All Forum Posts by: Rebecca Orlich

Looking to start my real estate journey with a SFH BRRR in Cleveland. On the Rookie podcast, I heard about an additional step that some are taking and using desktop appraisals. Essentially getting some reassurance over the ARV using the purchase price + scope of rehab work. Is anyone else doing this that can provide insight? How much do these usually cost per appraisal? Is this a tailored service or do all appraisal companies offer this? I have only found one online that advertises this option and their phone number is disconnected. Thanks!

Hi @Rocco Rosa, I echo Glenn's sentiments about how inspiring it is to see someone of your age being so ambitious and determined to execute. My advice would be to become financially literate. Financially literacy is a foundation of financial concepts and understanding how they work together. For example, it's knowing how your financial behaviors now will impact your credit, which will impact buying a house later. When it comes to real estate, if you want to be an agent in the future, perhaps find a mentor and in-exchange offer to assist with open houses, errands, showings, etc to learn the ins and outs of the job. If you're more interested in just real estate investing, BP has all the information you need. 

Hi @Kyle Rosenberg

Congratulations on graduating! My advice would be to live at home as long as you can or would like. House hacking is a great way to get started in real estate since you have rental income often covering your biggest living expense - a roof over your head. But if you don't have to worry about paying rent, to begin with, there's plenty of ways to get started if you intend to live at home for a couple of years. you can house hack at any time, it doesn't need to be your first deal.

In terms of your student loans, the answer is yes you'll be able to get a loan. The presence of your student loans will simply be factored in along with your credit and assets. Lenders are most likely going to look into your debt-to-income ratio. If you have a debt-to-income ratio that is higher than 45%, I'd focus on bringing that down a bit.

As a CPA and Financial Literacy Specialist, my advice would be to live by a budget and focus on building your credit. If your debt-to-income ratio is on the higher side, I'd focus on paying that down. If your ratio is reasonable, I'd create a budget that focused on both paying down debt and setting money aside for a down payment. This way when it's time you've determined your investing strategy, you'll be in a good financial spot. Good luck!!!

Thanks for all that @Mark Miles. All great things to know!

Hey Cody! Any luck in the Poconos? I was thinking of the Poconos in regards to STR myself.

Hey @Kathryn Click

You've got this! I've chosen Philly as my first place of investment and am currently weighing my neighborhood options as well. I think the great advice that's been mentioned is to set goals with timelines. This whole first deal process is daunting, but we can research and educate ourselves forever - eventually, we've gotta make moves! Good luck!

Hi Jun,

I myself am looking to house hack in Philadelphia in the next year. I am currently on Long Island. Happy to connect and talk about the market and different neighborhoods.

Rebecca