Happy Friday Everyone,
Last night we enjoyed a presentation on House Hacking led by Todd Hessbacher, featuring Cindy Wollman, Todd Bently, and me. Some highlights from the presentations:
-Cindy got her son into real estate by having him arbitrage one of her existing rentals. She "let" him be the guinea pig for trying out short term renting one of her properties. He did such a good job with it, she realized this was a fruitful endeavor and began doing it herself on another property.
-We learned that both Todd B and I lack chivalry, charging rent to our not yet wives in our house hacks.
-Each of us was able to live close to, or entirely rent free in houses we have hacked.
-Todd and I definitely, and Cindy may have, entered into real estate investing through house hacking.
-Todd has only house hacked and is amassing quite the fortune doing so.
-Todd's a rocket scientist?
-Todd Hessbacher was able to refrain from busting our stones long enough to allow us to present!
-Cindy has either a very loving son, or a son with a fatter wallet after his praise for his mother while asking a question about her house hacking experience.
-We had at least one person in the audience who probably should have been up on the panel with us. I did not catch her name (my apologies), but the blonde haired woman voraciously taking notes in the front row surprised me with how well she did house hacking her first house.
In addition, I met some potential and new DIG members last night, some new to investing and many already with a track record, some of which are newer to the area looking for a REIA. Interestingly enough, I look for DIG-like organizations in the other areas I invest. I have not found one yet that matches the networking and camaraderie of ours. That said, I did meet a gentleman from the Lehigh Valley last night who will be helpful in hooking me up with contacts up there for my investing. He specializes in helping investors conduct 1031 and 721 exchanges. The 721 exchange was new to me. It allows you to defer taxes on capital gains from the sale of real estate by investing in REITs. It is ideal for those looking to get rid of managing buildings.
I found another possible lender for Vermont, which, as I'll assume most of you are not aware, is a very difficult state in which to find investment lenders. In addition to Cross Country Mortgage (shout out Brian and Bill Rookstool), Owen Dublin of BRRRR Loans also has the ability to lend up there.
I look forward to seeing everyone at our next meeting, which is in early December (no November meeting), for our holiday party!
Thanks, Cindy, Todd and Todd for presenting last night,