Our good friends, and clients, Rebekah and Lyndsey, made some big moves recently which is going to catapult their real estate investing career (and create generational wealth!). It didn’t come without it’s struggles, but Rebekah and Lyndsey were able to stay the course and pick and awesome winner. Check out the full story for details!
First, choose a strategy
We had the privilege of initially connecting with our amazing clients, Rebekah and Lyndsey, to come up with a wealth-building plan – and we were able to narrow it down to either house hacking or short term rentals. We worked hard to narrow down the pros and cons of each strategy.
Next, ask the right questions
After each conversation with our team, they dug deep and answered the following questions:
- What’s your why?
- Where are you on the comfort / discomfort spectrum”?
- What steps do we need to take now that will help us be successful in the future?
House hacking was a “no-brainer”
Rebekah and Lyndsey decided with all the benefits of house hacking, they couldn’t pass the opportunity up.
There were a few factors that helped them decide house hacking was the best option for them:
- Since it’s a primary residence, they could utilize a lower down payment of 5% (investment properties require a minimum of 20-25% down)
- They’d be able to get a lower interest rate than a traditional non-occupied investment property
- Best of all, they can repeat this strategy each year by finding a new house hack property!
Let the house hunt begin!
Next, the house hunting began! Rebekah and Lyndsey quickly recognized how competitive this market can be. They learned that in order to get an offer accepted, they might have to be flexible and adjust their search criteria.
BUT! They didn’t give up even when things got tough. Rather than throwing in the towel, they came together with our team and kept their eye on the long-term prize knowing that they didn’t need a home run, but a base hit would pay off later in the game.
Rebekah and Lyndsey learned how to make a strong offer and act quickly to get it accepted. They weren’t scared off or back down during escrow when they learned more about the house. Initial inspections provided by the seller had prepared them for some issues but once their own inspections were completed they uncovered some additional issues. They listened to options, worked their numbers backwards, and knew where they could budge and where to hold their ground. They understood the dynamics of a seller’s market and acted accordingly.
Key Day! This was such a happy day where Rebekah and Lyndsey were able to celebrate all their hard work. They already have a plan in place of finding tenants, how to utilize the detached unit for their business (tax right benefits!), and they were already talking about when they can start looking for property number two!
We are so impressed with what type of first time investors they are. To say it’s been an honor to have worked with Rebekah and Lyndsey would be an understatement. We cannot wait to help with their next property.
