All Forum Posts by: Sarah D.

@Adrien Veres Keep in mind that the less you can happily live on translates to the less you need to have a happy retirement.  Many people forget that it isn't just about investing an extra dollar now, it's also about not needing an extra dollar later.

Congrats on your successes so far, on developing such great plans, and good luck with your future endeavors!

@Travis Frenchak thanks for that information on both posts. I would generally agree with you about the ROI of the machines, but it's more about competing with all of the other rentals in the area which all offer laundry rooms. Thank you for the brand suggestion.

@Jeff B. Any suggestions on who to contract with or how to find the best company to work with?

@Travis Frenchak How much maintenance do your machines need?  What made you decide not to contract laundry service out?  

We are adding a coin op laundry room to a 4 unit MF and would appreciate any information and suggestions on appliances. Any recommendations on brands of washer and dryer? Front load washer or top load? Thanks for your input!

@Wesley W.  Just trying to justify my irrational hatred of chihuahuas ;)

@Charles Rosenbusch I would get started in two ways:

1. Start analyzing potential properties. There are tools on BP or you can make your own spreadsheet with all of the specific information/metrics you want. You can have s realtor set you up with an MLS output or just look at other websites for 2-4 units for sale.

2. Talk to a lender and see what you could qualify for and how much cash you need to bring in.  

For both items above make sure you are working with investor friendly/savvy people. 

The loan amount can be scary until you start running the numbers and seeing the potential the property has. The more you analyze, the more confident you will become with the market and process. 

@Charles Rosenbusch Welcome!  I'm trying to FIRE in the next 5-10 years; nice to see someone on the same path with the same terms ;)

I wouldn't look into SFH in San Diego for huy and hold; instead you'll find a good mix of potential appreciation, forced appreciation, and cash flow in 3-4 unit properties (from what I've analyzed in the last 6+ months)

My husband and I are in process of our first house hack in SD with a 4 unit property, so I am clearly a believer in small SD MFH.

just for the record the breed with the highest rate of dog bites (in either San Diego county or Califotnia, can't remember) is the chihuahua. Pit bulls do get a bad rep. But your decision should be based on the tenant, their history, their particular dogs, and your insurance situation. 

Clearly I am an animal lover, and pit bull lover. 

I'd say it's the inability to understand and analyze risk. This can be mitigated by education, patience, and mentorship. But you have to be willing to analyze your fears, rank them by probability, and come up with strategies to handle them if they arise. 

There is a huge difference between scary and dangerous. Getting into real estate is scary for me. My husband and I are putting a lot on the line to make an educated, well thought out go of this (we have two young kids which means it's not just s risk for ourselves; they're along for this ride).  Deciding it's too risky and working a W2 for 30+ years is truly truly dangerous to me. I know the outcome of that scenario and it is the opposite of everything I want in life; it also comes with no security and little in the way of managing the risk of layoffs, bad bosses, etc. 

If more new investors saw their fears as risks to be analyzed and mitigated I think they would take the plunge.  I'm beyond thankful for BP, without which I'd still be daydreaming of real estate. 

@Cameron C. what's the exit strategy?  Who would you sell to if you wanted to get out in two years? Any opportunity for forced appreciation? 

And finally, are there better house hacking opportunities in your area such as a 2-4 unit property?