All Forum Posts by: Steven Foster Wilson

Hey Brett, welcome to BiggerPockets! The first strategy you have in mind is called House hacking. It's perfect to start in a small multi family and use an FHA loan if you haven't done it yet. This gives you the opportunity to BRRRR the other unit while occupying the others. You'd mostly want to look at properties that are under market value with high ARVs and Comparables. It will be perfect for a long-term rental as well as a good appreciation play building equity along the way. Hope this helps and all the best to achieving your goals!

Hi Kat, first of all, welcome to BiggerPockets! This is surely the best place to start networking and learning. Do you already have a specific strategyin mind for your real estate venture? For starters, I love the idea of househacking. 

It allows you to significantly reduce your housing expenses by purchasing a property with multiple units or extra space, you can live in one unit and rent out the others. The rental income you receive from your tenants can help cover your mortgage payments, property taxes, and other housing expenses, making it an effective way to decrease your housing costs. Try to look it up, you might find it interesting.

Also, I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Start listening to the BiggerPockets podcast starting at the very beginning and start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. All the best to your real estate journey!

Hi Pierre, welcome to BiggerPockets! You could definitely use your profession on your real estate journey. As a software engineer, you have the skills to develop software applications tailored to the real estate industry. You can create tools and platforms that automate tasks, manage property listings, facilitate online transactions, or provide data analytics for real estate investment analysis. Building such applications can streamline your real estate operations and improve efficiency.

I recommend that you try to attend your local REI networking groups and meetups and connect with as many real estate investors as you can. You can also consult with lenders, brokers and ask them for suggestions on who might be a good real estate mentor and most will be able to provide one.

Personally, I like to try to set up a meeting every month with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwell's book "Good Leaders Ask Great Questions."

You may want to use them too:

What is the greatest lesson you have learned? - By asking this question I seek their wisdom.
What are you learning now? - This question allows me to benefit from their passion.
How has failure shaped your life? - This question gives insight into their attitude.
Who do you know whom I should know? - This allows me to engage with their network.
What have you read that I should read? - This question directs my personal growth.
What have you done that I should do? - This helps me seek new experiences.
How can I add value to you? - This shows my gratitude and desire to add value to them.

These can be a great starting point for you. Hope this helps and all the best to your real estate journey!

Hi Christopher, welcome to BiggerPockets! This is surely the best place to start networking and learning. I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Start listening to the BiggerPockets podcast starting at the very beginning and start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. All the best to your real estate journey!

Hi Romney, welcome to BiggerPockets! I recommend that you try to attend your local REI networking groups and meetups. Connect with as many real estate investors as you can.

You can also consult with lenders, brokers and ask them for suggestions on who might be a good real estate mentor and most will be able to provide one. Try to think of different ways you can add value to that person. What are your strengths? For example, are you experienced in social media marketing? Could you offer a mentor some tips? This way it's not just a one way street.

Personall, I like to try to set up a meeting every month with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwell's book "Good Leaders Ask Great Questions."

You may want to use them too:

What is the greatest lesson you have learned? - By asking this question I seek their wisdom.

What are you learning now? - This question allows me to benefit from their passion.

How has failure shaped your life? - This question gives insight into their attitude.

Who do you know whom I should know? - This allows me to engage with their network.

What have you read that I should read? - This question directs my personal growth.

What have you done that I should do? - This helps me seek new experiences.

How can I add value to you? - This shows my gratitude and desire to add value to them.

These can be a great starting point for you. Hope this helps and all the best to your real estate journey!

Hey Giancarlo, welcome to BiggerPockets! I like that you have this mindset at a young age. I got started when I was 23! FHA is a great starting point. Talk with local lenders about their first time home buyer programs, some have 0% down, no PMI, etc. House Hacking can allow you to get started with appreciation and cash flow with very little down, you can even BRRRR it like I did if you add value!

As for a market to go to, I'd choose the in-state option for starters provided that your local market can give you that 1-2% rule deal and if it's affordable. If that isn't available locally, then you should consider out of state investing.

There are a lot of markets to choose from if you're looking into better deals like Columbus Ohio for example. Before jumping in on this, make sure you have the right systems in place. Get a professional project manager, build a reliable team and get proper education of the market you're investing in.

The risk will be there but you'd be able to lessen it. The key is to make sure that you have those systems in place.

You can learn more from this link here: https://www.biggerpockets.com/blog/core-four-real-estate-team

Hey Thomas, if you have limited funds available, flipping or BRRRR'ing could be an excellent way to get started. With this strategy, you can purchase a property using hard money with only 10% down, and they will cover 100% of the renovation costs. If you're flipping the property, you can sell it for a profit and use the proceeds to continue investing. Alternatively, if you're pursuing a BRRRR deal, you can refinance the property at a higher appraised amount, allowing you to be in the deal for less than 20% down and potentially even receive cash back at closing. Hope this helps!

Hey Lucas, glad to know that Columbus is on your map to great markets to invest in. This photo below will definitely give you the answer as to why it's a great market to go to. These Big corporate investments can bring significant economic growth to the neighborhood. They will definitely create job opportunities, attract other businesses, and stimulate local spending. This leads to increased property values, higher incomes, and an overall improvement in the local economy.

Luckily for us, Columbus as a whole has really been brought up, that being said we have A,B, and C areas, so there really isn't anywhere that I would say to stay away from. You could practically throw a dart at a Columbus map and it would hit somewhere that'll make a good investment. Hope this helps you on your search.

Hi Chad, welcome to BiggerPockets! I agree with everyone here. Building a new property will turn out to be more expensive than expected. Also, it's important to understand the potential risks and challenges involved in STRs. Here are some things you should consider:

1. Research your local laws and regulations - Many cities and municipalities have specific rules and regulations governing short-term rentals. Make sure you understand the local laws before you start listing your property.

Take Ohio for example, here are the STR regulations in this state: https://www.columbus.gov/str/

2. Understand your target market: Consider who your ideal guests will be. This will help you determine what type of property to buy and how to market it.

3. Choose the right location: As with all other real estate properties, location is key in the STR business. Look for areas that are popular with tourists or have a high demand for short-term rentals.

4. Invest in the right amenities: Having an STR property, this is mostly dependent on good reviews, it's important to provide a comfortable and well-appointed space. This may include amenities like great internet service, a fully stocked kitchen and comfortable sofas and beds.

5. Work on a solid pricing strategy: Set your prices based on seasonal trends, market demand, and your own expenses. A property manager will be able to help you with this. You could also use some pricing tools available online.

6. Plan for maintenance and cleaning: Consider hiring a cleaning service and a handyman or contractor to handle any repairs or upgrades.

Lastly, be prepared for the unexpected: There are risks involved in short-term rentals. It is always best to make sure that you have adequate insurance coverage and a plan in place for dealing with any unexpected issues that may arise. All the best!

Hi David, welcome to BiggerPockets! House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place. I'd say keep in mind a few things for starters:

1. Work on your numbers - be sure to calculate potential cash flow and ROI. Make sure to factor in all expenses such as property taxes, insurance, repairs, maintenance, repairs and potential rents.
2. Type of property - Choosing a triplex and fourplex is ideal but a duplex will also work out.
3. Make sure to properly screen your tenants at all times. Don't rush into things to secure your investments.

Lastly, be a good landlord and build a certain relationship with your tenants by ensuring that you address all issues and concerns in a timely manner. A good landlord will always keep a happy and loyal tenant all the time. Hope this helps and best wishes to your real estate journey!