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Updated 4 months ago on . Most recent reply
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Beginner investor advice needed
Hey everyone! I purchased my first house about 2 years ago and acquired roommates within the first 4 months. I've made some improvements to the house since I've bought it. My question is how can I go to the next house? I'm starving for more and i have very limited capital. I think I stretched my DTI with the house purchase I did 2 years ago. Any advice helps. I'm in the nashville area. I'm ready to take the next steps to get the next deal and more further down the road. Rehabs and flips do interest me but i really dont know how to look for good deals. Again, any advice would be more than appreciated. Thank you!
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- Real Estate Broker
- Cody, WY
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Stop watching YouTube. There are too many snake-oil salesmen selling lies. Building wealth takes time, money, and effort. Any attempt to short-cut the process is going to hurt you.
Figure out a side hustle to raise more money. Reduce expenses to save more money. Build up enough that you can purchase the next house.
If you move out of your current house, could you rent your room and create a cash-flowing property? If so, focus on saving up enough money to buy another home and create a second house hack.
Don't live in your property for free. Pay rent every month just like the other roommates do. This will demonstrate how the property performs as a pure rental, and it forces you to save.
- Nathan Gesner
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