All Forum Posts by: Ty Ash

We try to get together for a happy hour there at Good City every month! I'll post something before next month's happy hour too.

Looking forward to connecting!

Hi @Elijah Hart!

Welcome to the community! I started out with a house hack myself in the area.

While you're waiting to buy your first deal 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 would agree that 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 @Scott Schueler!

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 @Nate Browner!

It sounds like the living expense reduction and being able to build equity through principal pay down and appreciation will put you in a decent spot. You didn't include management expense for your post move out numbers so just be careful there.

I'd definitely plug this into the BP Calculator just to make sure you understand your cash outlay over the next few years and the major mechanicals and structure are in good shape!

Here for you with any questions you have along the way!

Hi @Isaac Howland!

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. I think that you should really focus on continuing to build your financial "runway" and keep earning and saving.

It sounds like you'd agree that 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!

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 Milwaukee!

Location: Good City Brewing Company, Wauwatosa

Time: 5:30-7:30 PM CST

Hope to see you there!

Hi @Justin Molzhon!

I know it's been mentioned that house hacking is something for you to consider with a multi family but there may not be as much inventory in those property types. Consider buying a primary residence that's a single family but will work as a rental post move out. Use your owner occupancy for the first few deals if you can to get the snowball rolling, build up your reserves, experience, network, etc and then take on the bigger BRRRR hard money deal.

Hope this "slower" path sounds like an option for your family to get the ball rolling! Always here to help if you need it!

 Just DM’d you!!!

Hi @Jon Hobgood!

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.

I know you mentioned starting with a single family, however, 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.

It sounds like you are still very much in the education phase. I highly recommend that you don't rush your way through this but get to a point where you've built up confidence in analyzing, acquiring, and managing your first deal. Tag on trying to find a mentor as well that you can ask questions along the way.

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

Hi @Eduardo Fumo!

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.

My favorite concept from the book for someone in your position is the "Runway". Having enough savings to launch yourself into a new career path with better income potential without having the fear of not being able to make ends meet. I took this advice myself this past year transitioning from my full time W2 career into a new career as an agent.

If possible, try house hacking your first deal. I won't dive too much into this as you mentioned your family dynamic but strongly consider using this as a way to get started while also lowering your living expense. This could extend the runway that you build to jump into your next career!

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