Would you go into real estate investing on the side, say maybe purchase a duplex and live in one unit/rent the other? If not, would you go into flipping houses(also on the side while you still work)? Anyone here have success with either of these?
I am renting our two units, it does require some work and careful tenant selection. Still might worth it...
I have for 20 years. I am FI because of it. I have done both. As with everything in life you want to do your homework and proceed with a clear plan.
I have over a dozen units and am planning to acquire more every year until I retire in a few years (I’m 29 now). It’s not a passive income stream at the scale I’m building towards, but I’ve been successful. It’s a good way to build wealth as long as you do your research to make sure the numbers work. Living in one unit and renting out the others is even better. I call that “house hacking”. Check out biggerpockets - lots of good info, a podcast, and a networking forum for newbie and veteran investors.
You’ve done what I did in half the time. Excellent. (I’m 40, 23 units) Do you rent or do you flip. I started out with rentals for 15 years and have been primarily flips for the last 5. Lived in the first 7 (1 a year pace) too as I prepped them for rental status.
Nice! I rent them out (buy and hold) and have a property manager that handled most of the day to day.
29? How did you acquire a dozen. I have 4 and one primary in Cupertino. I m 34 and have a fourplex which I plan to sell and trade up. Which markets are u buying? I m curious. If I include the 4 plex I have 7 units but I just consider them as one.
Are you thinking of doing a 1031 exchange for the fourplex? I’ve had that on my radar as something to try in the future. My strategy has been to save and buy in a market I know well on the east coast (you can PM me if you want the exact MLS locale). It’s nothing fancy. I found a good realtor/broker and built a decent team that allows me to get financing and close quickly.
How do you manage long distance investing? Do you buy sight unseen?
I started a flipping business, and just closed my first flip today actually. While closing and getting that check today felt great, it did take a lot of my time. I went to the house at least once every weekend (sometimes multiple times in same weekend), and a few times during the week, either before or after work. You have to make sure you trust the contractor who’s doing the work, and still be on top of it as issues come up. It also helped that I had a partner even though he also has a full time job and is doing this on the side with me, with just as little experience. I’m still new at this, but for now, I’m looking to find flip #2 to work on. Feel free to dm me with any questions.
Landlording sucks, or maybe I just have irritating tenants. This weekend the plumbing blew out, the clean out actually blew off and sewage ran down the driveway. With weekend rates an entire months profit gone.
Every landlord has these stories and those months suck. Hopefully you keep a 6 month cash cushion per unit. Net net though you should be ahead.
fundrise is a good one, no need to worry about all the hassles
This is what i am doing
How long u been invested in fundrise? I was looking at it but never pulled the trigger. Any pointers ?