All Forum Posts by: Jared Hottle

Keep checking MLS and also Loopnet and Crexi for on market deals. Typically you do not see a ton of foreclosure multifamily also looking off market may be a good idea. Call For rent signs, use the tax assessor website to look up addresses and get in contact with owners of multifamily in your area.

Back at it this month with our real estate investors meetup in the upstairs of Doughy Joey's in Downtown Waterloo. We will have Julie from Waterloo Housing Authority to talk all things Section 8! Excited to see you there!

Talk to local banks and let them know your plans. I have worked with several local banks that we give the list of what we are doing and once we are done and they come walk the property they will refinance. No waiting period except maybe an appraisal but a lot of times an internal evaluation or an as-is appraisal from before we started is used. Local banks are great partners.

Not sure what the buying or rental market is like in NJ but in my area the difference of 199 sq feet in most houses would make little difference. Number of bedrooms, bathrooms, garage stalls, updated property make way more of an impact on value and rentability. 

I am unsure if you have recourse or not but if it were me I would just let it go and get down to managing the BRRRR. Make note of it, bring a tape measure or measuring tool to future showings if it bothers you or make a plan of action with your agent in the future.

Quote from @Christian Perez:

Quote from @Jared Hottle:

Welcome, excited to have you and I think renting out your place while you are gone is a great start! Also forces you to do management at a distance and have systems in place to make it work which can really help as you progress! Another thought I had for travel nurses is look for a longer assignment in areas where there is a big need for travelers and buy a house and househack it so you get a 30 year fixed mortgage with low downpayment. Once your assignment is up let others in your building know you have a furnished rental for travelers. Do that a few times and you will have some solid cash flow I would think

 This information is simple, but gold. Do you know if I move to X-city and buy a home to house hack with a conventional loan do I need to live there for the full year or would I be able to rent out the rooms and move on forward to the next city/assignment? Does the intent of trying to live in the new property meet the requirement? Sorry this question is quite hard to explain, I hope it makes sense in what I'm asking. 

Thank you for reaching out!

This would for sure be a question for a mortgage lender but I believe it is the intent to live there for at least a year. Also not sure how that would effect the ability to get another conventional mortgage within the year but definitely something to think about. If you have a 6 month contract and buy a house and your contract doesn't extend I would think that would be outside your control and the intent was there. 

The best time to plant a tree is today or 20 years ago. So I always think it is a good time to get into real estate investing. There is a competitive advantage or an angle to make money in all markets. That being said I think flipping right now is a little dangerous. Inventory remains low but rates going up has made people scared and able to afford less. If you are really wanting to flip I would say just make sure to go in with multiple exit strategies. Run the numbers as if a flip but also run them as a BRRR deal. As long as it will cash flow as a rental you will be alright. Then once you are done see where the market is, maybe list it but be ready to rent it if you do not get any traction.

Welcome, excited to have you and I think renting out your place while you are gone is a great start! Also forces you to do management at a distance and have systems in place to make it work which can really help as you progress! Another thought I had for travel nurses is look for a longer assignment in areas where there is a big need for travelers and buy a house and househack it so you get a 30 year fixed mortgage with low downpayment. Once your assignment is up let others in your building know you have a furnished rental for travelers. Do that a few times and you will have some solid cash flow I would think

If it were me I would buy a solid househack using a conventional mortgage. Maybe in need of some updating but livable so you do not have to spend a ton of money to be able to move in. Use your connections to find some roommates and rent out all your rooms. Do this every year for the first 5 years at least. 

In the meantime go to the local real estate meetups each month and connect with other people in your area on biggerpockets. Have a goal to meet up with one person each week in addition to attending the meetups each month. Talk to them, see how they did it, let them know what you are trying to do. Look for opportunities to serve them or work on the side for them.

Lastly grind it out in your W2, get overtime if you can, work on getting promoted, do the best job you can especially if it is paying well. 

Do all these things for 5 years and you will be amazed where you end up!

Stick to the process. That is pretty similar to my buy-box. I have not made a ton of mistakes but have seen crippling mistakes made when you stray from your "buy-box" or competitive advantages. I firmly believe success comes from what you do consistently each day. If you are truly driving for dollars then pounding the phones for 2 hours every single day I cannot imagine you not having success but make sure whatever you decide you do it everyday. 

Just keep grinding that is part of the journey. Expect things to go wrong thats what makes others quit. If it is producing that much cash flow without multiple offers there is probably something that is making it less appealing to other investors. Do not be afraid of that just identify what those things are (location, age of home, repairs needed, etc) adjust for them and keep on moving. Excited for you!