All Forum Posts by: Sean Rooks

In these markets I simply look at the numbers. When you run numbers on a house hack is it an overall better situation than your current? For example if currently you are paying (for example) $800 in rent, but a House hack drops your monthly expenses to $400, that's not only more savings each month but also debt paydown, appreciation and tax benefits. USUALLY, not always, its better to start early (assuming the numbers make sense), than trying to time the market. 

I know others who have used a TSP loan to start or continue their Real Estate journey. Great rate, that you can't really beat. Only negative is that $ won't earn interest while it is loaned. Basically I think of it the same as a HELOC or HEL, borowing money to earn a higher return!

I think you are on the right track. Just save enough for a downpayment on a duplex and house hack! 3.5% down for a 250k duplex would be $8750, + closing costs. If you need some loan officers to chat with and get a pre-approval, let me know!

Yes, a lease option would work well here and thats it's intended use. To allow a "renter" (you) time to build financing in order to purchase, or in this case take over the mortgage. A subject to is also an option. I can run rent comparables for you, but yes that sounds right for virginia beach depending on the condition. I'll PM you if you would like that. 

Also Larry Pendleton @ PC Financial Services and Paul Allen at PIM Tax are great and also invest in real estate. 

Welcome! Lots of great local groups around, each with pros and cons:

TRIG: meetups once/month, paid membership, tons of local rooted investors

https://www.trigofva.com/

Hampton Roads Investor Group: Free, hosted by investor agents at 1st Class Real Estate

https://www.facebook.com/group...

Hampton Roads Landlord Associtaion

https://www.meetup.com/HRLandl...

I'll PM you. 

@Ryan White, to give you the right adive it really depends on your goals. Take a look at everything you have and where you want to be in 5 years. Do you want your house paid off ASAP? If so, I would just use the 40-50k. If you like you day job and can acquire properties at a slower pace, then use the BRRRR method to get your investment properties while living below you means to save cash for the next one. However if you want to get passive income as fast as possible, in order to quit your W-2, maybe acquiring rentals as fast as possible is the better route. As for Short-term vs. Long-term it really depends on how much work you want to put into the busiess and your price point. Short-term will usually require a little more capital (furnishings, etc) and require more day to day management unless you pay someone else to do all of the guest relations and scheduling. However, you usually see higher returns. Then again, plenty of investors do both to diversify, you dont have to pick on right now. You can play it by ear and search for both at the same time.

@Anna Bee there are 2 stragegies I use to find wholesalers. 1) Talk to experienced investors in your area, a local Investor agent, and go to investor meetups. There is usually at least one there. 2) Go online and search "Sell my house cash XXXX, XX" XXXX being the city you live in. Whoever pops up in the search results are your local wholesalers. Call or email them to see if you can get on their email list of available properties.

Hope this helps!

Here's the top 3, most investors seem to be using:

Keffer Realty; http://kefferrealty.com/property-management

Doud: https://www.doudrs.com/ 

PIM: https://www.PMIVirginia.com 

@Freddie Williams ABNB Bank also does cash-out-refi's on rental property at 80% LTV. I'll PM you the contact details.