage the property?

Can you do the BRRR strategy where you borrow the downpayment money and get it back to them after refinance?

Many ways to do it 

Some good advice on here. I would not get my license unless you want to be a full-time real estate agent for a job. 

I would listen to podcasts, and start going to real estate meetups. Listen and learn from people see if you can help them out getting units ready or helping them manager their properties. Also start walking/driving for dollars in your area. Find owners on the county tax assessor website and send them letters/call them. If someone wants to sell use your connections with the meetup or other investors you meet in the area to see if you can partner with them on the deal. 

Additionally, if you are a w-2 full time employee I would talk to some local banks and get pre approved for an owner-occupied loan and start your house hack journey.

Very excited for you!

As many have said this is why house hacking is so powerful. If you are able to live in the house and rent out rooms or buy a duplex in live in one side you can get in the property for 3-5% down. Live in it for a year and do it again. Do this 5-10 times and in the meantime be saving up for a 20% downpayment on another investment property. Is it inconvenient to have someone living with you, yes but the more you are willing to delay satisfaction the more long-term payoff.

 Yep that is true as well. 

I do not think the is the purpose they were designed for but seems like it could work if you have the money for the rehab. I believe their main purpose is to allow someone to buy a house before needing to sell their current house. Every bank is different and maybe they just are more comfortable with bridge loans then say a construction loan or an interest only 1 year note a lot of them are all the same thing just make sure you are up front and honest with the bank on what your plan is, make sure you have enough for rehab and you should be good.

I do not know the northeast well and certainly many people do long distance investing. I may suggest looking for off-market deals in smaller towns around your area. Drive for dollars, go to meetups and tell everyone you meet you are looking to buy a house or duplex to fix up. Doing a couple on your own will guide you when it is time to go to other markets to make as sometimes you do not know what you do not know and learning those lessons near you is much better in my opinion. Also the fact you are a contractor really is a great competitive advantage for you.