All Forum Posts by: Ty Ash

Hi @Jade Simmons!

I'd recommend that you keep/start learning! This can be done through 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.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

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

Reminder for tonight's Happy Hour!

We'll be standing near the main entrance at the tall bar tables at Good City Brewing in Wauwatosa. I'll be there right at 5:30.

Looking forward to seeing everyone!

Hi @Jesus Hernandez!

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.

As already mentioned above, 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.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

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

Hi @Donald Lee West lll!

Welcome to the BP community. Nice work taking action right off the bat. Definitely keep on learning through books, podcasts, and mentors!

My advice is to try and find a few mentors, specifically one that is only a few steps ahead of you. An investor that has done 100 doors may not have the best advice or remember how they got there tactically vs someone only a couple of years into their journey. That will make it easier for you to relate to their day to day investment challenges.

Try to find a local meet up where you can connect with someone that fits this bill. Also, make sure to look into house hacking for your first deal!

Good luck and here for any questions along the way!

Hi @Johnathan Morton!

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 strategy is the house hack. This 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.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

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

Hi @Kerry Pangan!

Congrats on the first house hack deal!

If you're investing alone, 15% down conventional is probably the most standard way to get the next deal. I agree with some of the advice you've received already that you should get your property reserves to a healthy spot and then save for the next purchase.

One strategy that you could consider is using a significant other or friends FHA loan to get the next deal and live in it together. You don't necessarily get the benefits of owning this deal (unless your strategically switching off buying deals with your sig other) but you do get to keep your housing costs lower while fully renting out your first deal. This will allow you to save up your reserves and next deal funds much quicker.

Hope this twist helps. Good luck and here for any questions along the way!

Hi @Alex Pepe!

I believe you've received this input in a few different ways but here's my take.

The goal of a BRRRR is to reduce the total amount of capital with a "home run" being a deal where you leave little to no money in. With an FHA house hack, it's already a home run in my mind, especially if you have "meat on the bone" to make cosmetic updates and increase the rents.

Build your property reserves to a healthy spot after raising your rents, rebuild your runway to buy your next deal, and let the snow ball start doing it's job. You're in the beginning stages so it will feel slow but after looking back 5 years, you'll be amazed with your progress.

Best of luck and here for any questions along the way!

Hi @Landen Reed!

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.

As you mentioned already, 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. Especially with your VA benefits! 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. You should be able to do this a few times to launch your investing journey.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

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

Hi @Blake 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.

It hasn't been mentioned yet but 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.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

This gives you a great foundation to take more risk from in the future wether it be Flips or BRRRR's. 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 the Milwaukee area!

Location: Good City Brewing Company, Wauwatosa

Time: 5:30-7:30 PM CST

ALSO, Save the Date for November's Hybrid Meetup: November 16th, 2022, 7:00-8:30 CST

This will be in person and remote so that our out of state investors can join as well. Plan is to have it be a master mind format so that everyone can get to know each other, share their goals, needs, and what value they can offer others in exchange.

SEE YOU THERE!