All Forum Posts by: Ty Ash

Come join us for an informal gathering to meet other current and future real estate investors.

No matter which Real Estate Strategy you use, we'd love to see you out to get to know you! All are welcome.

No agenda, no topic, just come hang out with some people from the real estate investing community here in the Milwaukee area!

Location: Good City Brewing Company, Wauwatosa

Time: 5:30-7:30 PM CST

Hope to see you there!

Hey!

Post move out numbers for a house hack are like running an investment property analysis that you never lived in. I bring this up as in a lot of cases, people who start with their house hack either go on to house hack another property or move into a longer term living situation like a single family.

Just make sure that you're building reserves after you move out of your first house hack deal so that you can keep it for the long run and capitalize on appreciation, principal pay down, tax benefits, and at some point the positive cash flow that grows over time.

Here for any other questions you might have!

Hi @Ronshay McBridge!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

It sounds like you're in a single family home. For most investors, house hacking will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started (FHA loans for example). Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Best of luck getting started! Here for you with any questions you have along the way!

Hey!

Here are a few of my favorite investing, business, just overall interesting books:

Set for Life; Rich Dad, Poor Dad; The E-Myth Revisited; Outliers; Recession Proof Real Estate Investing; Extreme Ownership; The Millionaire Next Door; The Millionaire Mind.

If you follow the podcast, here are some of the top books mentioned:

https://www.biggerpockets.com/...

Best of luck!

Hi @Kaylee Loomer!

There are so many ways to invest but the way you should be moving forward will be unique to your goals. Sounds like you love doing the research so take a look at the Back Door Roth options out there. If you plan everything out for your early retirement, you may be able to optimize your tax liabilities using this strategy. BP money podcast has several episodes where they dive into these strategies.

Best of luck!

Hi @Caleb Masuaku!

Glad to hear you're considering the Milwaukee market for your investing! You're going to make mistakes, it's just a part of the process. Whether you're here in the area or staying in the Louisiana market, I'd suggest you start off your journey off with a house hack. Use your owner occupancy to your advantage to put less money down but still find a place that you can force some appreciation into. This is one of the best ways to get experience and confidence while limiting your risk.

Here for you with any questions that you have along the way! Good Luck!

Hi @Adam Kayne!

Go through these questions to help you on deciding if a deal makes sense for your situation:

If you're house hacking this property by renting out the rooms, will you be paying less than typical rent for your area while you live there?

Do you have the potential to force some appreciation with some projects (my favorites are carpet, paint, and flooring)?

When you move out, will you be at least breakeven when accounting for PITI and Expenses (even if you are close, this may make sense if the next question is yes)?

When you look at your BP Calculator for the deal, will you have built equity over 5 years with conservative appreciation assumptions for your market and tenants paying down your principal?

My guess is by putting about $9,000 down and $6,000 in closing costs and some money into updates and repairs that you will have a positive impact on your net worth by buying your deal even if the cash flow is close to breakeven. Plus you'll hopefully have lower expenses while you live there that can increase your savings rate for the next deal. You just need to get started and make sure you're operating with reserves so that you can keep the deal for the long term.

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Giovanni Amaya!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

A house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Alex Johnson!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

In my opinion, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Christian Requejo!

I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking. My favorites are the OG BiggerPockets Show, BP Money, and On the Market.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

For most newbies a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management. If this doesn't work for your living situation, look into live in flipping as a way to limit your risk on your first deal.

Best of luck getting started! Here for you with any questions you have along the way!