All Forum Posts by: Nicholas L.

@Tyler Watson

-Go to REIAs

-Save up some money

@Rick Petersen correct - not necessarily a place you're in every week, but a place you can drive to.  And, not to be able to manage your property - hire property management - but to get started - to go to REIA meetings, to see properties, to set up your Core 4.

Sounds like you're in a great area to do that - lots of markets within a drive.

@Rick Petersen

where are you located?

Start with:

-One property

-In an area you can drive to

@Meagan Peters I don't know anything about Canadian markets, but I agree with the advice to either pick an area you really want to live in, AND/OR pick an area you're familiar with or have ties to (family, friends, university, etc.)  Knowing a market is a huge advantage even if some other, random market you know nothing about has a better rent to price ratio.

Good luck!

@Kwame Amoako just curious what appeals to you about Dayton, I don't know much about the Ohio markets other than that Columbus is large and growing, and Dayton is smaller and shrinking.

@Andy Okamoto I'm not sure I follow your question - if you're saying "should I sacrifice cash flow for potential appreciation" I think the answer is no.  But house hacking is about paying less overall than you would renting, not necessarily cash flowing positive while you're living there.

With that said, don't buy in a bad neighborhood just to cash flow.  It's all going to come down to the specific deal.

Finally.. you can always rent for a while while you save up funds, go to REIAs, and continue to learn.  Will there still be real estate to buy in 1, 2, 5 years?  Yes there will.  And more cash = stronger financial position.

@Taryn Allen 

market you know well / have lived in / have family in OR market within driving distance

if you're in NYC metro consider the Lehigh Valley in PA, or central NJ, or northern Fairfield County CT

@Jim Piety OK - good additional info.

Turnkey makes no sense for OP...

@Robin Simon one thing I hammer on BRRRR in the forums is that it's a lot more expensive than new investors realize. And, your point 1 just makes it more expensive. Say you buy with your "private bridge lender" - you're going to have:

-closing costs on the way in - which in some markets can be very high

-expensive financing costs

-other holding and utility costs - usually expensive insurance

-closing costs on the refi

This can easily be tens of thousands of dollars, and it's just not possible to finance certain items - you have got to have cash.

The classic example of "buy for 100K - rehab for 50K - ARV 200K - pull your 150K out" is way, way off.