Sign up to save your podcasts
Or
Share How a 24-Year-Old Achieves Financial Freedom in 16 Months with Mark Douglas
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
How a 24-Year-Old Achieves Financial Freedom in 16 Months with Mark Douglas
Mark started in real estate investing because of a neighbor's loud barking dog. He started looking for a house to purchase and came across the concept of House Hacking on BiggerPockets. (House hacking is the idea of purchasing a multi-unit property like a duplex or fourplex as your first residence and getting free or cheap rent from the rent your tenants pay).
The possibilities Mark found in House Hacking led him to shift his search from a single family home to a multi-family property
Mark realized he would have to sacrifice having a space completely to himself, but that sacrifice is worth it to him
If you want to invest in real estate and haven't purchased a home yet, purchase the multi-unit property FIRST, then move into a single family house SECOND. This allows you to get owner-occupied financing for BOTH properties, which provides better financing options (with lower down payments)
If you rehab your multi-unit property, you can sometimes "force" appreciation which may allow you to refinance and take out some or all of the cash you invested
Mark runs a website - FreeingTomorrow.com that teaches beginners how to invest in real estate, figure out how to buy their first rental properties, and how to self-manage
Mark's goal with real estate investing was to attain financial freedom to allow him to focus on his music career
Hardest things to overcome: 1) completing a gut rehab of one side of his duplex himself 2) dealing with a contractor from Craigslist for the second half 3) suing that contractor when he didn't perform as Mark planned 4) learning to deal with tenants
Mark recommends finding at least one mentor who is doing exactly what you want to do (and doing it successfully). Don't get pulled into a strategy that's not what you want to focus on
Know landlord tenant law for your state so you know what you're talking about when you're talking with tenants
Make a habit of connecting with other local investors and knowing financing options
Always remember your "Why" for getting into real estate investing - and use that to decide your day-to-day actions and decisions
View all episodes
By James GreggMark started in real estate investing because of a neighbor's loud barking dog. He started looking for a house to purchase and came across the concept of House Hacking on BiggerPockets. (House hacking is the idea of purchasing a multi-unit property like a duplex or fourplex as your first residence and getting free or cheap rent from the rent your tenants pay).
The possibilities Mark found in House Hacking led him to shift his search from a single family home to a multi-family property
Mark realized he would have to sacrifice having a space completely to himself, but that sacrifice is worth it to him
If you want to invest in real estate and haven't purchased a home yet, purchase the multi-unit property FIRST, then move into a single family house SECOND. This allows you to get owner-occupied financing for BOTH properties, which provides better financing options (with lower down payments)
If you rehab your multi-unit property, you can sometimes "force" appreciation which may allow you to refinance and take out some or all of the cash you invested
Mark runs a website - FreeingTomorrow.com that teaches beginners how to invest in real estate, figure out how to buy their first rental properties, and how to self-manage
Mark's goal with real estate investing was to attain financial freedom to allow him to focus on his music career
Hardest things to overcome: 1) completing a gut rehab of one side of his duplex himself 2) dealing with a contractor from Craigslist for the second half 3) suing that contractor when he didn't perform as Mark planned 4) learning to deal with tenants
Mark recommends finding at least one mentor who is doing exactly what you want to do (and doing it successfully). Don't get pulled into a strategy that's not what you want to focus on
Know landlord tenant law for your state so you know what you're talking about when you're talking with tenants
Make a habit of connecting with other local investors and knowing financing options
Always remember your "Why" for getting into real estate investing - and use that to decide your day-to-day actions and decisions