All Forum Posts by: Kayla Givens

Hey, David!

Congrats on getting into your first House Hack! I just closed on one in April and am excited to continue buying properties. 

I can fully relate to where you're at with your current job. I got my license back in May and had planned to stay at my W2 until at least the end of the year but, life is short, I was tired of being miserable, and I got to the point where I'd rather go bankrupt than spend one more minute working my W2. Things were slow to start with real estate but are finally picking up and I'm glad I took the leap!!

Could it potentially slow me down with investments? Yes. Will I have to get creative with financing? Yes. There are plenty of options to get creative with how you grow your portfolio so start looking into creative financing if you are ready to take the leap and pursue real estate full time. Echoing everything @Edgar U. had to say about joining a top producing team, learning from them, and getting after it.

Best of luck to you!! 

Hey, Jonathan!

Congrats on getting into a new house hack! It sounds like you've thought through your strategies and have some good options. 

Knowing you shared that you are quite busy as a full-time real estate agent, which strategy is the most hands-off but cash flows the most? For renting to the elderly, do you have to provide any sort of assistance to them? My personal house hack is a similar strategy (sober living home) and we do offer quite a bit of support to our members but are still pretty hands-off. Renting beds to local utility workers sounds like it could be good as well - are they responsible for any cleaning? Chores? Maintenance? That could become something that is quite time-consuming but you could also consider hiring a cleaning company to come in once a week/month/etc. 

Good luck! Can't wait to hear which route you go!

Hey, Brandon!

Congrats on getting a multi-unit property in this market! I'm sure that was tough but you did it!

I would call Xcel directly to see if they can help you if you have not already!

@Kevin Paynter sounds like a great strategy to me. Do you have a lender that you work with? If you wait a year you could use an owner-occupied conventional loan and do as low as 3% down to get into your next property so definitely something to think about.

Would be happy to get you connected with a lender that is very knowledgable in house hacking!

Hey, Kevin!

Welcome to the wild world of real estate investing. I was a big Dave Ramsey believer for a long time and I agree with you that a lot of what he preaches is very helpful but where it feels misguided is when it comes to debt. Rich Dad Poor Dad was a game-changer for me - it shattered my understanding of how to grow my wealth and career and forced me to think bigger.

Do you own a home now? If not, one of the more simple strategies to get into real estate investing is house hacking. If you're not familiar, basically you purchase a single-family or multifamily (2-4 units) home, live in one room/unit, and rent the others out while, hopefully, living rent-free.

What investing strategy is the most attractive to you so far?

I have heard of some conventional products where you can put 3-5% down and use potential FUTURE boarder income to help you qualify for more of a loan. Possibly something to consider and see if it could be available where you're located. Happy to connect more and give you someone to reach out to!

Hey, @Moaaz Malik ! Congrats on saving up a good amount of capital and getting ready to take the leap into real estate investing!

I agree with @Eddie Shumulinskiy - House Hackin is a GREAT way to get started in high priced markets. If you can get into a $2mil property and have it cash flow NOW, imagine what it will be worth 10 years from now! House hacking is also a great way to get started in real estate and get familiar with investing/property management.

Best of luck to you!

Hey @Ryan Sports! Congrats on making the decision to move out west! Denver is a great place to be and has plenty to do - whether you're into the great outdoors, craft breweries, or art, there is something for everyone!

Are you in a position to buy? If so, your house hacking idea would be a great move! Buy a 3 bed 2 bath home, rent two of your rooms, charge enough to cover your mortgage, live for free, gain equity and start building wealth! Sounds like a great idea to me. 

I'd be happy to chat more if you're interested!

Hey, @Weam Banna !

Are you looking to do rehab for the property? Or are you simply looking for the estimated monthly costs of the rental like water, sewer, electricity, etc.?

@Allemreh A. Smith-Daniels

Hey, Toni! Welcome to real estate investing! I personally got started this year and have already learned so much from the BIggerPockets community.

Jeff and James have hit the nail on the head if you are looking to stay in the Denver area. Yes, Denver is pricey BUT, the market has started to cool ever so slightly. A fellow realtor on my team even got a property UNDER the asking price last week! Jeff is a great resource when it comes to getting started specifically in the Denver area and I know he has seen great success with the house hacking model!