All Forum Posts by: Jared Hottle

Quote from @Chelsea M.:

Quote from @Jared Hottle:

I think one of your main problems is having so many options. Sounds great but then you can overthink and always 2nd guess. Personally, I say have some fun with it. What things do you like to do? Maybe go in a region that has those things. It could be a really fun couple years if you househack for a year in a place and move to another one. Awesome seeing that you are using your competitive advantage of pure remote work to build a real estate portfolio!

 Thanks Jared! Jumping from place to place with new househacks is definitely something to consider. As far as interests this would be purely financial as we are an open book! I think some of the concern comes from seeing how different locations appreciate when comparing areas, TX vs OH for example. These are some of the things we are still looking into!

Definitely. I thinking places like Austin or Boise or Nashville would be cool because those have a lot going on! This does come with drawbacks though as they have already appreciated and availability is low for housing. If I could live anywhere though I would still consider those areas just from the things I would experience and the people I would meet.

Quote from @Drew C Grossman:

Quote from @Jared Hottle:

I think one of your main problems is having so many options. Sounds great but then you can overthink and always 2nd guess. Personally, I say have some fun with it. What things do you like to do? Maybe go in a region that has those things. It could be a really fun couple years if you househack for a year in a place and move to another one. Awesome seeing that you are using your competitive advantage of pure remote work to build a real estate portfolio!

Hi Jared, this is great advice. “I think it’s more important that you decide vs what you decide”. I think this may be a Brandon Turner quote lol? But seriously, definitely do your due diligence and don’t cut corners but don’t overwhelm yourself with to many options as it gets hard to make a decision!

100% differ to always taking action

I think one of your main problems is having so many options. Sounds great but then you can overthink and always 2nd guess. Personally, I say have some fun with it. What things do you like to do? Maybe go in a region that has those things. It could be a really fun couple years if you househack for a year in a place and move to another one. Awesome seeing that you are using your competitive advantage of pure remote work to build a real estate portfolio!

I agree with the others I believe the market has just cooled to the point that many investors cannot make it work in the current interest rate environment. I would keep it as a rental until rates start coming down. 

Quote from @Paul Moore:

Hi @Greg Schreffler! You've got a lot of great advice here. If it certainly depends on a lot of how much time you have available. If you have 10 hours/week on the side versus 60 hours/week full time it would really change my answer significantly. 

If you already have a full time gig and want to do something on the side then I recommend you consider investing in syndications or funds and let others do the heavy lifting for you as much as possible. 

If you want to go the full time route, I must agree with @Nathan Gesner above (thanks for the shout out Nathan). If you had a lot of time on your hands you may want to consider doing a few things and seeing which one you like better because your passion and expertise as @Jared Hottle said will play a big role in your future success. Note that investing passively will give you the opportunity to enjoy cashflow and appreciation long after you don't want to work anymore at whatever age that is. For me, I am projecting 99 years old but I'm a little odd! Good luck and happy investing!

 Thanks Greg! I hope we all live to 99 and beyond. If not talk about a great thing to pass to our loved ones!

My miracle morning right now includes: Wake up at 5:30, make coffee, make my bed, read and write a couple posts on BP and read for 20 mins. It has been amazing. I used to workout right away in the morning but now have transitioned to a mid-morning workout and this has been great for me. If I miss a couple times or I am not feeling as productive I will tweak it a bit and get back on track!

@Blake Ramsey I have thought about this alot coming from a past career of higher education and now in real estate as an investor and agent. Here are some of my thoughts:

1)You certainly do not need school. I have learned more by doing and have made more money and wealth in real estate then a lot of people my age working conventional jobs they got after getting their degrees. 

2) I sometimes wonder if it is easy for me to say you do not need school because I do have a degree. Does that give confidence that you belong? Does it give you confidence that you are smart enough to figure anything out? I am unsure on these but I think definitely a little bit. 

3) You eluded to it a bit but I think college provides something similar to a w-2 job. Built in goals, a schedule, a plan, and support. I believe once you embark on the path yourself it can be very easy to talk yourself in to slacking or doing things you do not really want to do that if you were forced to do by school or by your job you would get done. Glad you have at least thought of this with your goals you want before you quit. 

If it were me I would for sure finish your AA as there are already some sunk costs there of time and money and I would maybe set higher goals then 3-5 investors and saving 7500 because I bet you could achieve those things and still go to school. Something like a high paying job where you can save a couple thousand a month and have some bankability may be something. Or maybe if you become an agent or wholesaler or something commission based you set a certain sales volume. 

With that many years on the earth i challenge you to find your competitive advantage as you will have distinct advantages over others in their 20s or 30s just starting out because of all the relationships you have built, skills you have acquired, and places and situations you have seen. If you were in a construction trade, fixing up houses and renting them out could be a great place for you. If you know people around town tell them you are looking to buy real estate and you will be surprised what will come your way. 

If you get some units think of it as a retirement job, you are building wealth and making a little spending money, has to be better than being a walmart greeter. 

Quote from @Justin Gallagher:

Quote from @Jared Hottle:

Sounds like you have great skills and experience! Using that to your advantage to build wealth is a great idea! If I were you I would go to local banks, maybe some you have relationships with over the years and let them know what you are trying to do. Tell them about your remodeling experience, etc and I am sure there are a few that would love to work with you to buy a house and get a construction line of credit.

 Hi Jared, thank you for responding. if you dont mind could you elaborate on a construction line of credit and how it works? im not familiar with that process and it sounds like something that may be useful 

 Every bank is different on how they do it and how draws work which is why talking to local banks is essential. Basically you put money down and they give you some amount above purchase price to make the repairs necessary. After each phase is done they verify it and put the money in your account. 

I would probably not change anything unless it leaks or you are removing all the subfloor for some other reason and have easy access to it to make the change.