All Forum Posts by: Kyle Spearin

Hi @Dustin Krysa, it would be great to have a little more information.

What strategy (or strategies) are you planning to use as you get started? You mentioned house hacking, but then also mentioned markets further away so I wasn't sure if you'd still be doing that out of state.

If you listen to any of the BP podcasts, they'll preach house hacking because of the low down payment options at your disposal and thus a high return given your initial capital invested. You can wash, rinse and repeat every year. 

@Nada Mostafa that's a great question! Chris did an awesome job of answering this, it's really a matter of how you're measuring ROI. Do you value appreciation most, do you want immediate cashflow in a cheaper market, how much money are you putting in? All of these need to be taken into consideration.

Another way to look at getting the greatest ROI is by house hacking in your area-- it's far cheaper to put 3.5% or 5% down (on a property that you occupy) than 20%+ for an investment property.

@Keith Davighi congrats on starting your investing journey. There's a lot of great info here already, so I'll try to offer a different perspective.

First, ask yourself if you want a more passive way to earn cashflow or something more active (maybe even both) to replace your job. This will inform how you construct your portfolio and determine your next move.

Flipping is more hands-on and can be a full-time endeavor if you want to flip multiple houses. Do you just want to do a live-in flip or apply this strategy outside of your living situation? In the northeast, houses are more expensive, but areas like Boston tend to have more natural appreciation couple with the forced appreciation you can get from fixer-uppers, which is why I love live-in flipping (low down payment, building equity, no tenants).

Rental properties speak to your cashflow dreams. If you invest in the northeast, it'll take longer to build up 20% down payments due to the higher prices to enter the market. If you want cash flow asap, it sounds like out of state investing might get you to $6,000 faster. Keep in mind, that you build wealth from more than just cashflow though (appreciation, loan pay down, tax savings, etc.). 

Good luck!

@Stefan Demopoulos, as Jay said, the self-sufficiency test is the reason it wouldn't likely work in this interest rate environment. With that said, have you considered using a 5% conventional-- it's not too much more money to bring to the table and affords you more flexibility.

Some lenders have also told me that I couldn't move from a condo (I'm in Dorchester) to a 3 family. Their underwriters put 2 and 2 together that you're trying to build a portfolio. That said, there are 100% lenders who will allow this with a letter explaining why you're moving (job, closer to family, etc.)

Hi BP community,
Up to this point, I've been live-in flipping. My wife and I are planning to rent our first property and we plan on owning it as individuals (with lots of insurance of course). 

For all rental related expenses, we wanted to open a business checking/savings/credit card combination. The problem I'm finding is that it asks if I'm a sole proprietorship or other business entity--not sure what to say here. What's the best way to go about setting up these accounts and the best way to proceed?

Hi BP Community!

In the process of purchasing a multi-family in New Bedford, MA. Was wondering if anyone has recommendations on property management companies in the area. Who's the best around?

@Marko Burmudzija thanks for sharing--do you ever do organic SEO vs Ads?

@Jennifer Fernandez sounds like an awesome STR--anywhere with a hot tub is an automatic yes! Keep us posted on your next property and STR investing journey.

@Rick Wiedenhoeft thanks for sharing!

@Ethan Marsh thanks for sharing this! House hacking is hands down the best strategy and can be coupled with just about anything else.